Lecture series · recorded 1986
The American Economy and the End of Laissez-Faire: 1870 to World War II
The American Economy and the End of Laissez-Faire: 1870 to World War II is a free lecture series (13 recordings, 21.4 hours) you can stream or download at freecapitalists.org, with Murray N. Rothbard.
Presented by Murray N. Rothbard in Fall 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.
U.S. HistoryWar and Foreign PolicyGlobal EconomyU.S. EconomyFinancial MarketsMoney and BanksBig GovernmentThe FedWorld History
Cover painting: Leland Stanford swings the maul at the golden spike ceremony, Promontory Summit, Utah, 10 May 1869. See every painting in the art gallery.
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01
1:55:16 Download MP3
The Civil War and Its Legacy 1986
How does government intervene in the economy? What are the consequences? What are the motivations behind passing these interventions? The lives of the people involved explain why they do these things. Rothbard delves into the religious views of the leaders in American history to understand motivations. Schools, drink, and Sabbath laws were the focus of Yankees in Northern states for ninety years. Lecture 1 of 13 presented in Fall of 1986 at the New York Polytechnic University. The full series: The Civil War and Its Legacy The Railroading of the American People The Decline of Laissez-Faire The Rise and Fall of Monopolies Pietism and the Power Brokers Tariffs, Inflation, Anti-Trust and Cartels Theodore Roosevelt: Master Reformer Regulation and Public Utilities The Progressive Era? Cartelization of Banking: The Fed Woodrow Wilson and World War I The Great Cooperation Politics and the Power Elite
U.S. HistoryWar and Foreign Policy
Read the transcript 19,347 words
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02
1:32:39 Download MP3
The Railroading of the American People 1986
The railroads experienced both enormous growth and enormous government intervention. Land was closed off from settlement, causing farmers to oppose the privileged railroads. Markets were skewed. Waste and inefficiencies were high.
Political TheoryU.S. History
Read the transcript 14,332 words
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03
2:04:09 Download MP3
The Decline of Laissez-Faire 1986
Economics is a constant fight between the market and the government. The railroad cartel did not work against the free market even with ideal conditions. Airlines were tightly regulated until the small airlines began to compete in quality. Deregulation followed. Cleveland deviated from laissez-faire because of Morgan interests. After the Civil War, manufacturing thrived - our own Industrial Revolution was underway. Prices fell. Savings rose. Capitalists owned the machinery so the workers no longer had to. The factory system enormously increased productivity. Corporations are legitimate as libertarian entities. Industry made petroleum a natural resource. Lecture 3 of 13 presented in Fall of 1986 at the New York Polytechnic University.
InterventionismGlobal Economy
Read the transcript 20,389 words
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04
2:03:36 Download MP3
The Rise and Fall of Monopolies 1986
Petroleum entered the industrial scene in 1859 with John D. Rockefeller’s hard work. As the first manufacturing corporation, Standard Oil created a monopoly in kerosene refining by buying others out. A huge drop in the price of fuel followed, benefiting consumers, due to production efficiencies. Rothbard, then, discusses pietists, prohibitionists and the big political shift of 1896. Pietists, prohibitionists, anti-immigrationists, and women suffragettes had made a big Republican drive before 1890. But then a big, sudden shift in politics occurred, with Democrats capturing the big Midwest states, due to demographics of Germans, higher birth rates, anti-prohibitionists, and hard money standards. After this, the Republican party got more moderate and the Democratic party got captured by extreme pietists in 1896. The South became a fully Democratic region. The Panic of 1893 resulted in the loss of Democratic seats due to the depression. By 1896 Bryanites were taking over the party. German Lutherans, and Catholics became majority-party Republicans, leaving the Irish to become minority-party Democratic civil servants. This situation lasts until 1932. The parties become non-ideological. Statists prevailed. Lecture 4 of 13 presented in Fall of 1986 at the New York Polytechnic University.
Monopoly and CompetitionPolitical TheoryU.S. Economy
Read the transcript 19,214 words
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05
2:13:18 Download MP3
Pietism and the Power Brokers 1986
When pietists shift to the Republican party, they form the progressive movement of 1900-1920. Rockefeller- McKinley forms alliances with power brokers like Kuhn, Loeb & Co., and Harriman (versus the Morgans). Teddy Roosevelt (Oyster Bay wing of the family) was financially in with the Morgans. The Panama Canal caper included a fake revolution in Panama in order to give more U.S. money to the French canal company, whose shares were owned by a Morgan group. In industry, iron and steel found double protection through tariffs and greenback inflation. Morgan tried to establish cartels, but failed. The iron and steel companies then turned to government to do it for them- a progressive move. Lecture 5 of 13 presented in Fall of 1986 at the New York Polytechnic University.
Read the transcript 21,361 words
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06
1:47:31 Download MP3
Tariffs, Inflation, Anti-Trust and Cartels 1986
The Sherman Act outlawed restraint of trade. The Clayton Act added to that. Anti-Trust hysteria came in the 1940-50s. Whatever you did would be considered monopolistic. The charges didn't come from consumers, they came from whining competitors.
InterventionismMoney and BanksU.S. Economy
Read the transcript 17,257 words
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07
1:02:34 Download MP3
Theodore Roosevelt: Master Reformer 1986
Assassinations in American are only by lone nuts . No one who benefits is ever suspected, like Lyndon Johnson. The progressive period saw a re-alliance of church and state - secularized extreme Pietism (Protestant sects) with government as savior by intervening in markets. Meat packing regulations and the Sugar Trust under Teddy Roosevelt, passed in June 1906. The myth was that the meat was diseased and people were dying of it. That was false. The big meat packers were asking for regulations because they wanted to sue their small competitors. The Pure Food and Drug Act was a prototype for the whole progressive movement toward purity of body, mind and soul. Adulteration only meant any change in the name of the sugar chemistry. Lecture 7 of 13 presented in Fall of 1986 at the New York Polytechnic University.
Read the transcript 10,171 words
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08
2:00:57 Download MP3
Regulation and Public Utilities 1986
State dominated cartels used intellectuals as apologists for the government. Big unionism was to transmit orders to the working class. Public utilities were government monopolies for fifty year terms, run without any checks by the public. It is the function of government to run everything.
InterventionismMonopoly and CompetitionBig Government
Read the transcript 19,634 words
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09
1:27:47 Download MP3
The Progressive Era? 1986
Progressive movement came in in 1900 to eliminate political parties. Technocrats and bureaucrats take over political power. Rural versus urban. Eliminate mayors, eliminate voting altogether, have appointed bureaucrats only. The Progressive party was created by JP Morgan interests.
Political TheoryU.S. History
Read the transcript 14,605 words
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10
1:27:48 Download MP3
Cartelization of Banking: The Fed 1986
The Federal Reserve was created in 1913 by Morgan men to cartelize the banking system and limit competition. This is fractional reserve banking rather than 100% reserves. Rothbard thinks it is fraud. It increases the money supply in an inflationary manner by creating money out of thin air.
Money and BankingThe FedMoney and BanksU.S. Economy
Read the transcript 14,425 words
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11
1:27:45 Download MP3
Woodrow Wilson and World War I 1986
Where did Benjamin Strong - head of the Fed - come from? Rothbard continues to reveal the individuals who shaped our world and wars. Morgan's empire brought us the irrational and useless WWI. Foreign policy today rests upon this Morgan outlook.
Political TheoryU.S. HistoryWar and Foreign Policy
Read the transcript 15,197 words
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12
1:29:11 Download MP3
The Great Cooperation 1986
Public housing, planned cities, government power plants, and coerced unionism were all part of the great cooperation between corporations and government through WWI and WWII.
Political TheoryWorld History
Read the transcript 14,524 words
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13
52:28 Download MP3
Politics and the Power Elite 1986
With WWII, Morgans get their war in Europe; Rockefellers get their war in Asia. Both sides are happy. Rockefellers take over foreign relations and create the Trilateral Commission, while electing Carter President in 1977.
InterventionismPolitical TheoryBig GovernmentU.S. Economy
Read the transcript 8,230 words
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Recording dates, summaries and topics for 13 of these 13 lectures come from the Mises Institute's page for The American Economy and the End of Laissez-Faire: 1870 to World War II, checked 2026-09-27.
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About this series
- Is The American Economy and the End of Laissez-Faire: 1870 to World War II free to listen to?
- Yes. All 13 mirrored recordings stream in the browser or download as audio, at no cost and with no signup.
- How long is The American Economy and the End of Laissez-Faire: 1870 to World War II?
- 13 recordings, 21.4 hours in total.
- Who lectures in The American Economy and the End of Laissez-Faire: 1870 to World War II?
- Murray N. Rothbard.
- When was The American Economy and the End of Laissez-Faire: 1870 to World War II recorded?
- 1986, per the recording dates recovered for this series.
- Is there a transcript of The American Economy and the End of Laissez-Faire: 1870 to World War II?
- Yes. Every lecture in the series has one, 208,686 words in total, free to read on each lecture's page and searchable in the browser.
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