# The Liberty Archive > The Mises.org library of Austrian economics, kept free: 1112 books, 3,375 journal issues and 2,732 course recordings. Rights are recorded per work. The collection was open-sourced from 2009 to 2014. The archive holds 1112 books, 3375 journal issues across 18 periodicals, and 2732 course lectures (1520 hours) across 165 series. Everything is free to read and download. ## Rights There is no single licence over this collection, and the content types do not rest on the same footing. Read all four of these before training on any of it. - **Books.** Rights were verified per work, by reading the work itself. 109 of 1112 carry a named, versioned licence printed in the edition; the rest assert none. Treat a work with no stated licence as all rights reserved. The per-work table is [https://freecapitalists.org/licenses.json](https://freecapitalists.org/licenses.json): JSON, one row per book, with the determination, the evidence grade, the deed URL where there is one, and whether the full text is in the bulk dataset. It is the authority; this file summarises it. - **Course recordings and their transcripts.** No licence is asserted for any recording and none has been found: no published grant from the Ludwig von Mises Institute covering them has been located, and their rights have never been independently audited. The machine transcripts were released for AI training on 2026-08-07 by David Veksler, who operates this archive and open-sourced this library as Mises.org webmaster from 2004 to 2014. That is an authorisation from the archive operator, recorded as `owner-authorised-archive-operator`. It is not a licence grant, it is not evidence that a grant ever existed, and nothing here is Creative Commons or public domain on the strength of it. Detail: https://freecapitalists.org/about/#lecture-rights - **Journal issues.** Never checked title by title. No licence is claimed on any issue and none should be inferred from the books table. - **Author biographies and portraits.** Sourced separately from the works themselves and not covered by any of the above. ## Sections - [Books](https://freecapitalists.org/books/): 1112 works by 375 authors. - [Book updates RSS](https://freecapitalists.org/books/feed.xml): dated additions and material improvements. - [Journals](https://freecapitalists.org/journals/): 18 periodicals, 3375 issues. - [Journal updates RSS](https://freecapitalists.org/journals/feed.xml): dated issue additions and recovered metadata. - [Courses](https://freecapitalists.org/courses/): 165 lecture series, 1520 hours. - [Course updates RSS](https://freecapitalists.org/courses/feed.xml): dated series, transcript, and video updates. - [Authors](https://freecapitalists.org/authors/): 375 authors. - [Torrents](https://freecapitalists.org/torrents/): bulk download of the whole library. - [About](https://freecapitalists.org/about/): provenance and license. - [Research](https://freecapitalists.org/research/): David Veksler's current economic studies, policy comparisons, methods, data vintages, and related primary texts. - [Statistics](https://freecapitalists.org/stats/): every measured total for this archive in one page -- extent, running time, file sizes, and the coverage ratio behind each claim. Counted at build time from the catalog, not estimated. - [Art gallery](https://freecapitalists.org/art/): original oil paintings of turning points in economic and political history, one per painted lecture series, plus the section paintings and commissioned book covers. The paintings are original work for this archive, downloadable full size under CC BY 4.0. - [How this site is built](https://freecapitalists.org/how-its-built/): six artifact pipelines, the models each one names or deliberately does not run, measured outputs, rights and provenance gates, and the human deployment approval behind this archive. ## Page types - `https://freecapitalists.org/books//`: one book. Title, author, first publication year where known, description, and download links per format. - `https://freecapitalists.org/books//read/` and `/read//`: the book's complete text, one page per chapter, for the books whose licence permits it. Not every book has these. - `https://freecapitalists.org/authors//`: one author, their works, and a biography where one has been sourced. - `https://freecapitalists.org/courses//`: one lecture series, with every lecture listed. - `https://freecapitalists.org/courses///`: one recording, with an inline player, the speaker, the running time, the recording date where it was recovered (2470 of 2732 lectures), MP3/MP4 downloads, and the full machine transcript where one publishes. - `https://freecapitalists.org/journals//`: one periodical, with its publisher and run. - `https://freecapitalists.org/journals///`: one journal issue. For most periodicals this is a single PDF; for the Journal of Libertarian Studies, the Quarterly Journal of Austrian Economics, the Review of Austrian Economics, and Left and Right -- which mirrored one PDF per article -- it is the issue's table of contents, with every article and front-matter PDF in it listed and linked (165 such issue pages, 1347 article PDFs across them). These records are filename-derived: volume, number, and date are recovered from the 2014 mirror's filenames, and no article titles, authors, or abstracts exist for any of them anywhere. - `https://freecapitalists.org/topics//`: one of 8 subject hubs (Austrian theory, money, the state, liberty, history, law, markets, war) listing every book and matching course tagged with it. Most link out to the companion wiki's concept article for that subject. ## Where the payload files are The PDFs, EPUBs, MP3s and MP4s are not on this host. They are served from https://library.freecapitalists.org/, and every book, journal and lecture page links its own; the download URLs are also printed in llms-full.txt. Covers and page HTML are on https://freecapitalists.org/. ## Companion wiki - [The Austrian Economics Wiki](https://wiki.freecapitalists.org/): 1,415 encyclopedia articles on Austrian economics, restored from the 2014 Mises Wiki. This archive holds the primary texts; the wiki explains the concepts, schools, and events, and carries biographies of the authors shelved here. ## Companion forum - [Mises Community](https://forum.freecapitalists.org/): a Discourse forum, relaunched 2026-08-20, holding 22,068 public topics of discussion written 2008 to 2013 about many of the same books and lectures shelved here, plus whatever the relaunch produces from here on. This archive holds the primary texts; the forum holds two decades of reader discussion of them. ## Books One entry per book: the catalog facts, the rights determination, the download URLs, the description, and -- for the books whose licence let their text be extracted -- every chapter title with the chapter's own opening prose and the URL of the complete chapter. The excerpts are openings, not the works. ### "A Critique of Neoclassical and Austrian Monopoly Theory" D.T. Armentano. New Directions in Austrian Economics , Louis Spardo, ed., Kansas City: Sheed Andrews and McMeel, 1979, 94-110. Also available in HTML text. first published 1979. 12 pages. Page: https://freecapitalists.org/books/critique-of-neoclassical-and-austrian-monopoly-theory-a/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/DT%20Armentano/Critique%20of%20Neoclassical%20and%20Austrian%20Monopoly%20Theory%2C%20A.pdf (56.6 KB) Topics: austrian, markets ### "A Critique of the Legal and Philosophical Case for Rent Control" Walter Block. Journal of Business Ethics 40 : 75–90, 2002. first published 2002. 16 pages. Page: https://freecapitalists.org/books/a-critique-of-the-legal-and-philosophical-case-for-rent-control/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/A%20Critique%20of%20the%20Legal%20and%20Philosophical%20Case%20for%20Rent%20Control.pdf (107 KB) Topics: state, liberty ### "A Reconsideration of the Austrian Theory of Industrial Fluctuations" Ludwig M. Lachmann. Economica, May 1940, pp. 179-196. first published 1940. 18 pages. Page: https://freecapitalists.org/books/a-reconsideration-of-the-austrian-theory-of-industrial-fluctuations/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Ludwig%20M%20Lachmann/A%20Reconsideration%20of%20the%20Austrian%20Theory%20of%20Industrial%20Fluctuations.pdf (2.2 MB) Topics: austrian, markets ### "Alan Greenspan: Rand, Republicans, and Austrian Critics" Larry J. Sechrest. Journal of Ayn Rand Studies, 6.2 (Spring 2005), pages 271-97. first published 2005. 27 pages. Page: https://freecapitalists.org/books/alan-greenspan-rand-republicans-and-austrian-critics/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Larry%20J%20Sechrest/Alan%20Greenspan%20Rand%2C%20Republicans%2C%20and%20Austrian%20Critics.pdf (227 KB) Topics: liberty ### "An American Classical Liberalism" Llewellyn H. Rockwell Jr. Auburn: Mises Institute, 1996. first published 1996. Page: https://freecapitalists.org/books/an-american-classical-liberalism/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/An%20American%20Classical%20Liberalism.html (41.4 KB) Topics: liberty Rockwell surveys the intellectual heritage and principles of classical liberalism within American political and economic thought. ### "ASAD: A Sad Development in Macroeconomic Pedagogy" Roger W. Garrison. 3 pages. Page: https://freecapitalists.org/books/asad-a-sad-development-in-macroeconomic-pedagogy/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Roger%20W%20Garrison/ASAD%20A%20Sad%20Development%20in%20Macroeconomic%20Pedagogy.pdf (80.7 KB) ### "Austrian Capital Theory and the Future of Macroeconomics" Roger W. Garrison. in Austrian Economics: Perspectives on the Past and Prospects for the Future , vol. 17, Richard M. Ebeling, ed., Hillsdale, MI: Hillsdale College Press, 1991, pp. 303-324. first published 1991. Page: https://freecapitalists.org/books/austrian-capital-theory-and-the-future-of-macroeconomics/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Austrian%20Capital%20Theory%20and%20the%20Future%20of%20Macroeconomics.htm (44.5 KB) Topics: austrian Garrison examines how Austrian capital theory informs modern macroeconomic analysis and the study of monetary dynamics. ### "Austrian Capital Theory and the Undeveloped Areas: An Overview Sudha R. Shenoy. Austrian Economics: Perspectives on the Past and Prospects for the Future . Champions of Freedom: The Ludwig von Mises Lecture Series Volume 17. Richard Ebeling, Ed. Hillsdale College: Hillsdale College Press, 1991, pp. 379-423. first published 1991. 28 pages. Page: https://freecapitalists.org/books/austrian-capital-theory-and-the-undeveloped-areas-an-overview/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Sudha%20R%20Shenoy/Austrian%20Capital%20Theory%20and%20the%20Undeveloped%20Areas%20An%20Overview.pdf (174 KB) Topics: austrian ### "Austrian Theory of Business Cycles" Roger W. Garrison. 1997. in David Glasner, ed., Business Cycles and Depressions: An Encyclopedia . New York: Garland Publishing, Inc., 23-27. first published 1997. Page: https://freecapitalists.org/books/austrian-theory-of-business-cycles/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Austrian%20Theory%20of%20Business%20Cycles.htm (17.4 KB) Topics: austrian, markets An exposition of Austrian business cycle theory, which attributes economic fluctuations to distortions in capital structure caused by credit expansion. ### "Business Cycles: Austrian Approach" Roger W. Garrison. 2002. in Howard Vane and Brian Snowden, eds. An Encyclopedia of Macroeconomics . Aldershot: Edward Elgar. first published 2002. Page: https://freecapitalists.org/books/business-cycles-austrian-approach/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Business%20Cycles%20Austrian%20Approach.htm (13.2 KB) Topics: markets A contemporary analysis of Austrian business cycle theory and its explanatory power for understanding macroeconomic fluctuations and recessions. ### "Capital Structure Evolution: Austrian Observations on the Case of Software Development" Howard Baetjer Jr. paperdelivered at the Southern Economic Association meetings, New Orleans. (1999). first published 1999. Page: https://freecapitalists.org/books/capital-structure-evolution-austrian-observations-on-the-case-of-software-development/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Howard%20Baetjer%20Jr/Capital%20Structure%20Evolution%20Austrian%20Observations%20on%20the%20Case%20of%20Software%20Development.htm (65.9 KB) Topics: austrian Baetjer applies Austrian capital theory to the software industry, analyzing how capital structures evolve and adapt in high-technology sectors. ### "Cheap Money, Gold, and the Federal Reserve Bank Policy" Benjamin Anderson. Chase Economic Bulletin, Vol. IV, No. 3, August 4, 1924. first published 1924. 16 pages. Page: https://freecapitalists.org/books/cheap-money-gold-and-the-federal-reserve-bank-policy/ Rights: public-domain-by-age (evidence: medium) Download: PDF https://library.freecapitalists.org/books/Benjamin%20Anderson/Cheap%20Money%2C%20Gold%2C%20and%20the%20Federal%20Reserve%20Bank%20Policy.pdf (55.4 KB) Topics: money ### "Classical Economics vs. the Exploitation Theory" George Reisman. This essay originally appeared in The Political Economy of Freedom Essays in Honor of F. A. Hayek, Edited by Kurt R. Leube and Albert H. Zlabinger (München and Wien: Philosophia Verlag, The International Carl Menger Library, 1985). Apart from a few changes in wording and the addition of a few paragraphs, the present version differs mainly in that endnote references have been updated to refer to works not in existence in 1985, in particular the author's book Capitalism: A Treatise on Economics (hereafter referred to simply as Capitalism) and his translation of Böhm-Bawerk's essay "Value, Cost, and Marginal Utility.". first published 1985. Page: https://freecapitalists.org/books/classical-economics-vs-the-exploitation-theory/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/George%20Reisman/Classical%20Economics%20vs%20the%20Exploitation%20Theory.html (77.0 KB) Topics: austrian Reisman defends classical economics against Marxist exploitation theory, examining the logical foundations of both approaches to value and income distribution. ### "Coase and Kelo: Omnious Parallels and a Reply to Lott on Rothbad on Coase" Walter Block. Whittier Law Review 2006, Volume 27, Number 4. pp. 997-1002. first published 2006. 27 pages. Page: https://freecapitalists.org/books/coase-and-kelo-omnious-parallels-and-a-reply-to-lott-on-rothbad-on-coase/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Coase%20and%20Kelo%20Omnious%20Parallels%20and%20a%20Reply%20to%20Lott%20on%20Rothbad%20on%20Coase.pdf (18.6 MB) Topics: law ### "Commodity Stocks in the Trade Cycle" Ludwig M. Lachmann. Economica, November 1938, pp. 435-454. first published 1938. 20 pages. Page: https://freecapitalists.org/books/commodity-stocks-in-the-trade-cycle/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Ludwig%20M%20Lachmann/Commodity%20Stocks%20in%20the%20Trade%20Cycle.pdf (2.2 MB) Topics: money ### "Does GNP Measure Growth and Welfare?" Oskar Morgenstern. Delivered at New York University, New York, New York, February 13, 1975. first published 1975. 7 pages. Page: https://freecapitalists.org/books/does-gnp-measure-growth-and-welfare/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Oskar%20Morgenstern/Does%20GNP%20Measure%20Growth%20and%20Welfare.pdf (1.2 MB) Topics: state ### "End of the Era of Keynes?" L. Albert Hahn. Kyklos, Vol. XX, 1967, pp. 270-286, translated by W.E. Kuhn. first published 1967. 15 pages. Page: https://freecapitalists.org/books/end-of-the-era-of-keynes/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/L%20Albert%20Hahn/End%20of%20the%20Era%20of%20Keynes.pdf (1.1 MB) Topics: austrian ### "Enterprising Education: Doing Away with the Public School System": Walter Block. International Journal of Value-Based Management 12: 195–207, 1999. first published 1999. 13 pages. Page: https://freecapitalists.org/books/enterprising-education-doing-away-with-the-public-school-system/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Enterprising%20Education%20Doing%20Away%20with%20the%20Public%20School%20System.pdf (55.4 KB) Topics: liberty, markets ### "Environmentalism and Economic Freedom: The Case for Private Property Rights" Walter Block. Journal of Business Ethics 17: 1887–1899, 1998. first published 1887. 13 pages. Page: https://freecapitalists.org/books/environmentalism-and-economic-freedom-the-case-for-private-property-rights/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Environmentalism%20and%20Economic%20Freedom%20The%20Case%20for%20Private%20Property%20Rights.pdf (99.7 KB) Topics: law ### "Family-Wrecking Tax" Timothy D. Terrell. The Free Market (Mises Institute), October 1997, Volume 15, Number 10. first published 1997. Page: https://freecapitalists.org/books/family-wrecking-tax/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Timothy%20D%20Terrell/Family-Wrecking%20Tax.html (17.8 KB) Topics: state, markets Terrell examines how taxation adversely affects family formation and economic decisions, critiquing tax policy's destructive social consequences. ### "Foreign Exchange Stabilization" Benjamin Anderson. Delivered at a dinner given by the officer and directors of the Los Angels Change of Commerce, May 11, 1943. first published 1943. 11 pages. Page: https://freecapitalists.org/books/foreign-exchange-stabilization/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Benjamin%20Anderson/Foreign%20Exchange%20Stabilization.pdf (1.9 MB) Topics: money ### "Free Market and the Standards By Which It is Judged,The" John B. Egger. Advances in Austrian Economics . Greenwich CT: JAI Press,(1996) pp. 179-195. first published 1996. Page: https://freecapitalists.org/books/free-market-and-the-standards-by-which-it-is-judged-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/John%20B%20Egger/Free%20Market%20and%20the%20Standards%20By%20Which%20It%20is%20Judged%2CThe.html (60.2 KB) Topics: markets, austrian An essay exploring the philosophical and evaluative standards applied to free market outcomes and capitalist systems, examining criteria and methods for assessing economic performance. ### "Frédéric Bastiat: Two Hundred Years On" Joseph R. Stromberg. Mises Institute, 2001, essay on the occasion of the 200th anniversary of his birth. first published 2001. Page: https://freecapitalists.org/books/frederic-bastiat-two-hundred-years-on/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Joseph%20R%20Stromberg/Frederic%20Bastiat%20Two%20Hundred%20Years%20On.html (55.3 KB) An essay commemorating the 200th anniversary of Bastiat's birth, examining the legacy and continuing relevance of the French classical-liberal economist and social theorist. ### "Hayekian Triangles and Beyond" Roger W. Garrison. in Jack Birner and Rudy van Zijp, eds., Hayek, Coordination and Evolution: His Legacy in Philosophy, Politics, Economics, and the History of Ideas . London: Routledge, 1994, pp. 109-125. first published 1994. Page: https://freecapitalists.org/books/hayekian-triangles-and-beyond/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Hayekian%20Triangles%20and%20Beyond.htm (47.7 KB) Topics: liberty A theoretical development extending Hayekian business cycle analysis through the triangle diagram method, analyzing capital structure and the temporal dimension of production. ### "Industrial Organization and Human Action" Kenneth G. Elzinga. Cato Journal , 1999 (19:2), pp. 233-246. first published 1999. 26 pages. Page: https://freecapitalists.org/books/industrial-organization-and-human-action/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Kenneth%20G%20Elzinga/Industrial%20Organization%20and%20Human%20Action.pdf (103 KB) Topics: austrian, markets An analysis applying Misesian principles of human action and Austrian economic theory to questions of industrial organization, market structure, and firm behavior. ### "Intellectuals and Socialism" Friedrich A. Hayek. The University of Chicago Law Review (Spring 1949), pp. 417-433, The University of Chicago Press; George B. de Huszar ed., The Intellectuals: A Controversial Portrait (Glencoe, Illinois: the Free Press, 1960) pp. 371-84. first published 1949. 14 pages. Page: https://freecapitalists.org/books/intellectuals-and-socialism/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/Intellectuals%20and%20Socialism.pdf (47.4 KB) Topics: state, law Hayek's influential essay analyzing the appeal of socialism to the intellectual class and examining the role of intellectuals in promoting collectivist ideology. ### "International Currency: Gold vs. Bancor or Unitas" Benjamin Anderson. Delivered before the Chamber of Commerce of the State of New York, New York City, February 3, 1944. first published 1944. 7 pages. Page: https://freecapitalists.org/books/international-currency-gold-vs-bancor-or-unitas/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Benjamin%20Anderson/International%20Currency%20Gold%20vs%20Bancor%20or%20Unitas.pdf (1.2 MB) Topics: money, state ### "Interview" Roger W. Garrison. Brian Snowdon, Howard Vane, and Peter Wynarczyk, A Modern Guide to Macroeconomics: An Introduction to Competing Schools of Thought , Aldershot, England: Edward Elgar, 1994. pp. 383-97. first published 1994. Page: https://freecapitalists.org/books/interview/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Interview.htm (39.9 KB) An interview with Austrian business cycle theorist Roger Garrison, discussing macroeconomic theory and Austrian economics' approach to understanding economic fluctuations. ### "Introduction to Economic Calculation in the Socialist Commonwealth" Jacek Kochanowicz. 1990 edition of Economic Calculation in the Socialist Commonwealth by Ludwig von Mises (published by Mises Institute). first published 1990. Page: https://freecapitalists.org/books/introduction-to-economic-calculation-in-the-socialist-commonwealth/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Jacek%20Kochanowicz/Introduction%20to%20Economic%20Calculation%20in%20the%20Socialist%20Commonwealth.html (15.3 KB) Topics: austrian, state Kochanowicz's introduction to Mises' foundational critique of socialist economic theory, examining the impossibility of rational economic calculation under socialism. ### "Introduction to Murray Rothbard's History of Money and Banking in the United States" Joseph T. Salerno. Introduction to A History of Money and Banking in the United States: The Colonial Era to World War II by Murray N. Rothbard (Auburn: Mises Institute, 2002), pp. 7-44. Available as PDF document. first published 2002. Page: https://freecapitalists.org/books/introduction-to-murray-rothbard-s-history-of-money-and-banking-in-the-united-states/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Joseph%20T%20Salerno/Introduction%20to%20Murray%20Rothbards%20History%20of%20Money%20and%20Banking%20in%20the%20United%20States.html (86.0 KB) Topics: history, money, war An introductory essay to Rothbard's comprehensive economic history of money and banking in America, situating his work within Austrian and libertarian economic traditions. ### "Investment that Raises the Demand for Capital" Friedrich A. Hayek. The Review of Economic Statistics, Volume 19, Number 4 (November 1937), pp. 174-177. first published 1937. 4 pages. Page: https://freecapitalists.org/books/investment-that-raises-the-demand-for-capital/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/Investment%20that%20Raises%20the%20Demand%20for%20Capital.pdf (102 KB) Topics: austrian ### "Ludwig von Mises and the Case for Gold" George A. Selgin. 1999. Cato Journal , 19(2), pp. 259-272. first published 1999. 19 pages. Page: https://freecapitalists.org/books/ludwig-von-mises-and-the-case-for-gold/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/George%20A%20Selgin/Ludwig%20von%20Mises%20and%20the%20Case%20for%20Gold.pdf (90.2 KB) Topics: money George A. Selgin analyzes Ludwig von Mises' economic arguments for gold as a monetary standard and its role in preventing currency debasement. ### "Mises and His Understanding of the Capitalist System" Israel M. Kirzner. Cato Journal , 19(2), pp. 215 - 228. 1999. first published 1999. 18 pages. Page: https://freecapitalists.org/books/mises-and-his-understanding-of-the-capitalist-system/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Israel%20M%20Kirzner/Mises%20and%20His%20Understanding%20of%20the%20Capitalist%20System.pdf (74.8 KB) Israel M. Kirzner explores Mises' comprehensive vision of capitalism as a system of peaceful cooperation and mutual benefit through voluntary exchange. ### "Mises and the Dialog of Science" Gordon Tullock. Cato Journal 19(2), pp. 229 - 232. 1999. first published 1999. 18 pages. Page: https://freecapitalists.org/books/mises-and-the-dialog-of-science/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Gordon%20Tullock/Mises%20and%20the%20Dialog%20of%20Science.pdf (74.8 KB) Gordon Tullock examines Mises' understanding of economics as a science and his methodological debates with other economic schools. ### "Missing the Mark: Salsman's Review of the Great Depression" Larry J. Sechrest. The Journal of Ayn Rand Studies, 9.2 (Spring 2008), pp. 305-39. first published 2008. 35 pages. Page: https://freecapitalists.org/books/missing-the-mark-salsman-s-review-of-the-great-depression/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Larry%20J%20Sechrest/Missing%20the%20Mark%20Salsmans%20Review%20of%20the%20Great%20Depression.pdf (274 KB) Topics: money, liberty ### "Money and the Business Cycle" Gottfried Haberler. 1990. in Austrian Economics , Vol. 2, Stephen Littlechild, London: Edward Elgar, pp. 291-197; from The Austrian Theory of the Trade Cycle and Other Essays , Richard M. Ebeling, ed., Auburn AL: Ludwig von Mises Institute, 1982, pp. 7-20; and Gold and Monetary Stabilization , Quincy Wright, ed., Chicago: University of Chicago Press, 1932. first published 1932. Page: https://freecapitalists.org/books/money-and-the-business-cycle/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Gottfried%20Haberler/Money%20and%20the%20Business%20Cycle.html (47.5 KB) Topics: money, austrian Gottfried Haberler analyzes the relationship between monetary phenomena and business cycles within Austrian economic theory. ### "More on Cantillon as a Proto-Austrian" Jörg Guido Hülsmann. Journal des Economistes et des Etudes Humaines Bilingual Journal of Interdisciplinary Studies , Vol. XI, Numero 4 Decembre 2001, pp. 693-703. first published 2001. 12 pages. Page: https://freecapitalists.org/books/more-on-cantillon-as-a-proto-austrian/ Rights: undetermined (evidence: n/a); published by permission of Jörg Guido Hülsmann (2026-09-23), not a public licence Download: PDF https://library.freecapitalists.org/books/Jorg%20Guido%20Hulsmann/More%20on%20Cantillon%20as%20a%20Proto-Austrian.pdf (40.6 KB) ### "Murray N. Rothbard: Economics, Science, and Liberty" Hans-Hermann Hoppe. From 15 Great Austrian Economists, Auburn, Alabama, the Mises Institute, 1999, Edited by Randall G. Holcombe, pp. 223-241. Also available in PDF. first published 1999. Page: https://freecapitalists.org/books/murray-n-rothbard-economics-science-and-liberty/ Rights: undetermined (evidence: n/a); published by permission of Hans-Hermann Hoppe (2026-09-23), not a public licence Download: HTML https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/Murray%20N%20Rothbard%20Economics%2C%20Science%2C%20and%20Liberty.html (69.6 KB) Topics: liberty, austrian Hans-Hermann Hoppe surveys Murray N. Rothbard's contributions to Austrian economics, scientific methodology, and libertarian political philosophy. ### "Myth of the Replacement Tax" Llewellyn H. Rockwell Jr. The Free Market, Volume 19, Number 6, June 2001. first published 2001. Page: https://freecapitalists.org/books/myth-of-the-replacement-tax/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/Myth%20of%20the%20Replacement%20Tax.html (17.3 KB) Topics: state, markets Llewellyn H. Rockwell Jr. critiques proposals for replacement tax systems, arguing they fail to address the underlying problems of government finance. ### "Natural Elites, Intellectuals, and the State" Hans-Hermann Hoppe. Auburn, Mises Institute, 1992. first published 1992. ISBN 9781610166126. Page: https://freecapitalists.org/books/natural-elites-intellectuals-and-the-state/ Rights: undetermined (evidence: n/a); published by permission of Hans-Hermann Hoppe (2026-09-23), not a public licence Download: HTML https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/Natural%20Elites%2C%20Intellectuals%2C%20and%20the%20State.html (37.3 KB) Topics: state This monograph engages the long-running controversy about the origin of the state. Hoppe adopts the theory that extends from a Rothbardian view of the role of elites in society and their monopolistic tendencies. He further maps out a strategy for how the non-state-connected natural elites can turn back the tide of state-connected elites. It is a seminal contribution to the literature with a hopeful roadmap for the future. 24 pg. booklet ### "New Institutional Economics" Peter G. Klein. in Bouckaert and De Geest, Encyclopedia of Law and Economics , Northampton, MA: Edward Elgar, Vol. I, pp. 456-489. (2000). first published 2000. 34 pages. Page: https://freecapitalists.org/books/new-institutional-economics/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Peter%20G%20Klein/New%20Institutional%20Economics.pdf (108 KB) Topics: austrian, law Peter G. Klein's essay on new institutional economics and its relationship to market processes and Austrian economic theory. ### "Note Issue by Banks: A Step toward Free Banking in the United States?" Kurt Schuler. Cato Journal, v. 20, no. 3, Winter 2001, pp. 453-65. first published 2001. 13 pages. Page: https://freecapitalists.org/books/note-issue-by-banks-a-step-toward-free-banking-in-the-united-states/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Kurt%20Schuler/Note%20Issue%20by%20Banks%20A%20Step%20toward%20Free%20Banking%20in%20the%20United%20States.pdf (59.4 KB) Topics: money Kurt Schuler examines bank note issuance as a potential transition toward establishing free banking competition in the United States. ### "On Property and Exploitation" Walter Block. International Journal of Value-Based Management 15: 225–236, 2002. first published 2002. 12 pages. Page: https://freecapitalists.org/books/on-property-and-exploitation/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/On%20Property%20and%20Exploitation.pdf (80.1 KB) Topics: law, markets ### "On Value Freedom in Economics" Walter Block. The American Economist , Vol.19, Spring, pp. 38-41. 4 pages. Page: https://freecapitalists.org/books/on-value-freedom-in-economics/ Rights: in-copyright (evidence: high); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/On%20Value%20Freedom%20in%20Economics.pdf (336 KB) Topics: liberty, austrian ### "Ona'ah" Walter Block. International Journal of Social Economics, Vol. 29 No. 9, 2002, pp. 722-729. first published 2002. 8 pages. Page: https://freecapitalists.org/books/ona-ah/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Onaah.pdf (113 KB) ### "Overconsumption and Forced Saving in the Mises-Hayek Theory of the Business Cycle" Roger W. Garrison. History of Political Economy, vol. 36, no. 2 (summer) 2004. first published 2004. Page: https://freecapitalists.org/books/overconsumption-and-forced-saving-in-the-mises-hayek-theory-of-the-business-cycle/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Overconsumption%20and%20Forced%20Saving%20in%20the%20Mises-Hayek%20Theory%20of%20the%20Business%20Cycle.htm (79.1 KB) Topics: money, austrian Roger W. Garrison analyzes the mechanisms of overconsumption and forced saving within the Austrian monetary theory of business cycles. ### "Philip Wicksteed: The British Austrian" Israel M. Kirzner. in 15 Great Austrian Economists, edited with an Introduction by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999), pp. 101–12. first published 1999. Page: https://freecapitalists.org/books/philip-wicksteed-the-british-austrian/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Israel%20M%20Kirzner/Philip%20Wicksteed%20The%20British%20Austrian.html (47.4 KB) Israel M. Kirzner's essay on Philip Wicksteed as an influential precursor to Austrian economic theory in Britain. ### "Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics" Don Bellante. History of Political Economy 20(2), 207-234(1988). first published 1988. Page: https://freecapitalists.org/books/phillips-curves-and-hayekian-triangles-two-perspectives-on-monetary-dynamics/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Don%20Bellante/Phillips%20Curves%20and%20Hayekian%20Triangles%20Two%20Perspectives%20on%20Monetary%20Dynamics.htm (92.4 KB) Topics: austrian, money Don Bellante compares the Phillips curve framework with Austrian capital-theory models of inflation and employment relationships. ### "Postscript: Why a Socialist Economy is 'Impossible'" Joseph T. Salerno. (1990) to Ludwig von Mises, Economic Calculation in the Socialist Commonwealth , Auburn, AL: Ludwig von Mises Institute, pp. 51-71. first published 1990. Page: https://freecapitalists.org/books/postscript-why-a-socialist-economy-is-impossible/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Joseph%20T%20Salerno/Postscript%20Why%20a%20Socialist%20Economy%20is%20Impossible.html (40.8 KB) Topics: austrian, state Joseph T. Salerno's analysis of Mises' economic calculation argument, explaining the impossibility of efficient resource allocation under central planning. ### "Professor Knight and the 'Period of Production'" Fritz Machlup. The Journal of Political Economy, October 1935, Volume 43, Number 5, pp. 577-624. first published 1935. 48 pages. Page: https://freecapitalists.org/books/professor-knight-and-the-period-of-production/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Fritz%20Machlup/Professor%20Knight%20and%20the%20Period%20of%20Production.pdf (5.5 MB) Topics: austrian, markets ### "Professor Modigliani on Price Controls: The Baneful Influence of the Perfectly Competitive Model" Walter Block. International Journal of Social Economics , Vol. 22 No. 5, 1995, pp. 27-30. first published 1995. 4 pages. Page: https://freecapitalists.org/books/professor-modigliani-on-price-controls-the-baneful-influence-of-the-perfectly-competitive-model/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Professor%20Modigliani%20on%20Price%20Controls%20The%20Baneful%20Influence%20of%20the%20Perfectly%20Competitive%20Model.pdf (19.6 KB) Topics: state, markets ### "Reflections on Human Action after 50 Years" Vernon L. Smith. (1999) Cato Journal , (19:2), pp. 195-210. first published 1999. 20 pages. Page: https://freecapitalists.org/books/reflections-on-human-action-after-50-years/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Vernon%20L%20Smith/Reflections%20on%20Human%20Action%20after%2050%20Years.pdf (81.9 KB) Topics: austrian Vernon L. Smith reflects on the enduring influence and contemporary relevance of Mises' Human Action, five decades after its original publication. ### "Reflections on the Pure Theory of Money of Mr. J.M. Keynes" Friedrich A. Hayek. Economica, No. 33 (August 1931), pp. 270-295. Economica, No. 35 (February 1932), pp. 22-44. first published 1931. 49 pages. Page: https://freecapitalists.org/books/reflections-on-the-pure-theory-of-money-of-mr-j-m-keynes/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/Reflections%20on%20the%20Pure%20Theory%20of%20Money%20of%20Mr%20JM%20Keynes.pdf (1.5 MB) Topics: austrian, money ### "Tax Reform or Shakedown?" Mark Thornton. The Free Market (Mises Institute), Volume 13, Number 9, September 1995. first published 1995. Page: https://freecapitalists.org/books/tax-reform-or-shakedown/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Mark%20Thornton/Tax%20Reform%20or%20Shakedown.html (17.1 KB) Topics: state, markets Mark Thornton evaluates whether proposed tax reforms represent genuine structural change or merely cosmetic rearrangement of fiscal extraction. ### "Taxation is Robbery" Frank Chodorov. Out of Step: The Autobiography of an Individualist , by Frank Chodorov; The Devin-Adair Company, New York, 1962, pp. 216–239. first published 1962. Page: https://freecapitalists.org/books/taxation-is-robbery/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Frank%20Chodorov/Taxation%20is%20Robbery.html (48.8 KB) Topics: state, history, liberty Frank Chodorov's essay on the moral and economic case against taxation, from his autobiography 'Out of Step'. ### "The Austrian School and Classical Liberalism" Ralph Raico. Advances in Austrian Economics , 2(a), Peter Boettke and Mario Rizzo, eds. Greenwich, CT: JAI Press, 1995, pp. 3-38. first published 1995. Page: https://freecapitalists.org/books/austrian-school-and-classical-liberalism-the-ralph-raico/ Rights: undetermined (evidence: n/a) Download: EPUB https://library.freecapitalists.org/books/Ralph%20Raico/Austrian%20School%20and%20Classical%20Liberalism.epub (571 KB); HTML https://library.freecapitalists.org/books/Ralph%20Raico/Austrian%20School%20and%20Classical%20Liberalism.html (84.7 KB) Topics: austrian, liberty Here is the book to learn classical liberalism from the ground up, written by the foremost historian in the Austrian tradition — Ralph Raico. Every student, scholar, and freedom fan must have a copy of Classical Liberalism and the Austrian School at hand, readying them for intellectual battle! It is indeed rare to study directly under two giants of the Austrian School. Raico wrote his dissertation under the direction of F. A. Hayek at the University of Chicago after being admitted as a high school student to Ludwig von Mises’s NYU seminar in New York. Raico and his friend and fellow Mises seminar attendee, Murray Rothbard, would turn into the modern champions of true liberalism. Raico takes on all comers, disposing of all opponents of the market from Keynesians to Marxists and everyone in between, with crackling prose and sizzling wit. The liberal history comes alive with Raico’s pen, and at the same time quenches the reader’s thirst for detail, infusing an excitement that urges the reader to further explore. Raico’s breadth of scholarship is on full display, combining insights and arguments from disparate points. He provides clarity to a history that is often slanted and distorted. Multiple reference lists contained in the book will serve as a classical liberal treasure trove for students and scholars for decades to come. In his foreword, Austrian School scholar Jörg Guido Hülsmann, credits Raico with educating modern Germans about fellow countryman and forgotten liberal champion, Eugen Richter. Furthermore, the book’s preface by Raico’s friend and colleague, David Gordon, is both extensive and illuminating. ### "The Austrian School and the Theory of Value" Friedrich von Wieser. Economic Journal , March 1891. first published 1891. 14 pages. Page: https://freecapitalists.org/books/austrian-school-and-the-theory-of-value-the/ Rights: public-domain-by-age (evidence: medium) Download: PDF https://library.freecapitalists.org/books/Friedrich%20von%20Wieser/Austrian%20School%20and%20the%20Theory%20of%20Value%2C%20The.pdf (84.9 KB); EPUB https://library.freecapitalists.org/books/Friedrich%20von%20Wieser/Austrian%20School%20and%20the%20Theory%20of%20Value%2C%20The.epub (16.1 KB); Kindle https://library.freecapitalists.org/books/Friedrich%20von%20Wieser/Austrian%20School%20and%20the%20Theory%20of%20Value%2C%20The.azw3 (31.4 KB) Topics: austrian Full text: https://freecapitalists.org/books/austrian-school-and-the-theory-of-value-the/read/ -- 1 chapters, 5,956 words. 1. Start -- https://freecapitalists.org/books/austrian-school-and-the-theory-of-value-the/read/start/ The historical school of political economists in Germany, and the Austrian, or as it is frequently termed, the abstract, school are more nearly related than is at first sight apparent. Both follow the spirit of the age in rejecting speculative theory and in seeking their highest laurels on the field of observation. In art, as in science, naturalism must be distinguished from truth to nature, and... ### "The Austrian Theory of the Marginal Use and of Ordinal Marginal Utility" J. H. McCulloch. Zeitschrift für Nationalökonomie , 37, #3-4, pp. 249-280. 1977. Journal of Economics, Springer-Verlang,. first published 1977. 32 pages. Page: https://freecapitalists.org/books/austrian-theory-of-the-marginal-use-and-of-ordinal-marginal-utility-the/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/J%20H%20McCulloch/Austrian%20Theory%20of%20the%20Marginal%20Use%20and%20of%20Ordinal%20Marginal%20Utility%2C%20The.pdf (1.8 MB) Topics: austrian ### "The Collected Works of Carl Menger" Alan R. Sweezy. Quarterly Journal of Economics, Vol. 50, No. 4, August 1936, pp. 719-730. first published 1936. 12 pages. Page: https://freecapitalists.org/books/the-collected-works-of-carl-menger/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Alan%20R%20Sweezy/The%20Collected%20Works%20of%20Carl%20Menger.pdf (1.3 MB) Topics: history, austrian ### "The Firm, Money and Economic Calculation" Peter Lewin. American Journal of Economics and Sociology , October 1998. first published 1998. 14 pages. Page: https://freecapitalists.org/books/firm-money-and-economic-calculation-the/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Peter%20Lewin/Firm%2C%20Money%20and%20Economic%20Calculation%2C%20The.pdf (711 KB) Topics: austrian, markets An essay examining the role of money and economic calculation within firms and market production, analyzing how price signals coordinate institutional economic relationships. ### "The Firm, Money, and Economic Calculation: Considering the Institutional Nexus of Market Production" Peter Lewin. American Journal of Economics and Sociology 57 (4), October: 499-512. (1998). first published 1998. 14 pages. Page: https://freecapitalists.org/books/firm-money-and-economic-calculation-considering-the-institutional-nexus-of-market-production-the/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Peter%20Lewin/Firm%2C%20Money%2C%20and%20Economic%20Calculation%20Considering%20the%20Institutional%20Nexus%20of%20Market%20Production%2C%20The.pdf (711 KB) Topics: austrian, markets An essay examining the role of money and economic calculation within firms and market production, analyzing how price signals coordinate institutional economic relationships. ### "The Function of Saving" Eugen von Böhm-Bawerk. Annals of the American Academy of Political and Social Science , Volume 17 (1901). first published 1901. Page: https://freecapitalists.org/books/function-of-saving-the-eugen-von-bohm-bawerk/ Rights: public-domain-by-age (evidence: medium) Download: HTML https://library.freecapitalists.org/books/Eugen%20von%20Bohm-Bawerk/Function%20of%20Saving.html (33.1 KB) Topics: austrian An essay by Böhm-Bawerk examining the economic function and importance of saving, analyzing how accumulation of capital drives economic development and production. ### "The Gold Standard: A Critique of Friedman, Mundell, Hayek, and Greenspan" Walter Block. Managerial Finance , 1999, 25(5), pp. 15-33. first published 1999. 19 pages. Page: https://freecapitalists.org/books/gold-standard-a-critique-of-friedman-mundell-hayek-and-greenspan-the/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Gold%20Standard%20A%20Critique%20of%20Friedman%2C%20Mundell%2C%20Hayek%2C%20and%20Greenspan%2C%20The.pdf (228 KB) Topics: money ### "The Historical vs. the Deductive Method in Political Economy" Eugen von Böhm-Bawerk. Annals of the American Academy of Political and Social Science , vol. 1, 1890; and Classics in Austrian Economics , Volume 1: The Founding Era, Israel M. Kirzner, ed., London: William Pickering, 1994, pp. 108-129. first published 1890. Page: https://freecapitalists.org/books/historical-vs-the-deductive-method-in-political-economy-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Eugen%20von%20Bohm-Bawerk/Historical%20vs%20the%20Deductive%20Method%20in%20Political%20Economy%2C%20The.html (52.7 KB) Topics: austrian Böhm-Bawerk's defense of the deductive method in economic theory against the historical school approach, examining fundamental questions of economic methodology. ### "The Knowledge Problem under Alternative Monetary Regimes" William N. Butos. The Cato Journal , 1986, 5(3), pp. 849-872. first published 1986. 27 pages. Page: https://freecapitalists.org/books/knowledge-problem-under-alternative-monetary-regimes-the/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/William%20N%20Butos/Knowledge%20Problem%20under%20Alternative%20Monetary%20Regimes%2C%20The.pdf (1.4 MB) Topics: austrian, money An analysis applying Hayek's knowledge problem to monetary economics, examining how alternative monetary systems address or fail to address the dispersal of economic knowledge. ### "The Lachmann Legacy: An Agenda for Macroeconomics" Roger W. Garrison. South African Journal of Economics , vol. 65, no. 4 (December), 1997, pp. 459-481. first published 1997. Page: https://freecapitalists.org/books/lachmann-legacy-an-agenda-for-macroeconomics-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Lachmann%20Legacy%20An%20Agenda%20for%20Macroeconomics%2C%20The.htm (50.3 KB) An examination of Ludwig Lachmann's contributions to Austrian economics and implications of his subjectivist capital theory for macroeconomic analysis and business cycle theory. ### "The Limits of Macroeconomics" Roger W. Garrison. 1992. Cato Journal , vol. 12, no. 1 (Spring/Summer), 165-178. first published 1992. Page: https://freecapitalists.org/books/limits-of-macroeconomics-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Limits%20of%20Macroeconomics%2C%20The.htm (39.2 KB) Roger W. Garrison examines the theoretical and practical limits of macroeconomic analysis from an Austrian School perspective. ### "The Liquidity of Short-Term Capital" Fritz Machlup. Economica, No. 37. (August 1932), pp. 271-284. first published 1932. 14 pages. Page: https://freecapitalists.org/books/the-liquidity-of-short-term-capital/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Fritz%20Machlup/The%20Liquidity%20of%20Short-Term%20Capital.pdf (1.7 MB) Topics: austrian ### "The Methodology of Human Action" Lawrence H. White. (1999) Cato Journal ,(19:2), pp. 211-214. first published 1999. 20 pages. Page: https://freecapitalists.org/books/methodology-of-human-action-the/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lawrence%20H%20White/Methodology%20of%20Human%20Action%2C%20The.pdf (81.9 KB) Topics: austrian Lawrence H. White explores the methodological foundations of Misesian praxeology and the economic science of human action. ### "The Misesian Case Against Keynes" Hans-Hermann Hoppe. in Dissent on Keynes: A Critical Appraisal of Keynesian Economics , Mark Skousen, ed., New York: Praeger, 1992, pp. 199-223. first published 1992. 23 pages. Page: https://freecapitalists.org/books/misesian-case-against-keynes-the/ Rights: undetermined (evidence: n/a); published by permission of Hans-Hermann Hoppe (2026-09-23), not a public licence Download: PDF https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/Misesian%20Case%20Against%20Keynes%2C%20The.pdf (77.3 KB); EPUB https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/Misesian%20Case%20Against%20Keynes%2C%20The.epub (31.8 KB); Kindle https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/Misesian%20Case%20Against%20Keynes%2C%20The.azw3 (62.0 KB) Topics: austrian Full text: https://freecapitalists.org/books/misesian-case-against-keynes-the/read/ -- 1 chapters, 12,813 words. 1. Start -- https://freecapitalists.org/books/misesian-case-against-keynes-the/read/start/ *Originally published in Dissent on Keynes, A Critical Appraisal of Economics. Edited by Mark Skousen. pp.199-223. Published under the auspices of the Ludwig von Mises Institute ©1992. Praeger, New York, Westport, Connecticut, London (1992). It is my goal to reconstruct some basic truths regarding the process of economic development and the role played in it by employment, money, and interest.... ### "The Mishnah and Jewish Dirigisme" Walter Block. International Journal of Social Economics , Vol. 23 No. 2, 1996, pp. 35-44. first published 1996. 10 pages. Page: https://freecapitalists.org/books/the-mishnah-and-jewish-dirigisme/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-22), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/The%20Mishnah%20and%20Jewish%20Dirigisme.pdf (41.4 KB) ### "The Monetary Writings of Carl Menger" Hans F. Sennholz. Reprinted from The Gold Standard: An Austrian Perspective , by Llewellyn H. Rockwell, Jr. (Lexington, Mass.: Lexington Books, 1985), pp. 19–34. first published 1985. Page: https://freecapitalists.org/books/the-monetary-writings-of-carl-menger/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Hans%20F%20Sennholz/The%20Monetary%20Writings%20of%20Carl%20Menger.html (77.6 KB) Topics: money, austrian Hans Sennholz surveys Carl Menger's contributions to monetary theory, particularly his analysis of money's origin and function. ### "The Mythology of Capital" Friedrich A. Hayek. The Quarterly Journal of Economics, Volume 50, No. 2 (Feb 1936), pp. 199-228. first published 1936. 30 pages. Page: https://freecapitalists.org/books/the-mythology-of-capital/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/The%20Mythology%20of%20Capital.pdf (3.3 MB) Topics: austrian ### "The Nature of Capital: A Rejoinder" Eugen von Böhm-Bawerk. The Quarterly Journal of Economics , November 1907, 22.1, pp.28-47. first published 1907. Page: https://freecapitalists.org/books/nature-of-capital-the-a-rejoinder/ Rights: public-domain-by-age (evidence: medium) Download: HTML https://library.freecapitalists.org/books/Eugen%20von%20Bohm-Bawerk/Nature%20of%20Capital%2C%20The%20A%20Rejoinder.html (48.1 KB) Topics: austrian Eugen von Böhm-Bawerk responds to critics of Austrian capital theory, defending the time-preference theory of interest and capital. ### "The Non Sequitur of the Dependence Effect" Friedrich A. Hayek. Sout hern Economic Journal . Vol. 27. April, 1961. first published 1961. 3 pages. Page: https://freecapitalists.org/books/the-non-sequitur-of-the-dependence-effect/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/The%20Non%20Sequitur%20of%20the%20Dependence%20Effect.pdf (21.3 KB) ### "The Pretence of Knowledge" Friedrich A. Hayek. Lecture to the memory of Alfred Nobel, December 11, 1974. first published 1974. Page: https://freecapitalists.org/books/pretence-of-knowledge-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/Pretence%20of%20Knowledge%2C%20The.html (57.0 KB) Topics: austrian Friedrich A. Hayek's Nobel Prize lecture on the limits of economic knowledge and the dangers of assuming precise scientific control over complex economies. ### "The Question of Apriorism" Barry Smith. Austrian Economics Newsletter , Fall 1990. first published 1990. Page: https://freecapitalists.org/books/question-of-apriorism-the-barry-smith/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Barry%20Smith/Question%20of%20Apriorism.html (27.5 KB) Topics: austrian Barry Smith examines the role of a priori reasoning in Austrian economic methodology and its relationship to empirical observation. ### "The Sneaky Tax" Gregory Bresiger. The Free Market, January 2002, Volume 20, Number 1. first published 2002. Page: https://freecapitalists.org/books/the-sneaky-tax/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Gregory%20Bresiger/The%20Sneaky%20Tax.html (16.8 KB) Topics: state, markets Gregory Bresiger identifies and analyzes a particularly inconspicuous form of taxation that operates with minimal public awareness or resistance. ### "The Ultimate Standard of Value" Eugen von Böhm-Bawerk. Shorter Classics , South Holland, IL: Libertarian Press, 1962, pp. 302-370. first published 1962. 62 pages. Page: https://freecapitalists.org/books/ultimate-standard-of-value-the/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Eugen%20von%20Bohm-Bawerk/Ultimate%20Standard%20of%20Value%2C%20The.pdf (208 KB) ### "The Undiscountable Professor Kirzner" Roger W. Garrison. Review Article: Essays on Capital and Interest . The Freeman , vol. 47, no. 8 (August), 1997, pp. 511-13. first published 1997. Page: https://freecapitalists.org/books/undiscountable-professor-kirzner-the/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Undiscountable%20Professor%20Kirzner%2C%20The.html (12.0 KB) Topics: austrian Roger W. Garrison reviews Israel Kirzner's 'Essays on Capital and Interest', assessing his capital theory contributions. ### "Time and Money: The Universals of Macroeconomic Theorizing" Roger W. Garrison. Journal of Macroeconomics , vol. 6, no. 2 (Spring), 1984, pp. 197-213. first published 1984. ISBN 9780415771221. Page: https://freecapitalists.org/books/time-and-money-the-universals-of-macroeconomic-theorizing/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Roger%20W%20Garrison/Time%20and%20Money%20The%20Universals%20of%20Macroeconomic%20Theorizing.htm (45.7 KB) Topics: austrian, money Professor Roger Garrison is a leader in the field of Austrian macroeconomics, and has had a burning passion for his whole career to present Austrian business cycle theory in terms that mainstream economists can understand and identify. This book represents the culmination of his efforts in that regard. He sets the Austrian theory against the Keynesian and mainstream theory, and shows how they are different in terms of the relationship between money, interest, capital, and investment. By doing this, he not only shows the precise way in which Keynesian theory makes unrealistic assumptions about the way the world works; he also shows how the Austrian theory more fully captures the actual workings of the market in real-world settings. He thereby goes a long way toward refining the positive theory. In particular, this volume is useful (and famed) for its clear graphical exposition of the trade cycle theory. He shows the interrelationship between all the factors that affect investment, without leaving out critical dynamic issues such as time and the heterogeneity of the capital stock. This book is useful for anyone who seeks to gain the clearest possible perspective on the mechanics of the business cycle. But it will be especially appreciated by those who are confronted with Keynesian-style modeling in school or professional life. The book was published in 2006, and is made available here at a price far lower than the original publisher put on the book. The hope is that it will lead to wide distribution of this important and modern contribution to Austrian macroeconomics. ### "Time, Complexity, and Change: Ludwig M. Lachmann's Contributions to the Theory of Capital" Peter Lewin. Advances in Austrian Economics , 1996, 3. first published 1996. 43 pages. Page: https://freecapitalists.org/books/time-complexity-and-change-ludwig-m-lachmann-s-contributions-to-the-theory-of-capital/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Peter%20Lewin/Time%2C%20Complexity%2C%20and%20Change%20Ludwig%20M%20Lachmanns%20Contributions%20to%20the%20Theory%20of%20Capital.pdf (164 KB) Topics: austrian Peter Lewin assesses Lachmann's innovations in capital theory, particularly regarding temporal dynamics and uncertainty. ### "What is Austrian Economics?" Mises.org. Page: https://freecapitalists.org/books/what-is-austrian-economics/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Misesorg/What%20is%20Austrian%20Economics.html (26.7 KB) Topics: austrian An overview of Austrian economics introducing its distinctive methodology, theoretical foundations, and unique approach to analyzing economic phenomena. ### "What is Morally Right With Insider Trading?" Tibor R. Machan. Public Affairs Quarterly, Vol. 10 (April 1996), pp.135-142. Also, Chapter 7 of Tibor R. Machan & James E. Chesher, A Primer on Business Ethics (Rowman & Littlefield, 2003). first published 1996. 12 pages. Page: https://freecapitalists.org/books/what-is-morally-right-with-insider-trading/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Tibor%20R%20Machan/What%20is%20Morally%20Right%20With%20Insider%20Trading.pdf (36.1 KB) Topics: liberty, markets ### "Why Austrian Economics Matters" Llewellyn H. Rockwell Jr. Auburn: Mises Institute, 1998. first published 1998. Page: https://freecapitalists.org/books/why-austrian-economics-matters/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/Why%20Austrian%20Economics%20Matters.html (43.1 KB) Topics: austrian This paper by Lew Rockwell was delivered at the Heritage Foundation and even at the time was regarded as the best single overview of the teachings of the school, its contribution to the history of ideas, and the political implications of Austrian economic theory. It has proven to be such an effective presentation of the essential ideas that it has remained constantly in print. The Austrian School High Points in the Austrian Tradition Socialist Calculation The Revival The Core of Austrian Theory Externalities The Fortune Tellers Government Numbers Public Policy Money and Banking The Future of the Austrian School Economics, wrote Joseph Schumpeter, is "a big omnibus which contains many passengers of incommensurable interests and abilities." That is, economists are an incoherent and ineffectual lot, and their reputation reflects it. Yet it need not be so, for the economist attempts to answer the most profound question regarding the material world. ### 100% Money Irving Fisher. Mises Institute, 1935. first published 1935. 139 pages. Page: https://freecapitalists.org/books/100-money/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Irving%20Fisher/100%20Percent%20Money_Fisher.pdf (43.2 MB) Topics: money Endorsed by F. A Hayek, it is one of the most important works on 100 percent banking ever written. Perhaps today's economists at the Fed should take a look. ### A Century of War: Lincoln, Wilson and Roosevelt John V. Denson. Published 2006 by the Ludwig von Mises Institute. first published 2006. 216 pages. ISBN 9781933550060. Page: https://freecapitalists.org/books/a-century-of-war-lincoln-wilson-and-roosevelt/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/John%20V%20Denson/A%20Century%20of%20War%20Lincoln%2C%20Wilson%20and%20Roosevelt.pdf (623 KB); EPUB https://library.freecapitalists.org/books/John%20V%20Denson/A%20Century%20of%20War%20Lincoln%2C%20Wilson%20and%20Roosevelt.epub (977 KB) Topics: history, war The horrors of the twentieth century could hardly have been predicted in the nineteenth century, which saw the eighteenth century end with the American Revolution bringing about the creation of the first classical liberal government in history. The twentieth century was the bloodiest in all history. More than 170 million people were killed by government with 10 million having been killed in World War I and 50 million killed in World War II. Of the 50 million killed in World War II, nearly 70 percent were innocent civilians. ### A Comment on 'Towards an Economic Theory of Methodology' by Professor Gerard Radnitzky Walter Block. Methodology and Science, Vol. XIX, No. 2, pp. 148-152 (1986). first published 1986. 3 pages. Page: https://freecapitalists.org/books/a-comment-on-towards-an-economic-theory-of-methodology-by-professor-gerard-radnitzky/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/A%20Comment%20on%20%27Towards%20an%20Economic%20Theory%20of%20Methodology%27%20by%20Professor%20Gerard%20Radnitzky.pdf (535 KB) Article by Walter E. Block, Methodology and Science, 1986. ### A Commentary and Review of Montesquieu’s ’Spirit of Laws’ Destutt Tracy, Marquis de Condorcet, and Claude-Adrien Helvétius. Philadelphia: William Duane, 1811; Online Library of Liberty edition. first published 1811. 191 pages. Page: https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Destutt%20Tracy/A%20Commentary%20and%20Review%20of%20Montesquieu%E2%80%99s%20%E2%80%99Spirit%20of%20Laws%E2%80%99.pdf (614 KB); EPUB https://library.freecapitalists.org/books/Destutt%20Tracy/A%20Commentary%20and%20Review%20of%20Montesquieu%E2%80%99s%20%E2%80%99Spirit%20of%20Laws%E2%80%99.epub (266 KB) Destutt de Tracy's critique of Montesquieu, which Thomas Jefferson translated and arranged to have published in Philadelphia in 1811 before it appeared in French. Tracy rejects Montesquieu's taxonomy of governments and its reliance on climate and custom in favor of a rational science of politics. Condorcet's remarks on Book 31 and two letters of Helvétius are added. Full text: https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/ -- 53 chapters, 90,853 words. 1. To his fellow citizens of the United States of America. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/to-his-fellow-citizens-of-the-united-states-of-america/ I am a Frenchman by birth and education. I was an early friend to the revolution of France, and continued to support it, until those entrusted with its helm, had evidently changed its direction. Flying then from the tyrannies of the monster Robespierre, I found, and still enjoy, safety, freedom, and hospitality, among you. I am grateful for these boons, and anxious to shew that gratitude, by such... 2. Preliminary Observations -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/preliminary-observations/ My object in undertaking this work, was to examine and reflect on each of the great objects which had been discussed by Montesquieu; to form my own opinions, to commit them to writing, and in short, to accomplish a clear and settled judgment upon them. It was not very long before I perceived, that a collection of these opinions would form a complete treatise on politics or the social science... 3. Book I: Of Laws in General -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-i-of-laws-in-general/ Positive laws ought to be consequent of the laws of nature: this is the spirit of laws. Laws are not, as Montesquieu has asserted, "necessary relations originating in the nature of things." A law is not a relation, nor is a relation a law: the definition is not clear nor satisfactory. The word law has its special and appropriate sense: this sense is always to be found in the original meaning of... 4. Book II: Of Laws Originating Directly from the Nature of the Government. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-ii-of-laws-originating-directly-from-the-nature-of-the/ There are only two kinds of government: those founded on the general rights of man, and those founded on particular rights. The ordinary division of governments into republican, monarchical, and despotic, appears to me essentially erroneous. The word republican is itself a very vague term, comprehending in it a multitude of forms of government very different from each other: from the peaceable... 5. Book III: Of the Principles of the Three Forms of Government. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-iii-of-the-principles-of-the-three-forms-of-government/ Principles of the governments founded on the rights of man and reason. With Helvetius, I think Montesquieu would have been more judicious had he entitled this book.... Consequences of the nature of governments: for what does he here propose but to enquire, what sentiments ought to animate the members of society, in order to ensure the existence of the government established; now this may, it is... 6. Book IV: The Laws Relating To Education, Should Be Congenial with the Principles of the Government. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-iv-the-laws-relating-to-education-should-be-congenial/ Those governments which are founded on reason, can alone desire that education should he exempt from prejudice.... profound and general. The title of this book, is the declaration of a great truth, which is founded on another, no less true, which may be expressed in these terms: government is like every thing else, to preserve it you must love it. Our education, therefore, ought to instil into us... 7. Book V: Laws Formed by the Legislature Should Be Consistent with the Principles of the Government. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-v-laws-formed-by-the-legislature-should-be-consistent/ Governments founded on reason, have only to leave nature to act. The laws given by the legislator, should be analogous to the principles of the government. We have said at the commencement of the fourth book, that the laws relative to education, ought to be also analogous to the established principles of government, if it be intended to prevent its downfall; and certainly no one would pretend to... 8. Book VI: Consequences of the Principles of Different Governments, in Relation to the Simplicity of Civil and Criminal Laws, the Forms of Juridical Proceedings, and the Apportionment of Punishments. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-vi-consequences-of-the-principles-of-different/ Notwithstanding, the great and interesting views, indicated by the title of this book, excite our curiosity and admiration, we do not find the instruction, which we had a right to expect in it, because the illustrious author has not sufficiently discriminated between civil and criminal justice. We shall endeavor to supply this defect; but before we commence this particular subject, we must... 9. Book VII: Consequences of the Different Principles of the Three Forms of Government, Relative to Sumptuary Laws, to Luxury, and to the Condition of Women. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-vii-consequences-of-the-different-principles-of-the/ The effect of luxury, is the employment of industry, in a useless and hurtful manner. I regret the necessity of being so frequently opposed to the opinions of a man whom I respect; but this necessity has been the cause of the present undertaking, and it is this opposition to opinions, which I deem erroneous, and consequently injurious, which I conceive will constitute the usefulness of my work... 10. Book VIII: Of the Corruption of the Principle in Each of the Three Forms of Government. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-viii-of-the-corruption-of-the-principle-in-each-of-the/ The proper extent of a state, is where it possesses a sufficient power with the best possible limits; the sea is the best boundary of all. No book of the Spirit of Laws more clearly proves the erroneous classification of governments, adopted by Montesquieu, than this; and how injurious the systematic use of it has been to the profoundness and extent of his ideas; for by attributing to each... 11. Book IX: Of Laws Relative to the Defensive Force. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-ix-of-laws-relative-to-the-defensive-force/ From confederation, there results less strength, than intimate union, but it is better than entire separation. The title of this book, seems to announce that we shall here meet with the theory of laws, relative to the organization of the armed force, and the duties which citizens owe to the state for its defence: this is not the subject that occupies the attention of Montesquieu; he speaks only... 12. Book X: Of Laws Relative to the Offensive Force. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-x-of-laws-relative-to-the-offensive-force/ The perfection of the laws of nations, would be their confederation. The right of war flows from the right of defence, and the right of conquest from that of war. Under this title, the right of making war, and of conquest, are treated of, and the use which may be made of the armed force, and the means of its establishment. The right which an association of men possess to make war, is founded on... 13. Book XI: Of the Laws Which Establish Public Liberty, In Relation to the Constitution. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xi-of-the-laws-which-establish-public-liberty-in/ The problem of the distribution of the power of a society, so as to be most favorable to liberty, cannot be solved so long as too much power is given to a single man. I have thought proper to divide my commentary on this book, into two chapters. The first alone bears directly upon the work of Montesquieu; the second only flows out of the first but Montesquieu has not gone so far into the subject... 14. Chap. I: Is the Problem Solved, As To the Best Means of Distributing the Power of Society, So As to Be Most Favorable to Liberty? -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-i-is-the-problem-solved-as-to-the-best-means-of/ In this book, the title of which does not present an idea sufficiently distinct, the degree of liberty which may be enjoyed under each constitution of government is examined; that is to say.... the effects produced on the liberties of the citizens by the laws forming the constitution of the state. Such laws are those only which regulate the distribution of political power; for the constitution of... 15. Chap. II: How Can the Proposed Problem Be Solved? -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-ii-how-can-the-proposed-problem-be-solved/ The problem can only be solved by never placing more power in the hands of a single man, than may be taken from him without violence; and by changing every thing with him. We have said, that perfect power or perfect liberty, is perfect happiness: this perfect state is not assigned to man: it is incompatible with the weakness of all finite beings. If it were possible for a man to live in a state... 16. Book XII: Of Laws That Establish Political Liberty in Relation to the Citizen. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xii-of-laws-that-establish-political-liberty-in/ Political liberty cannot exist without individual liberty, and that of the press.... nor this without trial by jury. The book preceding, Montesquieu entitles.... Of laws establishing political liberty in relation to the constitution. We have seen that, under this title, he treats of the effects which the laws forming the constitution of a state, produce on the liberty of man; that is to say....... 17. On the Twelve First Books of the Spirit of Laws. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/on-the-twelve-first-books-of-the-spirit-of-laws/ We have yet the greatest part of our task to accomplish: I cannot resist the desire of stopping where we are: for although Montesquieu's Spirit of Laws, be composed of thirty-one books, the twelve first contain all that directly and immediately concerns the social organization, and the distribution of its powers; in the others we only meet with economical, philosophical, and historical... 18. Book XIII: Of the Relation Which Taxes, and the Amount of the Public Revenue, Have to Public Liberty. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xiii-of-the-relation-which-taxes-and-the-amount-of-the/ Taxes are always an evil, they injure liberty and property in several modes; according to their mode of operation, they affect different classes of citizens in a different manner: to form a proper judgment of their effects, we must consider labor as the source of all our riches, that landed property is in no manner different from other property: and that a plantation may be considered as the... 19. Book XVII How the Laws of Political Servitude Relate to the Climate. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xvii-how-the-laws-of-political-servitude-relate-to-the/ Certain climates have different inconveniencies for man: institutions and habits may remedy them to a certain point: good laws are those which effect this end. I have united these four chapters, because they relate to the same subject, which will occupy very little time, for I cannot perceive much instruction to be derived from them, and the subject offers no important question for discussion; I... 20. Book XVIII: Of Laws in Relation to the Nature of the Soil. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xviii-of-laws-in-relation-to-the-nature-of-the-soil/ The progress of wealth and civilization, multiplying the chances of inequality among men.... inequality is the cause of servitude, and the source of all the evils and vices of human society. So unconnected are the nature of the soil, the long hair of Clodion, and the debauchery of Childeric, with each other, that it is difficult to discover the chain of thought which could have conducted our... 21. Book XIX: Of Laws in Relation to the Principles which Form the General Dispositions, Morals, and Manners of a Nation. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xix-of-laws-in-relation-to-the-principles-which-form/ For the best laws the mind should be prepared: wherefore, the legislative power should be exercised by delegates freely chosen for a limited period, from all parts of the territory. There is a great deal of wit in this book of Montesquieu; the French character is rendered very amusing; the English character is very well drawn.... that is, to shew what it should be, and sometimes to produce a... 22. Book XXI Of Laws in Relation to Commerce, Considered with Reference to the Revolutions It Has Undergone. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxi-of-laws-in-relation-to-commerce-considered-with/ Merchants are the agents of certain exchanges; money is the instrument employed to effect it; but this is not commerce, which really consists in simple exchanges. Commerce is society itself.... it is an attribute of man.... it is the source of all human good.... its principal use is in stimulating industry... it is thus it has civilized the world: it weakens the spirit of devastation. The... 23. Book XXII: Of Laws in Relation to the Use of Money. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxii-of-laws-in-relation-to-the-use-of-money/ Silver has a natural value, for which reason it is the measure of other values; which paper could not be, as it is only the sign of value. When silver has an impression stampt upon it, attesting the quantity and quality, it is then money; but two metals cannot both be the fundamental money. The possessor of money, may consume or keep it, give or lend it, in the same way as other riches. The... 24. Book XXIII: Of Laws in Relation to Population -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxiii-of-laws-in-relation-to-population/ Population is stopt among savages, by want of the abundant means of subsistence.... among civilized people, by a pernicious distribution of the means possessed. In every place where there is sufficiency, liberty, equality, and correct information, population encreases: still it is not the encrease of mankind that is so desirable as their happiness. If we are astonished on seeing a chapter of... 25. Book XXV Of Laws in Relation to a Religions Establishment, and Its Effects on External Policy. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxv-of-laws-in-relation-to-a-religions-establishment/ The less power religious ideas possess in the political concerns of a country, the more virtuous, happy, free, and peaceable the people will be. Religion is not a very difficult subject to treat of, in relation to the social art: the spirit of laws on this subject, should be neither to disturb nor constrain the religious opinions Of any citizen, to give none a legal adoption, and to prevent any... 26. Book XXVI: Of Laws in Relation to the Nature of Things upon which They Decide. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxvi-of-laws-in-relation-to-the-nature-of-things-upon/ Under a title sufficiently enigmatical, all this book is reduced to a single point; that we should not decide on a question by the same motives which induced the determination of another question of quite a different nature. This is too evident for any one to attempt to deny it. I shall not occupy myself therewith, inasmuch as all decisions on numerous objects, which are made upon the authority... 27. Book XXVIII Of the Origin and Revolutions of Civil Law among the Franks. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxviii-of-the-origin-and-revolutions-of-civil-law/ These two books being purely historical, I shall not examine them. It not being my object in this commentary to defend Montesquieu's erudition, and yet less to join those who reproach him of not having well understood the spirit of the laws of those remote periods, the obscurity of which he has endeavored to penetrate; it being my view only to establish some principles of the social science; now... 28. Book XXIX: Of the Manner in which Laws Should Be Composed. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxix-of-the-manner-in-which-laws-should-be-composed/ [There is nothing instructive here, excepting what arises out of the manner in which Condorcet has criticised this book, or rather new modeled it.] This title, alike vague, requires some explanation to be well understood, as well as several others on which we have already made the same remark. The author, in this book proposes to prove that the laws should be clear and precise, worded with... 29. Book XXXI Theory of Feudal Laws, Relative to the Revolutions of Monarchy. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/book-xxxi-theory-of-feudal-laws-relative-to-the-revolutions/ These two books are also purely historical. Notwithstanding all its faults, the Spirit of Laws, when it appeared, merited the attacks of all the enemies of information and humanity, and the support of all their friends. The reasons which induced me to pass over the twenty-seventh and twenty-eighth hooks, will lead me to act in the same manner with this: I very much respect these enquiries....... 30. Chap. II.... Continuation of the same subject. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-ii-continuation-of-the-same-subject/ I do not understand what is contained in this first chapter; but I know that the spirit of a legislator should be justice. A faithful regard to the laws of nature is all that is properly law. In the regulation of the forms of proceeding, or in particular decisions, he should seek the best method of rendering them conformable to the laws and to truth. It is not by the spirit of moderation, but by... 31. Chap. III.... That laws which appear to deviate from the intentions of the legislator, are often conformable thereto. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-iii-that-laws-which-appear-to-deviate-from-the/ The first duty of a legislator is to be just and reasonable. It is unjust to punish a man for not having sided with a party, for he may be either ignorant which party is most actuated by justice, or he may think them both culpable. It is contrary to reason to punish with infamy by positive law, since opinion only can adjudge this punishment; if the laws be in unison with the opinion, it is... 32. Chap. IV.... Of laws which clash with the views of the legislator. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-iv-of-laws-which-clash-with-the-views-of-the-legislator/ A benefice being a public function, conferring a recompense for the discharge of the duties appertaining to it, should be given in the name of the state, and it should be known to whom the state gives it; an action at law for a benefice is therefore ridiculous. If, on the contrary, a benefice be looked upon as a real estate, and the right of giving it another kind of real estate, then the law... 33. Chap. V.... Continuation of the sane subject. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-v-continuation-of-the-sane-subject/ I do not know why Montesquieu has given the name of a law, to an oath which was equally inconsiderate and barbarous; a law which commanded a town to be destroyed because its inhabitants had destroyed another town, may be very unjust; but it would be no more contrary to the views of the legislator, than the law which determines the punishment of death against assassins, with the intention of... 34. Chap. VI.... Laws which appear to be the same have not uniformly the same effect. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-vi-laws-which-appear-to-be-the-same-have-not-uniformly/ The law of Cæsar was unjust and absurd: what, then, would the tyranny of this man have been, though so clement, if he had arrogated to himself the right of searching the houses of citizens, and of taking away their money; and if he did not intend to employ such means, of what use were his laws? Besides, it would only have augmented debts, and could have been useful to the debtor only, by... 35. Chap. VII.... Continuation of the same subject. The necessity of composing laws in a proper manner. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-vii-continuation-of-the-same-subject-the-necessity-of/ The ostracism was an injustice: we are not criminal for possessing credit, wealth, great talents: it was moreover the means of depriving the republic of its best citizens, who never returned, unless on account of a foreign war or a sedition. But how is this necessity of composing laws properly, and what would be the consequence, shewn; and how are the principles determined upon which they should... 36. Chap. VIII.... Laws which appear the same have not always been established on the same motives. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-viii-laws-which-appear-the-same-have-not-always-been/ The principle of the law of entails originates in the Roman laws; as well as in ours, from the assumption that the right of possession extends to the disposal of our goods after our death. This principle is generally established, because in almost every place those in actual possession have made the laws. If the Romans were desirous of perpetuating certain sacrifices, as we are of making certain... 37. Chap. IX.... The Greek and Roman laws punished suicide from different motives. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-ix-the-greek-and-roman-laws-punished-suicide-from/ In what country of Greece was suicide punished, and what was the punishment? Montesquieu does not inform us. Nor does Plato in his dialogues, speak of any such laws established. He says, for example.... that a slave who should kill a free man in defending himself, should be punished with death. As respects suicide, Plato advises the relations to bury those who die by their own hands, without any... 38. Chap. X.... Laws which appear contradictory, sometimes originate in the same spirit. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-x-laws-which-appear-contradictory-sometimes-originate/ In order that the example should correspond with the title, the intent and effect of the French laws should be to assure a due respect for the asylum of a citizen. And for the title to correspond with the example, it should be stated, that the consequences of the same principles are more or less understood in different countries. But then, the title would not have been so profound. Montesquieu... 39. Chap. XI.... How shall we be able to compare and judge between two laws. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xi-how-shall-we-be-able-to-compare-and-judge-between/ For the principle asserted in this chapter to be true, a system of laws must be selected, in which there are some good and some bad; otherwise, it is more natural to judge of every law separately, to examine and discover whether it contains any thing repugnant to justice or to natural rights: if contrary thereto, it should be rejected; and in any case where it might have a local utility, it... 40. Chap. XII.... Laws which appear the same, are sometimes really different. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xii-laws-which-appear-the-same-are-sometimes-really/ This chapter contains nothing but what is right, but the title seems to announce something extraordinary, which the chapter does not contain. The proposition that the receiver of stolen goods, should be punished in the same manner as the thief, is not a law, but a general maxim, true or false; if it be true, the laws of France and the Romans, are equally good or bad; either when they operate... 41. Chap. XIII.... We should not separate the laws from the purposes for which they were established: of the Roman laws against theft. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xiii-we-should-not-separate-the-laws-from-the-purposes/ The distinction between open robbery and robbery that is not open, requires no illustration from a law of Lacedemon. The difference of punishment could have no other motive than the certainty of the one kind of robbery, and the difficulty of proving the other; and as the second was only punished by a fine, this distinction is not unreasonable, because a receiver, an imprudent purchaser, or a... 42. Chap. XIV.... Laws should not be separated from the circumstances in which they were established. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xiv-laws-should-not-be-separated-from-the/ I must acknowlege that it is impossible to see the least connexion between the title of this chapter and the first article. It is very evident that Montesquieu had collected a number of notes on the laws of all people, and that to form his work, he ranged them under different titles. This is the method for which he has been so much celebrated, and which exists only in the heads of those who model... 43. Chap. XV.... It is sometimes proper that the law shall correct itself. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xv-it-is-sometimes-proper-that-the-law-shall-correct/ Every man, who kills another, is guilty of murder, if not of assassination, unless he has killed him in self-defence, to save his own life or that of another; and to be considered innocent this excuse should at least be probable. Besides, does Montesquieu imply any thing more than that a law may require some modifications, and the discrimination of certain circumstances? All this is true and... 44. Chap. XVI.... Matters to be observed in composing laws. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xvi-matters-to-be-observed-in-composing-laws/ The author begins in this chapter to treat the subject announced by the title of the book. What he says is true in general, but is not sufficiently important nor well explained. See remark in chap. 19. This sixteenth chapter contains many incongruous things. The testament attributed to Richelieu, employs a vague expression, but that phrase is not a law; and Montesquieu might have found in our... 45. Chap. XVII.... Bad manner of enacting laws. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xvii-bad-manner-of-enacting-laws/ Laws should be directed to general objects, and not to particular cases; the rescripts of the emperors could only be considered as interpretations given by the legislator; now such interpretations could neither have a retrospective effect, nor the force of law, inasmuch as they are not clothed in the authentic form which characterises law. A law of Caracalla was a law, and might have been an... 46. Chap. XVIII.... Of ideas of uniformity. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xviii-of-ideas-of-uniformity/ We have now arrived at one of the most curious chapters of the work; it is one of those which obtained for Montesquieu the indulgence of all the prejudiced people, of all those who detest light, of all the protectors and participators in abuse: we shall examine it in detail. 1st. Ideas of uniformity and regularity, please all minds, and particularly sound minds. 2d. Can the great mind of... 47. Chap. XIX.... Of legislators. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/chap-xix-of-legislators/ Montesquieu here confounds legislators, with political writers who have proposed systems of legislation. Is it certain that Aristotle had so marked an intention of contradicting Plato? What we know of the Grecian republics gives us reason to believe that their legislation was very imperfect in some respects, and particularly that it was very complicated. The more simple the legislation of a state... 48. Advertisement -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/advertisement/ [This advertisement and the following letters are extracted from the fifth volume of the works of Helvetius, edited by the abbé de la Roche, and translated for this volume.] It had been said in several of the public papers, that at the time when the Spirit of Laws acquired great celebrity, Helvetius expressed much surprise at the circumstance, to his intimate friends: the facts, as Helvetius... 49. Letter I.: Letter of Helvetius to President Montesquieu -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/letter-i-letter-of-helvetius-to-president-montesquieu/ I have perused, even to the third time, my dear president, the manuscript which you communicated to me. You greatly interested me in this work, whilst I was at Brede. I know nothing that resembles it: indeed I know not whether our French heads are steady enough to enable us to discern all its great beauties. For my own part, I am enraptured with them : I admire the vast genius which created them... 50. Letter II.: Helvetius to A. M. Saurin. -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/letter-ii-helvetius-to-a-m-saurin/ As we had agreed, my dear Saurin, I have written to the president, with regard to the impression which his manuscript made upon you, as well as upon myself. At the same time that I have freely explained my opinions, I have conveyed them in language expressive of interest and friendship. Do not be uneasy, our remarks have not hurt him; he likes to witness in his friends that frankness, which... 51. About Liberty Fund -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 52. The Online Library of Liberty -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 53. Copyright Information -- https://freecapitalists.org/books/a-commentary-and-review-of-montesquieus-spirit-of-laws/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A comparison of Economic Correctness and Political Correctness" “Is the Austrian School of Economics a Victim of Economic Correctness Walter Block. Humanomics. Vol. 20, No. 3-4, pp 14-25 (2004). first published 2004. 13 pages. Page: https://freecapitalists.org/books/a-comparison-of-economic-correctness-and-political-correctness-is-the-austrian-school-of-economics-a-victim-of/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/A%20comparison%20of%20Economic%20Correctness%20and%20Political%20Correctness%20%E2%80%9CIs%20the%20Austrian%20School%20of%20Economics%20a%20Victim%20of%20Economic%20Correctness.pdf (1018 KB) Article by Walter E. Block, Humanomics. Vol. 20, 2004. ### A Critical Look at The Calculus of Consent Walter Block. Georgetown Journal of Law and Public Policy, Vol. 8, No. 2, pp. 433-450 (2010). first published 2010. 19 pages. Page: https://freecapitalists.org/books/a-critical-look-at-the-calculus-of-consent/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/A%20Critical%20Look%20at%20The%20Calculus%20of%20Consent.pdf (1.1 MB) Article by Walter E. Block, Georgetown Journal of Law and Public Policy, 2010. ### A Critique of Boehm-Bawerk's Reasoning in Support of His Time Preference Theory Ludwig von Mises. This is the critical analysis to which Mises refers in Human Action, 3rd ed. page 488, note 5 (Chicago: Regnery, 1966). It appeared in Nationalökonomie (Geneva, Switzerland: Editions Union, 1940), pp. 439-444. This excerpt has been translated from the German by Bettina Bien Greaves and edited by Percy L. Greaves, Jr.: Mises Made Easier (Dobbs Ferry: Free Market Books, 1974), pp. 150-157. first published 1940. Page: https://freecapitalists.org/books/a-critique-of-boehm-bawerk-s-reasoning-in-support-of-his-time-preference-theory/ Rights: public-domain-not-renewed (evidence: low) Download: HTML https://library.freecapitalists.org/books/Ludwig%20von%20Mises/A%20Critique%20of%20Boehm-Bawerks%20Reasoning%20in%20Support%20of%20His%20Time%20Preference%20Theory.html (27.1 KB) Topics: austrian, markets Mises critically examines the theoretical foundations of Eugen von Böhm-Bawerk's time preference doctrine, central to Austrian capital and interest theory. ### A Critique of Interventionism Ludwig von Mises. Kritik des Interventionismus: Untersuchungen zur Wirtschaftspolitik und Wirtschaftsideologie der Gegenwart. [Critique of Interventionism: Inquiries into Present Day Economic Policy and Ideology]. Jena: Gustav Fischer, 1929. English translation of the 1976 German new edition. Translated by Hans F. Sennholz. Revised English translation of the 1976 German new edition. Translated by Hans F. Sennholz. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1996. first published 1929. 139 pages. ISBN 9781610161954. Page: https://freecapitalists.org/books/critique-of-interventionism-a/ Rights: cc-by-3.0 (evidence: high), https://creativecommons.org/licenses/by/3.0/ Download: PDF https://library.freecapitalists.org/books/Ludwig%20von%20Mises/Critique%20of%20Interventionism%2C%20A.pdf (515 KB); EPUB https://library.freecapitalists.org/books/Ludwig%20von%20Mises/Critique%20of%20Interventionism%2C%20A.epub (480 KB); HTML https://library.freecapitalists.org/books/Ludwig%20von%20Mises/Critique%20of%20Interventionism%2C%20A.html (12.0 KB) Topics: state In the sequence of Mises's books concerning policy, this book followed Socialism , and was the first to present a new theory of interventionism. In Mises's view, interventionism is an inherently unstable policy because it creates new dislocations that would seem to cry out for further interventions, which, in turn, do not solve the problem. The end of interventionism is socialism, a fate which can be logically avoided only by a sharp turn towards free markets. Along with Socialism and the Liberalism , this book stands as a masterpiece of policy logic. This volume's contents include: Introduction (Hans F. Senholz) Foreword (F.A. Hayek) I. Interventionism 1. Interventionism as an Economic System 2. The Nature of Intervention 3. Restrictions of Production 4. Interference with Prices 5. Destruction Resulting from Intervention 6. The Doctrine of Interventionism 7. The Historical and Practical Arguments for Interventionism 8. Recent Writings on the Problems of Interventionism II. The Hampered Market Economy 1. The Prevailing Doctrine of the Hampered Market Economy 2. The Thesis of Schmalenbach III. Social Liberalism 1. Introduction 2. Socialism of the Chair 3. Liberalism and Social Liberalism 4. Control or Economic Law? 5. The Methodensteit 6. The Economic Doctrines of Social Liberalism 7. The Concept and Crisis of Social Policy 8. Max Weber and the Socialists of the Chair 9. The Failure of the Prevailing Ideology IV. Anti-Marxism 1. Marxism in German Science 2. National (Anti-Marxian) Socialism 3. Sombart as Marxist and Anti-Marxist 4. Anti-Marxism and Science V. Theory of Price Controls 1. Introduction 2. Price Controls 3. The Significance of the Thoery of Price Control for the Theory of Social Organization VI. The Nationalization of Credit? 1. Private Interest and Public Interest 2. Bureaucratic Management or Profit Management of Banking? 3. The Danger of Overexpansion and Immobilization 4. Summation Readings for Further Reference Name Index Subject Index Full text: https://freecapitalists.org/books/critique-of-interventionism-a/read/ -- 11 chapters, 49,310 words. 1. Copyright Page -- https://freecapitalists.org/books/critique-of-interventionism-a/read/copyright-page/ Originally published in 1929 as Kritik des Interventionismus and republished in 1976 under the same title and incorporating the essay “Nationalization of Credit?” Copyright© 1929 and 1976 by Gustav Fischer Verlag. “Nationalization of Credit?” first appeared in the Journal of National Economics, vol. I, 1930 (copyright© Springer-Verlag, Wien). Translation copyright© 1977 by Margit von Mises... 2. Foreword -- https://freecapitalists.org/books/critique-of-interventionism-a/read/foreword/ My husband wrote the essays in this book in the early 1920s, more than fifty years ago. They were collected and published as an anthology in 1929 by Gustav Fischer, formerly in Jena, now in Stuttgart, under the title Kritik des Interventionismus. Although these articles deal with the economic problems of that day, the same problems are still with us, perhaps in an even more serious and menacing... 3. Introduction -- https://freecapitalists.org/books/critique-of-interventionism-a/read/introduction/ We may grow in knowledge of truth, but its great principles are forever the same. The economic principles that Ludwig von Mises expounded in these six essays during the 1920s have endured the test of time, being as valid today as they were in the past. Surely, the names and places have changed, but the inescapable interdependence of market phenomena is the same today, during the 1970s, as it was... 4. Preface -- https://freecapitalists.org/books/critique-of-interventionism-a/read/preface/ The fighting between nations and states, and domestically between political parties, pressure groups, and cliques, so greatly occupies our attention that we tend to overlook the fact that all the fighting parties, in spite of their furious battling, pursue identical economic objectives. We must include here even the advocates of a socialization of the means of production who, as partisans of the... 5. INTERVENTIONISM1 1 INTERVENTIONISM AS AN ECONOMIC SYSTEM -- https://freecapitalists.org/books/critique-of-interventionism-a/read/interventionism1-1-interventionism-as-an-economic-system/ Ever since the Bolshevists abandoned their attempt to realize the socialist ideal of a social order all at once in Russia and, instead, adopted the New Economic Policy, or NEP, the whole world has had only one real system of economic policy: interventionism. Some of its followers and advocates are thinking of it as a temporary system that is to be replaced sooner or later with another order of... 6. THE HAMPERED MARKET ECONOMY 1 THE PREVAILING DOCTRINE OF THE HAMPERED MARKET ECONOMY -- https://freecapitalists.org/books/critique-of-interventionism-a/read/the-hampered-market-economy-1-the-prevailing-doctrine-of/ With a few exceptions contemporary commentators on economic problems are advocating economic intervention. This unanimity does not necessarily mean that they approve of interventionistic measures by government or other coercive powers. Authors of economics books, essays, articles, and political platforms demand interventionistic measures before they are taken, but once they have been imposed no... 7. SOCIAL LIBERALISM1 1 INTRODUCTION -- https://freecapitalists.org/books/critique-of-interventionism-a/read/social-liberalism1-1-introduction/ Heinrich Herkner, president of the Association for Social Policy, recently published his autobiography under the subtitle “The Life of a Socialist of the Chair.” In it he made it his task “to facilitate an understanding of the closing era of German academic socialism.”2 In fact, it cannot be denied that the Socialists of the Chair have said everything they meant to say, and it seems their... 8. ANTI-MARXISM1 -- https://freecapitalists.org/books/critique-of-interventionism-a/read/anti-marxism1/ In postwar Germany and Austria, a movement has been steadily gaining significance in politics and the social sciences that can best be described as Anti-Marxism. Occasionally its followers also use this label.* Their point of departure, their mode of thinking and fighting, and their goals are by no means uniform. The principal tie that unites them is their declaration of hostility toward Marxism.... 9. THEORY OF PRICE CONTROLS1 1 INTRODUCTION -- https://freecapitalists.org/books/critique-of-interventionism-a/read/theory-of-price-controls1-1-introduction/ The knowledge that the constellation of the market determines prices precisely, or at least within narrow limits, is relatively new. Some earlier writers may have had a dim notion of it, but only the Physiocrats and the classical economists elaborated a system of exchange and market relations. The science of catallactics thus replaced the indeterminism of theory, which explained prices from the... 10. THE NATIONALIZATION OF CREDIT?* -- https://freecapitalists.org/books/critique-of-interventionism-a/read/the-nationalization-of-credit/ Arthur Travers-Borgstroem, a Finnish writer, published a book entitled Mutualism that deals with ideas of social reform, and culminates in a plea for the nationalization of credit. A German edition appeared in 1923. In 1917, the author had established a foundation under his name in Berne, Switzerland, whose primary objective was the conferring of prizes for writings on the nationalization of... 11. Index -- https://freecapitalists.org/books/critique-of-interventionism-a/read/index/ Association for Social Policy, 43, 51, 68, 72 Böhm-Bawerk, Eugen von, 44, 58, 62, 69, 73 classical liberalism; see alsoLiberalism, social liberalism collective bargaining, 9n6, 11n7, 47, 61 commercialized government enterprise, 111–112 Economy, Economics and Economic Method, 72 Handbook of Social Sciences, xi, 8n5, 44, 72n2 Herkner, Heinrich, 43, 49, 50–52, 58, 59 History of Economics and... ### A Critique of Yunus and his Micro-finance Walter Block. Economics, Management, and Financial Markets, Vol. 5, No. 2, pp. 57-75 (2010). first published 2010. 20 pages. Page: https://freecapitalists.org/books/a-critique-of-yunus-and-his-micro-finance/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/A%20Critique%20of%20Yunus%20and%20his%20Micro-finance.pdf (175 KB) Article by Walter E. Block, Economics, 2010. ### A Defence for Fugitive Slaves, against the Acts of Congress of February 12, 1793, and September 18, 1850 Lysander Spooner. Boston: Bela Marsh, 1850; Online Library of Liberty edition. first published 1850. 80 pages. Page: https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Defence%20for%20Fugitive%20Slaves%2C%20against%20the%20Acts%20of%20Congress%20of%20February%2012%2C%201793%2C%20and%20September%2018%2C%201850.pdf (403 KB); EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Defence%20for%20Fugitive%20Slaves%2C%20against%20the%20Acts%20of%20Congress%20of%20February%2012%2C%201793%2C%20and%20September%2018%2C%201850.epub (147 KB) Spooner's 1850 pamphlet defending fugitive slaves and those who help them against the Fugitive Slave Acts. He argues that slavery is contrary to natural law and to the Constitution, that the acts are therefore void, and that jurors and citizens have a right and a duty to resist them. It is one of his major antislavery legal arguments. Full text: https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/ -- 26 chapters, 35,656 words. 1. POVERTY, ITS ILLEGAL CAUSES AND LEGAL CURE.—PART I. BY LYSANDER SPOONER. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/poverty-its-illegal-causes-and-legal-cure-part-i-by/ JUST PUBLISHED, and for sale by BELA MARSH, No. 25 Cornhill, Boston. Price 25 cents. Postage on the book for any distance is but seven cents. Any person remitting to the Publisher 81, post paid, can have four copies sent by mail. A liberal discount will be made to Booksellers and Agents, who buy to sell again. 2. RECOMMENDATIONS. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/recommendations/ “We have read this pamphlet carefully, and are prepared to say we have seen no work for a long time which we think so much deserves the attention of laboring men as this.”—Charter Oak. “It abounds in bold and original thoughts. The illegal causes of poverty are stated, and a number of important propositions hearing on the subject laid down; and, on the whole, we consider it a work well worth... 3. An Act respecting Fugitives from Justice, and persons escaping from the service of their Masters. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/an-act-respecting-fugitives-from-justice-and-persons/ Sec. 1.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That whenever the executive authority of any State in the Union, or of either of the territories northwest or south of the river Ohio, shall demand any person as a fugitive from justice, of the executive authority of any such state or territory to which such person shall have... 4. An Act to amend, and supplementary to the Act, entitled “An Act respecting Fugitives from Justice, and persons escaping from the service of their Masters,” approved February 12, 1793. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/an-act-to-amend-and-supplementary-to-the-act-entitled-an/ Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the persons who have been, or may hereafter be, appointed commissioners, in virtue of any act of Congress, by the circuit courts of the United States, and who, in consequence of such appointment, are authorized to exercise the powers that any justice of the peace or other... 5. CONTENTS. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/contents/ 6. section 1. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-1/ Admitting, for the sake of the argument—what is not true in fact—that the words, “person held to service or labor,” are a legal description of a slave, and that the clause of the Constitution in reference to such persons, and the Act of Congress of 1793, and the supplementary Act of 1850, for carrying that clause into effect, authorize the delivery of fugitive slaves to their masters—said acts... 7. section 2.: Denial of a Trial by Jury.* -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-2-denial-of-a-trial-by-jury/ Neither the Act of 1793, nor that of 1850, allows the alleged slave a trial by jury. So far as I am aware, the only argument, worthy of notice, that has ever been offered against the right of an alleged fugitive slave to a trial by jury, is that given by Mr. Webster, in his letter to certain citizens of Newburyport, dated May 15, 1850, as follows:— “Nothing is more false than that such jury trial... 8. section 3.: The Commissioners, authorized by the Act of 1850, are not Constitutional Tribunals for the performance of the duties assigned them. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-3-the-commissioners-authorized-by-the-act-of-1850/ The office of the Commissioners, in delivering up fugitive slaves, is a judicial office. They are to try “suits at common law,” within the meaning of the constitution, as has just been shown. They are to give, not only judgment, but final judgment, in questions both of property, and personal liberty—(of property, on the part of the complainant, and of liberty, on the part of the alleged slave.)... 9. section 4.: The State Magistrates, authorized by the Act of 1793, to deliver up fugitives from service or labor, are not constitutional tribunals for that purpose. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-4-the-state-magistrates-authorized-by-the-act-of/ The Act of 1793 requires the State magistrates—“any magistrate of a county, city, or town corporate”—to deliver up fugitives from service or labor. This provision is plainly unconstitutional, for several reasons, to wit: 1. The State Courts are not “established” by Congress, as the constitution expressly requires that all courts shall be, in whom “the judicial power of the United States shall be... 10. section 5.: Ex parte Evidence. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-5-ex-parte-evidence/ The Act of 1850 is unconstitutional, in that it authorizes cases to be decided wholly on ex parte testimony. The 4th Section of the act makes it the “duty” of the “court, judge, or commissioner,” to deliver up an alleged fugitive, “upon satisfactory proof being made by deposition or affidavit, in writing, * * or by other satisfactory testimony, * * and with proof also by affidavit of the identity... 11. section 6.: The provisions of the act of 1850 requiring the exclusion of certain evidence, are unconstitutional. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-6-the-provisions-of-the-act-of-1850-requiring-the/ Those provisions of the act, which specially require the exclusion of certain testimony, naturally applicable to the case, are unconstitutional for the same reason as are those which purport merely to authorize or allow the decision of the case on ex parte testimony. That reason, as has been already stated in the preceding section, is that such legislation is an usurpation, by Congress, of “the... 12. section 7.: The requirement of the act of 1850, that the cases be adjudicated “in a summary manner,” is unconstitutional. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-7-the-requirement-of-the-act-of-1850-that-the-cases/ Section 6th of the act makes it the “duty” of the court, judge, or commissioner, “to hear and determine the case of such claimant in a summary manner.” This determining the case in a summary manner is only another mode of excluding testimony on the part of the defendant. The plaintiff of course prepares his testimony beforehand, and has it ready at the moment the alleged fugitive is arrested. If... 13. section 8.: The suspension of the writ of Habeas Corpus, by the act of 1850, is unconstitutional. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/section-8-the-suspension-of-the-writ-of-habeas-corpus-by/ Section 6th of the act provides that “the certificates in this and the first section mentioned, shall be conclusive of the right of the person or persons in whose favor granted, to remove such fugitive to the state or territory from which he Edition: current; Page: [26] escaped, and shall prevent all molestation of such person or persons, by any process issued by any court, judge, magistrate, or... 14. CHAPTER II.: The Right of Resistance, and the Right to have the Legality of that Resistance judged of by a Jury. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/chapter-ii-the-right-of-resistance-and-the-right-to-have/ If it have been shown that the acts of 1793 and of 1850, are unconstitutional, it follows that they can confer no authority upon the judges and marshals appointed to execute them; and those officers are consequently, in law, mere ruffians and kidnappers, who may be lawfully resisted, by any body and every body, like any other ruffians and kidnappers, who assail a person without any legal right.... 15. CHAPTER III.: Liability of United States Officers to be punished, under the State Laws, for executing the acts of 1793 and 1850. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/chapter-iii-liability-of-united-states-officers-to-be/ If the laws of 1793 and 1850 are unconstitutional, they are no laws, in the view of the constitution; consequently they confer no authority on any one; and the United States judges, commissioners, marshals, &c., who may assist in sending men into slavery, in performance of them, are liable to be punished, under the State laws, as kidnappers, the same as they would have been if Congress had passed... 16. A: Neither the Constitution, nor either of the acts of Congress of 1793 or 1850, requires the surrender of Fugitive Slaves. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/a-neither-the-constitution-nor-either-of-the-acts-of/ In the preceding chapters, it has been admitted, for the sake of the argument, that the constitution, and the acts of Congress of 1793 and 1850, require the delivery of Fugitive Slaves. But such really is not the fact. Neither the constitutional provision, nor either of said acts of congress, uses the word slave, nor slavery, nor any language that can legally be made to apply to slaves. The only... 17. B: Authorities for the Right of the Jury to judge of the Law in Criminal Cases. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/b-authorities-for-the-right-of-the-jury-to-judge-of-the-law/ The House of Representatives of the United States, by a vote of more than two to one, once affirmed the right of the jury to judge of the law, in criminal cases, to be an “indisputable right,”—and impeached one of the Justices of the Supreme Court of the United States for infringing it. The following is a copy of the caption, and one of the articles, of an impeachment, found by the House of... 18. ARTICLE I. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/article-i/ That, unmindful of the solemn duties of his office, and contrary to the sacred obligation by which he stood bound to discharge them “faithfully and impartially, and without respect to persons,” the said Samuel Chase, on the trial of John Fries, charged with treason before the Circuit Court of the United States, held for the district of Pennsylvania, in the city of Philadelphia, during the months... 19. C.: Mansfield’s argument against the Right of the Jury to judge of the law in criminal cases. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/c-mansfields-argument-against-the-right-of-the-jury-to/ Mansfield’s argument, if argument it can be called, against the right of the jury to judge of the law, is this. “They (the jury) do not know, and are not presumed to know, the law; they are not sworn to decide the law; they are not required to do it. * * The jury ought not to assume the jurisdiction of law; they do not know, and are not presumed to know, any thing of the matter; they do not... 20. D: Effect of Trial by Jury, in nullifying other Legislation than the Fugitive Slave Laws. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/d-effect-of-trial-by-jury-in-nullifying-other-legislation/ If jurors, in criminal cases, have the right to judge of the law, of its constitutionality, and its justice, the trial by jury can be made efficient for nullifying nearly all unconstitutional and unjust legislation; because it makes it safe to violate, and resist the execution of it. It would, for instance, make it safe to resist the execution of all those unequal and iniquitous revenue laws... 21. UNCONSTITUTIONALITY OF SLAVERY. PARTS FIRST AND SECOND. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/unconstitutionality-of-slavery-parts-first-and-second/ Published and for sale by BELA MARSH, No. 25 Cornhill, Boston. Price 50 cents, (25 cents for either part separately). Postage on the book for any distance is but 12 cents. A person remitting to the Publisher $1, post-paid, can have two copies sent by mail. A liberal discount will be made to Booksellers and Agents who buy to sell again. ☞ Will the publishers of Anti-Slavery papers please to keep a... 22. RECOMMENDATIONS. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/recommendations-2/ Mr. Garrison, disagreeing to its conclusions on the ground that the words of the Constitution do not fully express the intentions of its authors, yet says:—“His logic may be faultless, as a merely legal effort.” “We admit Mr. Spooner’s reasoning to be ingenious—perhaps, as an effort of logic, unanswerable.” “It impresses us as the production of a mind equally honest and acute.” “Its ability, and... 23. ALSO FOR SALE AS ABOVE. -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/also-for-sale-as-above/ THE TRIAL AND IMPRISONMENT OF JONATHAN WALKER, at Pensacola, Florida, for aiding slaves to escape from bondage; with an Appendix, containing a sketch of his life. Price 25 cents. Mr. Sumner’s Fourth of July Oration, on the TRUE GRANDEUR OF NATIONS. Price 25 cents. Mr. Parker’s SERMON ON WAR, preached at the Melodeon on Sunday, June 7, 1846. 15 cents. Lincoln’s ANTI-SLAVERY MELODIES. 25 cents.... 24. About Liberty Fund -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 25. The Online Library of Liberty -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 26. Copyright Information -- https://freecapitalists.org/books/a-defence-for-fugitive-slaves-against-the-acts-of-congress-of-february-12-1793-and/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Discourse of Standing Armies, shewing the Folly, Uselessness, and Danger of Standing Armies in Great Britain Thomas Gordon. London: T. Warner, 1722 (3rd ed.); Online Library of Liberty edition. first published 1722. 21 pages. Page: https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Gordon/A%20Discourse%20of%20Standing%20Armies%2C%20shewing%20the%20Folly%2C%20Uselessness%2C%20and%20Danger%20of%20Standing%20Armies%20in%20Great%20Britain.pdf (216 KB); EPUB https://library.freecapitalists.org/books/Thomas%20Gordon/A%20Discourse%20of%20Standing%20Armies%2C%20shewing%20the%20Folly%2C%20Uselessness%2C%20and%20Danger%20of%20Standing%20Armies%20in%20Great%20Britain.epub (93.7 KB) A 1722 pamphlet by Thomas Gordon, the coauthor of Cato's Letters, attacking permanent standing armies in Britain. It argues that they are costly, useless against invasion when a country has a navy and a militia, and dangerous to liberty because they can be turned against the people. Full text: https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/ -- 5 chapters, 8,084 words. 1. A DISCOURSE OF Standing Armies, &c. -- https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/a-discourse-of-standing-armies-c/ WHEN, in King William’s Reign, the Question was in Debate, Whether England should be rul’d by Standing Armies? the Argument commonly us’d by some who had the Presumption to call themselves Whigs, and own’d in the Ballancing Letter, suppos’d to be written by one who gave the Word to all the rest, was, That all Governments must have their Periods one Time or other, and when that Time came, all... 2. A LIST Of the Present Standing Forces. -- https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/a-list-of-the-present-standing-forces/ N. B. The above List is imperfect, there being more Forces upon the British Establishment than are here specify’d. 3. About Liberty Fund -- https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 4. The Online Library of Liberty -- https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 5. Copyright Information -- https://freecapitalists.org/books/a-discourse-of-standing-armies-shewing-the-folly-uselessness-and-danger-of-standing/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Discourse of Trade Nicholas Barbon. Baltimore: Lord Baltimore Press, 1905 (ed. Jacob H. Hollander); Online Library of Liberty edition. first published 1905. 33 pages. Page: https://freecapitalists.org/books/a-discourse-of-trade/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Nicholas%20Barbon/A%20Discourse%20of%20Trade.pdf (221 KB); EPUB https://library.freecapitalists.org/books/Nicholas%20Barbon/A%20Discourse%20of%20Trade.epub (109 KB) Nicholas Barbon's 1690 tract on trade, reprinted in 1905 in Jacob Hollander's series of economic tracts. It argues for freedom of trade and treats the value of goods as resting on their usefulness to buyers rather than on any intrinsic worth. Barbon also discusses fashion, the wants that drive industry, and why a nation gains from consumption and commerce. Full text: https://freecapitalists.org/books/a-discourse-of-trade/read/ -- 12 chapters, 15,146 words. 1. INTRODUCTION -- https://freecapitalists.org/books/a-discourse-of-trade/read/introduction/ Professor of Political Economy Johns Hopkins University The careful researches of Professor Stephen Bauer have thrown much needed light upon the life of Nicholas Barbon and upon his proper place in the history of economic thought.1 Born in London, probably in 1640, the son of Praisegod Barebone—"anabaptist, leather-seller, and politician,"2 —he studied medicine at Leyden, received a medical... 2. THE PREFACE.5 -- https://freecapitalists.org/books/a-discourse-of-trade/read/the-preface-5/ THe Greatness and Riches of the UNITED PROVINCES, and STATES of VENICE, Consider'd, with the little Tract of Ground that belongs to either of their TERRITORIES, sufficiently Demonstrate the great Advantage and Profit that Trade brings to a Nation. And since the Old Ammunition and Artillery of the GRECIANS and ROMANS are grown out ||* of Use; such as Stones, Bows, Arrows, and battering Rams, with... 3. ||* Of Trade and the Stock, or Wares of Trade. -- https://freecapitalists.org/books/a-discourse-of-trade/read/of-trade-and-the-stock-or-wares-of-trade/ TRADE is the Making, and Selling of one sort of Goods for another; The making is called Handy-Craft Trade, and the ma|2|ker an Artificer; The Selling is called Merchandizing, and the Seller a Merchant: The Artificer is called by several Names from the sort of Goods he makes. As a Clothier, Silk-weaver, Shoo-maker, or Hatter, &c. from Making of Cloth, Silk, Shooes, or Hats; And the Merchant is... 4. |9|* Of the Quantity and Quality of Wares. -- https://freecapitalists.org/books/a-discourse-of-trade/read/9-of-the-quantity-and-quality-of-wares/ THE Quantity of all Wares are known by Weight or Measure. The Reason of Gravity is not understood, neither is it Material to this Purpose; Whether it proceeds from the Elastisity of the Air, or Weight of the utmost Spheer, or from what other Causes, its sufficient, that the ways of Trying the Weights of Bodies are perfectly discover'd by the Ballance. There are Two Sorts of Weights in Common Use... 5. Of the Value and Price of Wares. -- https://freecapitalists.org/books/a-discourse-of-trade/read/of-the-value-and-price-of-wares/ THE Value of all Wares arise from their Use; Things of no Use, have no Value, as the English Phrase is, They are good for nothing. The Use of Things, are to supply the Wants and Necessities of Man: There are Two General Wants that Mankind is born Edition: current; Page: [14] with; |14|* the Wants of the Body, and the Wants of the Mind; To supply these two Necessities, all things under the Sun... 6. Of Mony, Credit and Interest. -- https://freecapitalists.org/books/a-discourse-of-trade/read/of-mony-credit-and-interest/ MOny is a Value made by a Law; And the Difference of its Value is known by the Stamp, and Size of the Piece. |21|* One Use of MONY is, It is the Measure of Value, By which the Value of all other things are reckoned; as when the Value of any thing is expressed, its said, It's worth so many shillings, or so many Pounds: Another Use of Mony is; It is a Change or Pawn for the Value of all other... 7. Of the Use and Benefit of Trade. -- https://freecapitalists.org/books/a-discourse-of-trade/read/of-the-use-and-benefit-of-trade/ THe Use of Trade is to make, and provide things Necessary: Or useful for the Support, Defence, Ease, Pleasure, and Pomp of Life: Thus the Brewers, Bakers, Butchers, Poulterers, and Cooks, with the Apothecaries, Surgeons, and their Dependencies provide Food, and Medicine for the support of Life: The Cutlers, Gun-smiths, Powder-makers, with their Company of Traders, make things for Defence; The... 8. |62|* Of the Chief Causes that Promote TRADE. -- https://freecapitalists.org/books/a-discourse-of-trade/read/62-of-the-chief-causes-that-promote-trade/ THE Chief Causes that Promote Trade, (not to mention Good Government, Peace, and Scituation, with other Advantages) are Industry in the Poor, and Liberality in the Rich: Edition: current; Page: [32] Liberality, is the free Usage of all those things that are made by the Industry of the Poor, for the Use of the Body and Mind; It Relates chiefly to Man's self, but doth not hinder him from being... 9. |71|* Of the Chief Causes of the Decay of TRADE in England, and Fall of the RENTS of LAND. -- https://freecapitalists.org/books/a-discourse-of-trade/read/71-of-the-chief-causes-of-the-decay-of-trade-in-england-and/ THE Two Chief Causes of the Decay of Trade, are the many Prohibitions and high Interest. The Prohibition of Trade, is the Cause of its Decay; for all Forreign Wares are brought in by the Exchange of the Native: So that the Prohibiting of any Foreign Commodity, doth hinder the Making and Exportation of so much of the Native, as used to be Made and Exchanged for it. The Artificers and Merchants... 10. About Liberty Fund -- https://freecapitalists.org/books/a-discourse-of-trade/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 11. The Online Library of Liberty -- https://freecapitalists.org/books/a-discourse-of-trade/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 12. Copyright Information -- https://freecapitalists.org/books/a-discourse-of-trade/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Foreign Policy for Americans Robert A Taft. NY: Doubleday, 1951. first published 1951. 128 pages. Page: https://freecapitalists.org/books/a-foreign-policy-for-americans/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Robert%20A%20Taft/A%20Foreign%20Policy%20for%20Americans.pdf (8.4 MB) Topics: war ### A Foreign Policy of Freedom Ron Paul. Foundation for Rational Economics and Education, 2007. first published 2007. 386 pages. ISBN 9780912453002. Page: https://freecapitalists.org/books/a-foreign-policy-of-freedom/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Ron%20Paul/A%20Foreign%20Policy%20of%20Freedom.pdf (6.8 MB); EPUB https://library.freecapitalists.org/books/Ron%20Paul/A%20Foreign%20Policy%20of%20Freedom.epub (1.0 MB) Topics: war There is one and only one voice in Congress for a foreign policy of freedom, and it belongs to Ron Paul, who has stood alone for freedom for many years. Ron is the seemingly impossible: a voice for reason and truth in a den of thieves. A Foreign Policy of Freedom is his 372-page manifesto, a collection of inspired statements to the House of Representatives that show him to be the most consistent and morally responsible politician, perhaps, in the whole of American history. This book takes on a special significance with his 2008 run for the US presidency. Llewellyn H. Rockwell, Jr., writes the introduction. Recently, you might have heard Ron condemning foreign aid, the Iraq War, our vast and needlessly growing military budgets, bombings of this country and that, troops in most all countries in the world, and all the other meddlesome activities of the US empire. This foreign policy, Congressman Paul has pointed out, is contrary to American ideals, diminishes American liberty, and ends up making worse the very problems it seeks to alleviate. But did you know that Ron has been delivering this message through thick and thin from his first day in Congress in 1976 until the present day? That's 31 years of prophetic warnings, 31 years of courageous stands against the tide, 31 years of being proven right by subsequent events. There are no flip-flops, backpedals, regrets, or cover-ups. He has told the truth again and again, no matter what it cost him. In the middle of the Cold War, he decried the endless streams of subsidies from the US to communist governments. At the same time, he stood firm against aid to insurgents seeking to overthrow those regimes. He sensibly pointed out that the Soviet Union would collapse if it had to face financial reality, and an end to US aid would make that possible. He has been a stickler on the power of the presidency, refusing to grant the president authority to start wars without Congressional approval. Herein you will find a chronicle of hypocrisy. Paul condemned the policy that subsidized Saddam Hussein, and the policy that waged war on Iraq and killed Saddam. The same is true of Noriega in Panama and the "freedom fighters" in Afghanistan who later made up the shock troops of Al-Qaeda. "Our experiment with foreign policy interventionism has failed, just as our experience with domestic economic interventionism has failed," he said in 1982. He said the same in mid-1990s. "War, and the threat of war, are big government's best friend," he wrote only recently. "Liberals support big government social programs, and conservatives support big government war policies, thus satisfying two major special interest groups. And when push comes to shove, the two groups cooperate and support big government across the board — always at the expense of personal liberty. Both sides pay lip service to freedom, but neither stands against the welfare-warfare state and its promises of unlimited entitlements and endless war." In many ways, this book is a history of a quarter century of folly, told by a man who saw what others did not, and had the temerity to state his view publicly. No voice for peace has been as consistent in the demand that government stop its intervention across the board. No supporter of free markets has been so determined to apply the logic of liberty to all aspects of foreign policy. This book makes Ron Paul's place in history. There has never been anything so forthright, truth telling, and ultimately devastating from a US politician. Not since Taft has there been a book like this, and this one makes Taft's own classic seems vague and abstract by comparison. Full text: https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/ -- 21 chapters, 145,283 words. 1. Dedication -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/dedication/ This work is dedicated to my children and grandchildren and to future generations of Americans in the hope and prayer that wisdom and peace may prevail so that no other American father, mother, son or daughter will ever again be asked to fight and die in another undeclared, unconstitutional foreign war. 2. Foreword -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/foreword/ Ron Paul has always believed that foreign and domestic policy should be conducted according to the same principles. Government should be restrained from intervening at home or abroad because its actions fail to achieve their stated aims, create more harm than good, shrink the liberty of the people, and violate rights. Does that proposition seem radical? Outlandish or farflung? Once you hear it... 3. Introduction -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/introduction/ My involvement in politics came about due to an earlier interest in economics, which began in the 1960s after reading Friedrich Hayek’s classic, The Road to Serfdom. This led me to study Austrian economics, especially the writings of Ludwig von Mises, which provided the best explanation of how central banking and government intervention in the market economy cause so much suffering. The Austrians... 4. Chapter 1. 1976 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-1-1976/ Upon the death of the Chinese dictator, I made this statement, which may be more hawkish than I would be today, but we certainly have moral authority to state our position without violating the independence of others. September 15, 1976THE DEATH OF MAO TSE-TUNGHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, for many years now there has been virtual censorship in America about... 5. Chapter 2. 1980 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-2-1980/ The ongoing crackdown in Poland, and our funding of the oppressors, is yet again the focus here. August 22, 1980WORKERS OF THE WORLD, UNITEHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, the striking factory and dock workers—whose leaders have now been arrested by the Communist regime in Poland—must be admired for their courage in defying the dictators who control their... 6. Chapter 3. 1981 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-3-1981/ The stage is often set for foreign intervention in so-called “non-binding” resolutions. Here the United States is making a dangerous commitment to Lebanon. June 17, 1981LEBANON: ANOTHER COMMITMENT?HON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, House Resolution 159 was passed almost unanimously yesterday, and it should have been. Some parts of the resolution urge peace in the... 7. Chapter 4. 1982 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-4-1982/ Mutual defense pacts are a tricky business and can be very dangerous. When Britain and Argentina faced off, we actually had defense commitments with both sides. April 27, 1982THE FALKLAND CRISIS: NOT OUR BUSINESSHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, in the Falkland Islands, America’s foreign policy has once again gotten tangled in its own conflicting commitments. The... 8. Chapter 5. 1983 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-5-1983/ These next two speeches focus upon our current Middle East morass, which has been in the making for decades. Our policy has harmed our interests without adding stability to the region. In an attempt to “balance interests” we anger all sides, and that anger has consequences for our service members, as well as American civilians in the region. February 24, 1983U.S. INVOLVEMENT IN MIDDLE EASTHON.... 9. Chapter 6. 1984 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-6-1984/ February 7, 1984THE MIDDLE EAST SITUATIONHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES (Mr. PAUL asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. PAUL. Mr. Speaker, it is said that we are in Lebanon today for the purpose of protecting our national interests in that area. It was about 37 years ago that President Harry Truman stated... 10. Chapter 7. While out of Congress -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-7-while-out-of-congress/ Between stints in Congress, I wrote a petition to the body. These excerpts focus on foreign policy issues and indicate how the turn away from traditional American policy led us to where we are today. While Out of CongressExcerpt from Petition to the 103rd CongressTHE PROBLEMS WE FACE - JANUARY 1993 Foreign policy needs a total reassessment. Foreign aid, one of the most unpopular programs among... 11. Chapter 8. 1997 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-8-1997/ During my second tenure in Congress I began to once again seriously question our foreign interventionism on the floor of the House, focusing attention on how our policies were combining with the breakdown of the constitutional separation of powers to bring about a very dangerous situation. July 15, 1997AMERICA’S FOREIGN POLICYHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, it... 12. Chapter 9. 1998 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-9-1998/ My concern regarding our policy toward Iraq began long before the current conflict. I spoke out against President Clinton’s actions, and note below that Iraq was also a client state of adversaries we had long subsidized. January 27, 1998BOMBING IRAQ WOULD BE THE RESULT OF FLAWEDFOREIGN POLICYHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, it appears the administration is about... 13. Chapter 10. 1999 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-10-1999/ The UN inspired war with Iraq continued during the Clinton Administration without congressional authorization and without any real accountability as Congress forsook its constitutional duties. February 2, 1999HOW LONG WILL THE WAR WITH IRAQ GO ONBEFORE CONGRESS NOTICES?HON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, I ask my fellow colleagues, how long will the war go on before... 14. Chapter 11. 2000 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-11-2000/ Columbia has not gotten very much attention since 9/11, but our intervention there may well end up being more lengthy than Iraq, and more devastating in the long run. September 6, 2000MINDING OUR OWN BUSINESS REGARDING COLOMBIAIS IN THE BEST INTEREST OF AMERICAHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, those of us who warned of the shortcomings of expanding our military... 15. Chapter 12. 2001 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-12-2001/ In my last significant foreign policy statement prior to 9/11, I suggested that our foreign policy was leading us toward a significant and potentially disastrous violent conflict. February 8, 2001POTENTIAL FOR WARHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES Mr. Speaker, I have asked for this special order today to express my concerns for our foreign policy of interventionism that we have... 16. Chapter 13. 2002 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-13-2002/ As the new legislative session began and the President would give his first post-9/11 State of the Union Address, it was time to reflect upon recent events and also to restate the case for a policy dedicated to defending the USA. January 24, 2002THE CASE FOR DEFENDING AMERICAHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES As we begin this new legislative session, we cannot avoid reflecting... 17. Chapter 14. 2003 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-14-2003/ I gave a “State of the Republic” speech in 2003 focusing on the fact that democracy had replaced republicanism with disastrous results. Excerpts relative to foreign policy follow. January 29, 2003SORRY, MR. FRANKLIN,“WE’RE ALL DEMOCRATS NOW”FOREIGN AFFAIRS AND DEMOCRACYHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES The dramatic shift away from republicanism that occurred in 1913, as... 18. Chapter 15. 2004 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-15-2004/ As the politics heated up, Congress wanted to absolve itself of blame for an unpopular war. I wanted to remind my colleagues that when this business started they had a chance to make a difference and consciously chose inaction. February 4, 2004CONGRESS ABANDONED ITS DUTY TO DEBATE ANDDECLARE WARHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES There is plenty of blame to go around for the... 19. Chapter 16. 2005 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-16-2005/ Asking “what if” is an approach from which our overall foreign policy and our current war effort could benefit. A properly functioning Congress would constantly take this approach. January 26, 2005WHAT IF IT WAS ALL A BIG MISTAKE?HON. RON PAUL of TEXAS INTHE HOUSE OF REPRESENTATIVES America’s policy of foreign intervention, while still debated in the early 20th Century, is today accepted as... 20. Chapter 17. 2006 -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/chapter-17-2006/ Our adversaries perceive the motivations behind Wilsonianism much differently than do many in this country. We would do well to be aware of this fact. March 28, 2006MAKING THE WORLD SAFE FOR CHRISTIANITYHON. RON PAUL of TEXASIN THE HOUSE OF REPRESENTATIVES The top neo-con of the 20th Century was Woodrow Wilson. His supposed idealism, symbolized in the slogan “Make the world safe for democracy,”... 21. Summary -- https://freecapitalists.org/books/a-foreign-policy-of-freedom/read/summary/ A Foreign Policy for a Constitutional RepublicThe Shortcomings of Foreign Interventionism A policy of foreign intervention has numerous shortcomings. Acasual look at the results of interventionist policies, both throughout history and in our American experience over the past hundred years, should convince a thoughtful person that the Founders’ policy of nonintervention makes a great deal of... ### A Free-Market Monetary System and The Pretense of Knowledge Friedrich A. Hayek. Mises Institute, 2009. first published 2009. 58 pages. ISBN 9781933550374. Page: https://freecapitalists.org/books/a-free-market-monetary-system-and-the-pretense-of-knowledge/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/A%20Free-Market%20Monetary%20System%20and%20The%20Pretense%20of%20Knowledge.pdf (862 KB); EPUB https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/A%20Free-Market%20Monetary%20System%20and%20The%20Pretense%20of%20Knowledge.epub (234 KB) Topics: austrian, money Here are two of Hayek's greatest essays in one small and beautiful volume. It is a perfect way to introduce yourself and others to this giant of the 20th century. The book begins with Hayek's most excellent essay on money. It is also his most radical. He plainly says that central banks cannot be reformed. There can never be sound money so long as they are in charge. He calls for their complete abolition, no compromises accepted. He wants the market in charge of money from top to bottom. His words predicting crisis followed by wild swings in valuation are up to the minute. He also relates the quality of money with the recurrence of crisis, showing an excellent application of Austrian theory. Hayek was deeply influenced by Mises, and this shows here in the area of money. The second essay is "The Pretense of Knowledge," his shocking Nobel speech that explained why the very idea of government in our times is unintellectual, presumptuous, and untenable. He is as critical of socialism as he is of interventionism. He shows that the state is not capable of doing all that it is charged with doing, and why conceding it any role in social and economic management is dangerous to liberty. It was not the speech everyone expected. But it lived up to Hayek's lifelong commitment to telling truth to power. This small book, just right for sticking in your back pocket or purse, is really a first in the Hayekian literature: small form, powerful words, and by the great man himself. ### A Genuine Gold Dollar vs. the Federal Reserve Murray N. Rothbard. Mises Institute, 1992. first published 1992. 16 pages. Page: https://freecapitalists.org/books/a-genuine-gold-dollar-vs-the-federal-reserve/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Murray%20N%20Rothbard/A%20Genuine%20Gold%20Dollar%20vs%20The%20Federal%20Reserve.pdf (387 KB) A Genuine Gold DollarIn recent years an increasing number of economists have understandably become disillusioned by the inflationary record of fiat currencies. They have therefore concluded that leaving the government and its central bank power to fine tune the money supply, but abjuring them to use that power wisely in accordance with various rules, is simply leaving the fox in charge of the proverbial henhouse. They have come to the conclusion that only radical measures can remedy the problem, in essence the problem of the inherent tendency of government to inflate a money supply that it monopolizes and creates. That remedy is no less than the strict separation of money and its supply from the state. The best known proposal to separate money from the state is that of F. A. Hayek and his followers. Hayek’s “denationalization of money” would eliminate legal tender laws, and allow every individual and organization to issue its own currency, as paper tickets with its own names and marks attached. The central government would retain its monopoly over the dollar, or franc, but other institutions would be allowed to compete in the money creation business by offering their own brand name currencies. Thus, Hayek would be able to print Hayeks, the present author to issue Rothbards, and so on. Mixed in with Hayek’s suggested legal change is an entrepreneurial scheme by which a Hayek-inspired bank would issue “ducats,” which would be issued in such a way as to keep prices in terms of ducats constant. Hayek is confident that his ducat would easily outcompete the inflated dollar, pound, mark, or whatever. Hayek’s plan would have merit if the thing — the commodity — we call “money” were similar to all other goods and services. ### A History of American Currency William Graham Sumner. Henry Holt and Co., 1874. first published 1874. 400 pages. ISBN 9781610160742. Page: https://freecapitalists.org/books/a-history-of-american-currency/ Rights: public-domain-by-age (evidence: medium) Download: PDF https://library.freecapitalists.org/books/William%20Graham%20Sumner/A%20History%20of%20American%20Currency.pdf (19.1 MB); EPUB https://library.freecapitalists.org/books/William%20Graham%20Sumner/A%20History%20of%20American%20Currency.epub (211 KB); Kindle https://library.freecapitalists.org/books/William%20Graham%20Sumner/A%20History%20of%20American%20Currency.azw3 (347 KB) Topics: history, money The author, William Graham Sumner, was the great sociologist of late 19th century America, but also a wise observer of economic conditions. In 1874, in the midst of another debate about the future of the American monetary system, he offered this sweeping history of the calamity of paper money in the United States from the Colonial Period to the Civil War. In many ways, it is a popular history in the sense that he hoped it could be read by anyone. What's strike here is his "Austrian" understanding of the relationship of paper money to credit cycles, inflation, and corruption. He was a firm advocate of sound money and 100% reserve banking. His lesson was that paper currency leads to a trap: continued crisis, hyperinflation, or the restoration of sound money. This pattern has been repeated again and again. The burden of this book is to show that there is nothing good to come out of any paper money experiment, and that sound money is the only answer in a free society. So there is profound historical interest in these pages--he was writing at a time when these issues were debated in all campaigns and classrooms--but also excellent theorizing too. Indeed, this work demonstrates that Sumner was not only a pioneering American sociologist but also one of the great American pre-Austrians of the late 19th century. Full text: https://freecapitalists.org/books/a-history-of-american-currency/read/ -- 72 chapters, 88,905 words. 1. Preface -- https://freecapitalists.org/books/a-history-of-american-currency/read/preface/ PREFACE. T N the autumn of 1873 I published in the ' Fi•*• nancier," four or five short sketches of those portions of history which are most instructive in regard to doctrines of currency. The plan was to leave the historical facts to tell their own story without comment. It succeeded so far that many persons who do not believe that financial laws vary with the period, the climate, or the... 2. 1. History of American Currency -- https://freecapitalists.org/books/a-history-of-american-currency/read/1-history-of-american-currency/ CHAPTER I. HISTORY OF AMERICAN CURRENCY. r I ^HE English Government made no objection -*- to the emigration of the Puritans to New England, save that they carried money out of the realm. The earliest settlers carried very little; other forms of capital were more valuable to them, and they had no use for it, save in exchanges amongst themselves. Yet Winthrop wrote to his son, in 1630, especially... 3. Wampumpeag currency -- https://freecapitalists.org/books/a-history-of-american-currency/read/wampumpeag-currency/ The President of Harvard College was condemned to pay an usher ^20 for flogging him. WAMPUMPEAG CURRENCY. When exploring parties penetrated to Long Island Sound, they found along its coasts tribes of Indians far more civilized than those who had been met farther north. The cause or indication of their superiority was that they had a circulating medium. This consisted of beads of two kinds, one... 4. Barter Currency -- https://freecapitalists.org/books/a-history-of-american-currency/read/barter-currency/ When the colonists, who were in exchange relations with a world which used gold and silver, began to use it, other currency laws came into operation. It was not exportable, would not satisfy foreign debts, was not desired by the whites, save for the conventional purpose of money. BARTER CURRENCY. The colonists began, soon after the settlement of Massachusetts Bay, to use a barter currency,*... 5. Distress -- https://freecapitalists.org/books/a-history-of-american-currency/read/distress/ HISTORY OF AMERICAN CURRENCY. g DISTRESS. Meantime silver prices had, of course, fallen enormously. Now came other circumstances to prostrate the colony. The emigrants ceased to come, on account of the prospect of a new state of things favorable to them at home. Merchants came, but no longer found a market. The project of moving away was broached and earnestly debated in the colony. This tended... 6. New Industries -- https://freecapitalists.org/books/a-history-of-american-currency/read/new-industries/ IO HISTORY OF AMERICAN CURRENCY. NE W IND USTRIES. Under the new circumstances they turned to new industries, and, so far from being ruined, were far better off. In 1641 corn would buy nothing", but was legal tender for debts. They turned to ship-building, carrying between Virginia and the West Indies, fishing, seal fishing on the Isle of Sable, and lumbering. These industries all prospered. In... 7. Pine Tree Coinage -- https://freecapitalists.org/books/a-history-of-american-currency/read/pine-tree-coinage/ HISTORY OF AMERICAN CURRENCY. n THE "PINE-TREE" COINAGE. Coin was now coming in freely by the trade with the West Indies. The buccaneers also spent a great deal of their booty in the colonies, but it all just as steadily went out. In 1652 Massachussets set up a mint at Boston to coin this metal and try to keep it in circulation. They coined shillings, sixpences, and threepences, and continued to... 8. The First Expedition -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-first-expedition/ H HISTORY OF AMERICAN CURRENCY. same year, 25 per cent, discount on barter taxes was allowed for cash, and afterwards 50 per cent. In the same year, it was provided that, instead of transporting barter payments of taxes to and from the treasury, the transfers should be made by paper orders. Meantime, the coin was sent to England and to the other colonies, and was extremely scarce in... 9. Second Expedition -- https://freecapitalists.org/books/a-history-of-american-currency/read/second-expedition/ SECOND EXPEDITION AGAINST CANADADEPRECIATION In 1709, another expedition against Canada being intended, ^30,000 in bills of credit were issued, and ,£10,000 of the old were reissued. The HISTORY OF AMERICAN CURRENCY. 17 preparations dragged on for two years, and, in 1711, ,£10,000 more were issued to pay military expenses. New Hampshire, Rhode Island, Connecticut, New York, and New Jersey joined... 10. Colman's Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/colman-s-bank/ COLMANS BANK. The mystery of banking was now attracting attention the world over. The Land Bank in England about 1685, the Austrian enterprises of 1700, John Law's scheme of 1715, the South 18 HISTORY OF AMERICAN CURRENCY. Sea Company founded in 1711, bear witness to it. The Massachusetts people were not behind the age. In 1715 John Colman and others proposed a bank based on land and issuing... 11. Loan Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/loan-bank/ HISTORY OF AMERICAN CURRENCY. jg velopments were added, which were supposed to perfect the system. To take one of the most perfect specimens, which enjoyed the approval of Franklin,* and which was made in Pennsylvania in 1723, the plan was as follows: the issue was for ,£15,000, put in the hands of commissioners in each county, according to the taxable assessment. The commissioners loaned the... 12. Banks -- https://freecapitalists.org/books/a-history-of-american-currency/read/banks/ BANKS. The colony being no longer allowed to issue, bank projects revived. As a concession, ^76,500 were allowed in 1733 for public expenses, and the year 1741 was fixed as a terminus for all outstanding issues. This year (1733) was one °f great distress throughout New England. Trade was stagnant and "money scarce." Rhode Island issued ^100,000. The Boston merchants agreed not to receive them... 13. The Land Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-land-bank/ Felt quotes an act showing that a system of counterfeiting had grown up by which a counterfeit part was pasted on a mutilated bill, raising its denomination. ;£ 170,000 of outstanding bills must, by law, be redeemed before 1742. THE LAND BANK. In 1739 the Land Bank scheme was revived. The scheme was this: a number of land owners formed a company and mortgaged their estates to it for its notes... 14. The Specie Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-specie-bank/ THE SPECIE BANK. Another bank was proposed to counteract the Land Bank. It was called the Specie Bank, and was to issue ,£120,000 in notes redeemable in fifteen years, in silver, at 20s. per oz. Both went into operation, but, in 1740, Parliament declared the old Joint Stock Companies' Act, passed after the South Sea bubble (1720), to be of force in the colonies. Both banks were therefore forced... 15. Expedition Against Louisbourg -- https://freecapitalists.org/books/a-history-of-american-currency/read/expedition-against-louisbourg/ HISTORY OF AMERICAN CURRENCY. EXPEDITION AGAINST LOUISBOURG. 33 The governor now took it into his head to capture Louisbourg, on Cape Breton, from the French. The New England colonies joined in this enterprise. Nothing more was heard of the royal instructions, but bills were issued as they were needed to prepare this expedition. It was popular, as all expeditions against the French were popular.... 16. Resumption in Massachusetts -- https://freecapitalists.org/books/a-history-of-american-currency/read/resumption-in-massachusetts/ RESUMPTION IN MASSACHUSETTS. Parliament voted to ransom Louisbourg from the colonies. The sum coming" to Massachusetts was ^138,649 sterling, which at eleven for one, the ruling exchange, would nearly cancel the paper. Hutchinson proposed that they should ask Parliament to ship to them their share of the payment in silver dollars and copper coins, and that these should be used to cancel the paper... 17. Action of Connecticut -- https://freecapitalists.org/books/a-history-of-american-currency/read/action-of-connecticut/ ACTION OF CONNECTICUT. His plan was followed in Connecticut, the bills being drawn at three years' date, and the consequence was that the paper was not withdrawn before the next war called for new issues. ACTION OF RHODE I SI AND. Rhode Island went on upon the paper system. In 1750 the paper-money party were in the ascendant, and the ninth bank was issued for £25,000. It was for the purpose of... 18. Legal-Tende Paper Abolished -- https://freecapitalists.org/books/a-history-of-american-currency/read/legal-tende-paper-abolished/ In the year 1751 Parliament passed an act forbidding any more legaltender paper issues, and allowing no issues, save in the form of exchequer bills, redeemable by taxes in a year, bearing interest, or, in case of war, similar issues redeemable in four years. The colonies now set to work earnestly, though with only partial success, as above shown, to retire their old issues. A new war with the... 19. Double Standard -- https://freecapitalists.org/books/a-history-of-american-currency/read/double-standard/ 4° HISTORY OF AMERICAN CURRENCY. DOUBIE STANDARD TRIED IN MASSACHUSETTS—OTHER COLONIAL ISSUES. Scarcely had specie come into circulation in Massachusetts when it was found that, although the remittance had been in silver, gold from the West Indies began to stay in the colony. The question of making it legal tender as well as silver soon be^an to be agitated. It circulated of course, not being... 20. Continental Paper Money -- https://freecapitalists.org/books/a-history-of-american-currency/read/continental-paper-money/ years, ordered in May and issued in August, 1775Paper for nine million dollars was issued before any depreciation began. The issues of the separate colonies must have affected it, but the popular enthusiasm went for something. Pelatiah Webster,* almost alone as it seems, insisted on taxation, but a member of Congress indignantly asked if he was to help tax the people when they could go to the... 21. Bank of North America -- https://freecapitalists.org/books/a-history-of-american-currency/read/bank-of-north-america/ HISTORY OF AMERICAN CURRENCY. 49 It ought to be noticed that this paper was vaunted as "the safest possible currency," which " nobody could take away." BANK OF NORTH AMERICA. December 31, 1781, the Bank of North America was chartered with a capital of $400,000, It took its origin in a union of citizens of Philadelphia, formed in the preceding year, to supply the army with rations. They were... 22. Renewed Agitation in Favor of Paper Money -- https://freecapitalists.org/books/a-history-of-american-currency/read/renewed-agitation-in-favor-of-paper-money/ The bills were to be loaned on mortgage of land for fourteen years. They depreciated at once. Merchants refused to deal, and closed their shops. The farmers retaliated by refusing to bring produce to the cities, and thus the urban and rural populations were pitted against one another in a ridiculous warfare which brought business to a standstill. In Providence it was agreed to enter into... 23. Assumption of the State Debts -- https://freecapitalists.org/books/a-history-of-american-currency/read/assumption-of-the-state-debts/ HISTORY OF AMERICAN CURRENCY. ASSUMPTION OF THE STATE DEBITS. 55 One of the first acts of the Federal Congress was to provide for the settlement of the outstanding accounts. $21,500,000 were apportioned to the States to assume their indebtedness, subscriptions being received in their paper at a discount, but as the federal debt at once rose in value, the transaction was very favorable to the... 24. Banking on Convertible Currency -- https://freecapitalists.org/books/a-history-of-american-currency/read/banking-on-convertible-currency/ 56 HISTORY OF AMERICAN CURRENCY. BANKING ON CONVERTIBLE CURRENCY. We come now to the period in which the currency consisted more or less of banknotes, nominally convertible, issued by chartered banks. The system to which it has most analogy is that of the Scotch banks, although of these latter only three are chartered, the others being jointstock companies and partnerships. We shall have abundant... 25. Paper Money and the Federal Constitution -- https://freecapitalists.org/books/a-history-of-american-currency/read/paper-money-and-the-federal-constitution/ itself owns all the stock, the legislature appoints the directors, the faith of the State is pledged for the redemption of the bills, and they are receivable for public dues, provided the capital is paid in and the bank may be sued. (Story, 4th ed., I. 227, note.) 2. Can the national government do what the States cannot do under this clause? The legaltender cases have recently decided this... 26. First Bank of the US -- https://freecapitalists.org/books/a-history-of-american-currency/read/first-bank-of-the-us/ THE FIRST BANK OF THE UNITED STATES. The first United States Bank was chartered by Congress in 1791. Its capital was $10,000,000, to be paid, one-fourth in cash, the rest in bonds of the United States. The charter was to run for twenty years. It issued no bills under $10. Other banks were now formed very rapidly. The following list is given by Gouge, though he says that it is not full: Banks... 27. Coinage -- https://freecapitalists.org/books/a-history-of-american-currency/read/coinage/ and a gold " dollar," the question of relative value of the two metals is involved. It was assumed in the above rating that silver was to gold as 15 to 1. We have had one instance before us already when Massachusetts, in 1761, overrated gold in the coinage and drove out silver. If the rating should be correct at the time of passing the coinage law, yet the fluctuations which are continually... 28. Bank issues in New England -- https://freecapitalists.org/books/a-history-of-american-currency/read/bank-issues-in-new-england/ The development of banking took place first in New England. It was of the kind later known as " wild-cat" banking. The new financial machine seemed so powerful and beneficent that all that was necessary was to work it to the utmost. Notes under $5 were not allowed in Massachusetts until 1805, but after that smaller denominations were allowed, and finally notes were issued as low as 25 cents, and... 29. Bank Issues in the Middle States -- https://freecapitalists.org/books/a-history-of-american-currency/read/bank-issues-in-the-middle-states/ HISTORY OF AMERICAN CURRENCY. 63 BANK ISSUES IN THE MIDDLE STATES. The banking mania now broke out in the Middle States. In 1810 Pensylvania found it necessary to forbid the issue of notes by incorporated companies — bridge companies, etc. The charter of the Bank of the United States expired in 1811, and its renewal met with such vigorous opposition that it was defeated. The constitutionality of... 30. Suspension of 1814 -- https://freecapitalists.org/books/a-history-of-american-currency/read/suspension-of-1814/ SUSPENSION OF 1814. In 1814 all the banks, save the New England banks, suspended. In the year 1815 the Pennsylvania banks increased their loans $10,000,000. HISTORY OF AMERICAN CURRENCY. 69 Business was active and prices high. The merchants agreed to the suspension if specie payments should be resumed after the war. Small coin disappeared and tickets were used. Notes were depreciated from twenty... 31. Second United States Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/second-united-states-bank/ SECOND UNITED STATES BANK. On January 1st, 1817, the Second United States Bank opened. By the charter its capital was to consist of $7,000,000 government subscription, 7,000,000 specie, and $21,000,000 government stock or specie. It began business with $1,400,000 in specie, $14,000,000 in stocks, and the rest in stock notes. $2,800,000 were soon due on the second instalment, but this would come... 32. Resumption -- https://freecapitalists.org/books/a-history-of-american-currency/read/resumption/ 74 HISTORY OF AMERICAN CURRENCY. RESUMPTION Congress resolved that after February 20th, 1817, only specie, Treasury notes, and notes of specie-paying" banks ought to be taken by the national Treasury. The banks refused to resume before July, 1817. New York passed a law imposing twelve per cent, interest on notes not redeemed, and the banks finally agreed to resume on February 20th, if the United... 33. Condition of the US Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/condition-of-the-us-bank/ CONDITION OF THE UNITED STATES BANK. In March, 1818, the discounts of the United States Bank were forty-three millions, eleven millions on stock. The notes could not be signed ye HISTORY OF AMERICAN CURRENCY. fast enough. It had two millions in specie. Our knowledge of its affairs at this time is derived from the report of Mr. Cheeves, who became its president during this year, and three years... 34. Crisis of 1819 -- https://freecapitalists.org/books/a-history-of-american-currency/read/crisis-of-1819/ CRISIS OF 1819. In August, 1819, 20,000 persons were seeking employment in Philadelphia, and there was a similar state of things in New York and Baltimore. Thirty trades which employed 9,672 persons in 1816, at Philadelphia, employed only 2,137 m 1819. Trades which employed 1,960 persons, at Pittsburg, in 1815, employed only 672 in 1819. The papers were filled with advertisements of sheriff's... 35. Crisis of 1825 -- https://freecapitalists.org/books/a-history-of-american-currency/read/crisis-of-1825/ fall of 1822 there was a reaction, woollen and cotton goods falling" 50 per cent, in a few weeks in December. In 1823 the circulation of the United States Bank was very low—$4,081,842, but there was a great creation of banks, and insurance and other companies at New York. Later in the year the United States Bank received the notes of all its branches, and began to expand. CRISIS OF 1825. In 1824... 36. Currency and Tariff as Political Issues -- https://freecapitalists.org/books/a-history-of-american-currency/read/currency-and-tariff-as-political-issues/ CURRENCY AND TARIFF AS POLITICAL ISSUES. Unfortunately during this period—the period in which financial and fiscal questions were studied and understood by the American people better than at any other time in our history—those questions were made issues in party politics. I see no reason why they should not be political issues. Indeed, I am convinced that such questions never will be settled... 37. War Between the Administration -- https://freecapitalists.org/books/a-history-of-american-currency/read/war-between-the-administration/ HISTORY OF AMERICAN CURRENCY. 95 WAR BETWEEN THE ADMINISTRATION AND THE UNITED STA TES BANK. In 1832 the bank petitioned for a renewal of its charter which was to expire in 1836. In speaking-in favor of a renewal, Mr. Webster said : "A disordered currency is one of the greatest political evils. It undermines the virtues necessary for the support of the social system, and encourages propensities... 38. The Compromise Tariff -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-compromise-tariff/ The reason given for negotiating this loan was fear of cholera. These operations raised questions of the safety of the public deposits, but the Committee of Ways and Means (Polk dissenting) offered a resolution that the deposits were safe. It was passed, 109 to 46. The motion to sell out the public shares was lost, 102 to 91, through the influence of the bank, which, as was afterwards discovered... 39. Removal of the Deposits -- https://freecapitalists.org/books/a-history-of-american-currency/read/removal-of-the-deposits/ cial history of the country are interwoven throughout, and that neither the currency nor the tariff nor the politics can be satisfactorily treated, save as a whole. Take the statistics, and review them in view of the tariff only, and your inferences are vitiated by the currency. Take the same data, and look at the currency only, and you go astray because you neglect the tariff. Neglect the... 40. Distress of 1834 -- https://freecapitalists.org/books/a-history-of-american-currency/read/distress-of-1834/ Senate resolved (28 to 18) that the reasons for removing the deposits were unsatisfactory, and that the President had usurped unconstitutional power over the Treasury by removing" the Secretary. The House never noticed the resolution, but resolved (134 to 82) that the bank ought not to be rechartered nor the deposits restored. DISTRESS OF 1834. The recharter of the bank being now definitely... 41. Changes in the Coinage -- https://freecapitalists.org/books/a-history-of-american-currency/read/changes-in-the-coinage/ Prices did fall very slightly in 1834 as -compared with 1833, taking them over 80 articles, but some advanced, and the fall on none was great. The aggregate amount of loans and of circulation in the country increased steadily all these years.* I have not been able to find any statement of the loans of 1833, but the circulation, even of the United States Bank, was not contracted in 1834, and... 42. War with the Bank Continued -- https://freecapitalists.org/books/a-history-of-american-currency/read/war-with-the-bank-continued/ HISTORY OF AMERICAN CURRENCY. WAR WITH THE BANK CONTINUED. In the message, December, 1834, the President made known-to Congress that the bank had retained dividends due the nation on its stock, to reimburse itself for a draft on the French government which it had negotiated, and which had not been honored because the treaty had not been ratified by the French Chambers. The bank was forced by suit... 43. Small Notes -- https://freecapitalists.org/books/a-history-of-american-currency/read/small-notes/ in the absence of any usury law, might be drawn into bank in a crisis. At the same time, this restriction goes far to make convertibility genuine. Convertibility in the currency is like conscientiousness in a man—it has many grades, and is valuable in proportion as it is strict and pure. The prohibition of small notes does more than any other arbitrary rule to ensure convertibility. It also... 44. Railroad Building -- https://freecapitalists.org/books/a-history-of-american-currency/read/railroad-building/ HISTORY OF AMERICAN CURRENCY, uj which the subsequent developments must be traced as their origin. The lowering of the standard caused a rise in prices. The easy credit obtained in England for stocks and securities, the low rates for money here on account of the multiplication of small banks and increase of capital devoted to banking, the actual strong and great development of the country... 45. Speculation -- https://freecapitalists.org/books/a-history-of-american-currency/read/speculation/ Il8 HISTORY OF AMERICAN CURRENCY. MILES BUILT. MILES BUILT. 1830.... none built. 23 in operation. 1837.... 224 1831 72 i8o8.. .. 416 1832:...... 134 1839 389 1833 151 1840 516 1834 253 1841 717 1835 465 1842 491 1836 175 1843 159 SPECULATION The object on which speculation fixed especially was real estate, either in the Eastern cities or the Western States. The improved communication with the... 46. Affairs in England -- https://freecapitalists.org/books/a-history-of-american-currency/read/affairs-in-england/ I2O HISTORY OF AMERICAN CURRENCY. AFFAIRS IN ENGLAND. After 1832 the monopoly of the Bank of England was restricted to a circle of 65 miles around London. Within that circle strong jointstock banks were formed, on unlimited liability, to do a true banking business, discount and deposit, but without issues of notes. Beyond that limit jointstock banks were formed, which did issue notes on the... 47. Cotton -- https://freecapitalists.org/books/a-history-of-american-currency/read/cotton/ HISTORY OF AMERICAN CURRENCY. 121 COTTON. The effect on cotton is the one which most interests us. The average prices for the year 1833 were, ill-and 13J-cents, and for 1834, 11^ and 13$. For 1835 the prices were : Jan. Feb. March. April. May. June. July. 15-18 I5-I7 15-17 I5-l8 16-I9 17-19 I7-2O Aug. Sept. Oct. Nov. Dec. Average. T7-I9 17-19 15-18 I4-i8 14-16 15^-18 This was at a time when the... 48. Bank Expansion -- https://freecapitalists.org/books/a-history-of-american-currency/read/bank-expansion/ ures once more, real estate in Mobile was assessed as follows : REAL ESTATE. POLLS. 1834 $4,000,000 '. . 980 1835 6,000,000 788 1836 l8,OOO,OOO 617 1837 27,000,000 836 1838 20,000,000 1)4^7 In 1848, with 1,217 polls, the assessment was just under nine millions. The cotton culture does not require nor build up great cities. BANK EXPANSION The following table shows the bank expansion throughout... 49. Public Claims -- https://freecapitalists.org/books/a-history-of-american-currency/read/public-claims/ issued in any amount. The consequence was that the title to land was passing to speculators, and the Treasury was being filled with worthless paper. The best justification of this measure was, as Benton says, that ten millions of paper on its way to the Land Office was arrested by this circular. When Congress met (December, 1836) it passed an act rescinding the specie circular, after a long and... 50. The Pennsylvania Bank -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-pennsylvania-bank/ HISTORY OF AMERICAN CURRENCY. THE PENNSYLVANIA BANK OF THE UNITED STATES. The Bank of the United States, whose charter had now expired, obtained a charter from the legislature of Pennsylvania in a section of a road bill, "by bribery, as subsequent legislative investigation proved." It had not yet paid back the government stock or the government dividends, and it continued to reissue the notes of... 51. Measures for Resumption -- https://freecapitalists.org/books/a-history-of-american-currency/read/measures-for-resumption/ Meantime the New York banks had been vigorously contracting to prepare for resumption. Their issues were reduced from $25,480,000, HIST0RY 0F AMERICAN CURRENCY. January i, 1837, to $12,920,000, January 1, 1838. The exchanges turned and gold flowed in, the Bank of England sending ;£ 1,000,000, an act which Macleod vehemently condemns, seeing that the exchanges were adverse.* Early in 1838 Congress... 52. Revival of Business -- https://freecapitalists.org/books/a-history-of-american-currency/read/revival-of-business/ HISTORY OF AMERICAN CURRENCY. REVIVAL OF BUSINESS. H7 During the year 1838 there had been a general revival of trade. The Bank of England rate was from 2\ to 31 per cent, during the whole of that year. This led to increased investments in American securities. " Bonds of all kinds issued by the Bank of the United States, by the various States in the Union, and by numerous private undertakings... 53. The Bank Crash of 1839 -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-bank-crash-of-1839/ 148 HISTORY OF AMERICAN CURRENCY. Bank of England declined until October. In that month the Bank had ^2,525,000 in bullion; notes, ^17,612,000; and deposits, ^6,734,000. In May the rate was 5 per cent. ; June 20, 5-J-; August 1, 6 ; September, 6J. In the autumn the Bank of Belgium failed, and there was a run on the banks at Paris. * The Bank of England borrowed ^2,500,000 of the Bank of France... 54. Movements of Specie 1830-1840 -- https://freecapitalists.org/books/a-history-of-american-currency/read/movements-of-specie-1830-1840/ HISTORY OF AMERICAN CURRENCY, 155 MOVEMENTS OF SPECIE, 1830-1840. The cases we have had to deal with hitherto have presented us with the simple phenomenon of the export of the precious metals and increased importations of commodities, due to the repetition of the grossest error possible in currency—the attempt to use two kinds of circulating medium, one inferior to the other. In no other way than... 55. Financial Measures 1840-1850 -- https://freecapitalists.org/books/a-history-of-american-currency/read/financial-measures-1840-1850/ FINANCIAL MEASURES FROM 1840 TO 1850. The second suspension of the United States Bank in 1839, and its operations of that year, cost it a great many of its friends. The administration of Mr. Van Buren clung to the hardmoney policy, and opposed any national bank. But the fight was not yet over; in fact, the few next years were full of financial legislation and of battles over bank or no bank. In... 56. Period from 1850-1862 -- https://freecapitalists.org/books/a-history-of-american-currency/read/period-from-1850-1862/ For the supply of capital there was recourse 8 I7o HISTORY OF AMERICAN CURRENCY. naturally to the older countries. The injury clone to American credit in 1837-40 had hardly yet been healed, but in 1854 it was estimated by the Secretary of the Treasury, on reports called for by him, that there were 200,000,000 dollars worth of State, railway, and other bonds and bank-stock held abroad.* In 1857... 57. Capital and Currency -- https://freecapitalists.org/books/a-history-of-american-currency/read/capital-and-currency/ CAPITAL AND CURRENCY. Our other resource when straitened for capital, the one to which we had betaken ourselves before, was now also employed—a multiplication of * He said that the amount was not greater in 1853 than in 1829. HISTORY OF AMERICAN CURRENCY. I;I the paper representatives of capital. Capital is that portion of all the previous product of a nation which at any given time is available... 58. State of Affairs 1853 -- https://freecapitalists.org/books/a-history-of-american-currency/read/state-of-affairs-1853/ 8* 1^8 HISTORY OF AMERICAN CURRENCY. CIR. DEP. SPECIE. Jan. i, 1854 $204,600,000 188,100,000 59,400,000 " 1855 186.900,000 190,400,000 53,900,000 " The prosperity which prevailed almost universally up to the middle of last year [1853] had made our business men so confident in their own strength that all classes had expanded their engagements far beyond the protection of their own resources, and... 59. Crisis of 1857 -- https://freecapitalists.org/books/a-history-of-american-currency/read/crisis-of-1857/ The spring of 1857 being very late, and the prospect for the crops bad, many prophecies of trouble were published, but, as the season turned out well, the fears were dispelled, and scarcely any one seems to have apprehended the coming trouble. A fall in stocks, however, took place in the summer, to the great embarrassment of the large number of persons who held call loans for which they had given... 60. Alteration of the Coinage -- https://freecapitalists.org/books/a-history-of-american-currency/read/alteration-of-the-coinage/ In the meantime the surplus revenue had been applied to the reduction of the public debt, which, in 1853, was 67,000,000, and in 1857 (July 1st), 29,000,000. In March, 1857, the tariff was reduced to an average of 20 per cent, on dutiable imports. ALTERATION OF THE COINAGE. The law of 1834, having underrated silver in the coinage, had the effects described above (page no). In March, 1853, a law... 61. Current at the Outbreak of the War -- https://freecapitalists.org/books/a-history-of-american-currency/read/current-at-the-outbreak-of-the-war/ No year in American history has been more prosperous than was the year i860. The cotton crop of that year was unprecedented, reaching 4,600,000 hales. The grain crops, although not so extraordinary, were very good. After the election in November the attitude of the Southern States created great anxiety in commercial circles. Business was contracted, imports declined, and finances were arranged in... 62. Suspension -- https://freecapitalists.org/books/a-history-of-american-currency/read/suspension/ SUSPENSION In the last days of December, 1861, all the banks suspended. This they did without any earnest attempts to avoid it, and certainly without any necessity. Instead of regarding a suspension as a calamity to be submitted to only after years of war, when the national resources should be actually exhausted (as the suspension of the Bank of England proved that it is), many looked upon it as... 63. Legal Tender Act -- https://freecapitalists.org/books/a-history-of-american-currency/read/legal-tender-act/ previous losses from panics and commercial crises which they helped to bring about. It would be tedious and unnecessary to follow here the various financial manoeuvres of the winter of 1861 and 1862. It is a simple record of temporary makeshifts alternating-with one another, frittering away the credit of the government, disregarding its true resource in the patriotism of the people, and offering... 64. Effects of Legal Tender -- https://freecapitalists.org/books/a-history-of-american-currency/read/effects-of-legal-tender/ HISTORY OF AMERICAN CURRENCY. 203 EFFECTS OF LEGAL TENDER ISSUES. The notes were first issued in April, 1862. Gold began to rise and to be exported. The following-table from the " Merchants' Magazine," for July, 1862, shows how immediate and direct was the effect. (Five figures omitted.) April 12 May 3 13 17 24 June 7 ' 14 ' 23 GOV. PAY-TS. 4.6 12.5 24.7 22.7 17.1 9.8 10.4 6.8 6.5 9.8 8.4 HANK... 65. The Tariff -- https://freecapitalists.org/books/a-history-of-american-currency/read/the-tariff/ 2io IHSl'ORY OF AMERICAN CURRENCY. history ; but their sacrifices were abused on the one hand by interested parties, so that the taxes were paid without accomplishing the object, and, on the other hand, their sacrifices were wasted by unscientific taxation. The increase of internal taxation was made a pretext for increase of duties, but when, under Mr. Wells' recommendations, internal taxes were... 66. Contraction or Inflation -- https://freecapitalists.org/books/a-history-of-american-currency/read/contraction-or-inflation/ On the 31st of October, 1865, the total debt was, $2,808,549,437.50; the greenbacks issued, $428,160,569; the National Bank notes, 185,000,000; State Bank notes, 65,000,000; fractional currency, $26,057,469.20*; total currency, $704,000,000. CONTRACTION OR INFLATION! The war being ended, the financial question took this form: Shall we withdraw the paper, recover specie, reduce prices, lessen... 67. Paper Money with a Fixed Limit -- https://freecapitalists.org/books/a-history-of-american-currency/read/paper-money-with-a-fixed-limit/ 214 HISTORY OF AMERICAN CURRENCY. PAPER MONEY WITH A FIXED LIMIT. The era of paper money on which we then entered has one peculiar feature, unprecedented, so far as I have been able to learn, in the history of paper money. Our paper money is redundant, but fixed in amount. The greenbacks stood, when Mr. McCulloch's contraction was arrested, at 356,000,000. The banknotes were fixed at 300,000,000... 68. 2. The English Bank Restriction -- https://freecapitalists.org/books/a-history-of-american-currency/read/2-the-english-bank-restriction/ THE ENGLISH BANK RESTRICTION. IN the year 1795, the currency of the British Islands consisted of the notes of the Bank ol England, the English country banks, the Scotch banks, the Bank of Ireland, and the Irish country banks, and of coin. By the monopoly clause of the charter of the Bank of England, no banking firm consisting of more than six partners could issue demand notes in England. Strong... 69. 3. Austrian Paper Money -- https://freecapitalists.org/books/a-history-of-american-currency/read/3-austrian-paper-money/ 3i2 AUSTRIAN PAPER MONEY. nevertheless, went to a premium in paper as the notes increased. This increase was at the same time persistently represented by the government as a temporary necessity, the Bank having" been allowed to issue notes in return for its advances to the government. " In 1802, the country was flooded with counterfeit seven-kreutzer pieces." They nevertheless were at a premium... 70. Conclusion -- https://freecapitalists.org/books/a-history-of-american-currency/read/conclusion/ CONCLUSION. TF these chapters of history have been narrated with any success, they carry their own lesson with them. There are many who sneer at history and foreign experience as inapplicable to our circumstances, and toss off the lessons of history with impatient contempt, but these very persons never talk on financial topics for five minutes without referring to what " the Bank of England... 71. Appendix -- https://freecapitalists.org/books/a-history-of-american-currency/read/appendix/ APPENDIX. REPORT FROM THE SELECT COMMITTEE ON THE HIGH PRICE OF GOLD BULLION. Ordered, by the House of Commons, to be printed, 8 June, 1810. THE SELECT COMMITTEE appointed to enquire into the cause of the High Price of Gold Bullion, and to take into consideration the state of the Circulating Medium, and of the Exchanges between Great Britain and P'oreign Parts ;—and to report the same, with their... 72. About this edition -- https://freecapitalists.org/books/a-history-of-american-currency/read/about-this-edition/ This EPUB was produced automatically from the PDF named below. The text is the publisher's; the layout was reflowed for screen reading, so page breaks, line breaks and hyphenation differ from the original. Source file: A History of American Currency.pdf Source page: https://freecapitalists.org/books/a-history-of-american-currency/ Converted: 2026-08-09 by The Liberty Archive... ### A Humane Economy Wilhelm Röpke. Henry Regnery Company, Chicago, 1960. first published 1960. 328 pages. Page: https://freecapitalists.org/books/a-humane-economy/ Rights: public-domain-not-renewed (evidence: medium) Download: PDF https://library.freecapitalists.org/books/Wilhelm%20Ropke/A%20Humane%20Economy.pdf (18.5 MB); EPUB https://library.freecapitalists.org/books/Wilhelm%20Ropke/A%20Humane%20Economy.epub (258 KB); Kindle https://library.freecapitalists.org/books/Wilhelm%20Ropke/A%20Humane%20Economy.azw3 (418 KB) Topics: austrian Full text: https://freecapitalists.org/books/a-humane-economy/read/ -- 11 chapters, 113,467 words. 1. A Humane Economy -- https://freecapitalists.org/books/a-humane-economy/read/a-humane-economy/ A HUMANE ECONOMY The Social Framework of the Free Market PHILOSOPHICALAND HISTORICAL STUDIES VOLUME 1 A HUMANE ECONOMY The Social Frame·work oft the Free Market by Wilhelm Ropke Published with the assistance oj the INSTITUTE FOR PHILOSOPHICAL AND HISTORICAL STUDIES, INC. HENRY REGNERY COMPANY • CHICAGO 1960 The Institute for Philosophical and Historical Studies, Inc., 64 East Jackson Boulevard... 2. Foreword -- https://freecapitalists.org/books/a-humane-economy/read/foreword/ Do likewise for your successors and be happy." Five years later, the French Revolution broke out; its waves have still not subsided, still throw us hither and thither. Gotha itself, famed for its Alma nach de Gotha and its sausages, has been engulfed by the most monstrous tyranny of all times. There could he no greater distance between the honest happiness of the document quoted and the spirit of... 3. Preface -- https://freecapitalists.org/books/a-humane-economy/read/preface/ What usually is torture for me, she has made a pleasure, and she has lifted me from Inferno to Paradiso. To be quite honest, it was not an unmitigated pleasure, for she has humbled me by discovering an undue number of errors in the German original. The reader of the English version is the gainer. Indeed, its only essential differ ence from the German original is the absence of these errors. I am... 4. I. Reappraisal After Fifteen Years -- https://freecapitalists.org/books/a-humane-economy/read/i-reappraisal-after-fifteen-years/ What has happened in those fifteen years, and just where do we stand today? What is to be said now in the context of the problems discussed in The Social Crisis oj Our Time? These are the ques tions which first come to mind. They are questions to which one individual seeks an answer-the author of those earlier works and of this one-and they are questions to which it is not possible to give any... 5. II. Modern Mass Society -- https://freecapitalists.org/books/a-humane-economy/read/ii-modern-mass-society/ The first difficulty crops up at once. The pioneers who early recognized and diagnosed the symptoms of modern mass society one of the first and most distinguished of whom, Ortega y Gasset, recently left us in old age-must today be inclined to observe some what wistfully that their endeavor has heen overtaken by the com mon fate of new ideas. It is a fate which in itself exemplifies one of the... 6. III. The Conditions and Limits of the Market -- https://freecapitalists.org/books/a-humane-economy/read/iii-the-conditions-and-limits-of-the-market/ The market economy is no exception to the rule. Indeed, its advo cates, in so far as they are at all intellectually fastidious, have al ways recognized that the sphere of the market, of competition, of the system where supply and demand move prices and thereby gov90 THE CONDITIONS AND LIMITS OF THE MARKET ern production, may be regarded and defended only as part of a wider general order... 7. IV. Welfare State and Chronic Inflation -- https://freecapitalists.org/books/a-humane-economy/read/iv-welfare-state-and-chronic-inflation/ Among these slowly spreading cancers of our Western economy and society, two stand out: the apJparently irresistible advance of the welfare state and the erosion of the value of money, which is called creeping inflation. There is a close link between the two through their common causes and mutual reinforcement. Both start slowly, but after a while the pace (Iuickens until the deterioration is... 8. V. Centrism and Decentrism -- https://freecapitalists.org/books/a-humane-economy/read/v-centrism-and-decentrism/ It is unlikely that this socialist would repeat today what he then propounded so passionately. The .American, on the other hand, would have every reason not simply to warn but to implore. It fol lows that the socialist was wrong on a matter of economic policy, while the American was right. The inflationary pressure which the latter feared has now become so obvious that even the socialists must... 9. Notes -- https://freecapitalists.org/books/a-humane-economy/read/notes/ 2. Ricarda Huch, Untergang des Romischen Reiches Deutscher Nation (Ziirich, 1954), 218f. If, on the other hand, we want to know what goes on in the soul of the modern city dweller and mass man, we have but to consult such books as the famous Kinsey Report or an enlightening British book by B. Seebohm Rowntree and G. R. Lavers entitled English Life and Leisure: A Social Study (London, 1951). Cf.... 10. Index -- https://freecapitalists.org/books/a-humane-economy/read/index/ 20, 272 n. 25 Bohm, Franz, 300 n. 8 Bonn, M. J., 288 n. 11 Boredom: curse of our epoch, 73; product of mass society, 73, 80; causes for, 81; imposed by mech anized life, 84 Borsodi, R., author, The Ugly Civilization, 83 Bosch, Hieronymus, 11 Bosch, Werner, 287 n. 9 Boulding, K. E., 236, 276 D. 4, 282 n.32 "Bourgeois" philosophy: described, 119 Bourgeois system, 98-99 Briefs, Goetz, 264 n. 10, 280... 11. About this edition -- https://freecapitalists.org/books/a-humane-economy/read/about-this-edition/ This EPUB was produced automatically from the PDF named below. The text is the publisher's; the layout was reflowed for screen reading, so page breaks, line breaks and hyphenation differ from the original. Publisher: Henry Regnery Company, Chicago Source page: https://freecapitalists.org/books/a-humane-economy/ Converted: 2026-08-09 by The Liberty Archive (freecapitalists.org), converter v6 ### A Hundred Years of Marxian Socialism Ludwig von Mises. in Money, Method, and the Market Process , Richard M. Ebeling, ed., Boston, MA: Kluwer Academic Publishers, 1990, pp. 215-232. first published 1990. Page: https://freecapitalists.org/books/hundred-years-of-marxian-socialism-a/ Rights: undetermined (evidence: n/a) Download: HTML https://library.freecapitalists.org/books/Ludwig%20von%20Mises/Hundred%20Years%20of%20Marxian%20Socialism%2C%20A.html (49.8 KB) Topics: state Mises' analysis of Marxian socialism across a century of intellectual history, examining the influence and criticism of Marxist economic and political theory. ### A Lecture on Free Trade, in connexion with the Corn Laws Thomas Hodgskin. London: G. J. Palmer, 1843; Online Library of Liberty edition. first published 1843. 25 pages. Page: https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Hodgskin/A%20Lecture%20on%20Free%20Trade%2C%20in%20connexion%20with%20the%20Corn%20Laws.pdf (186 KB); EPUB https://library.freecapitalists.org/books/Thomas%20Hodgskin/A%20Lecture%20on%20Free%20Trade%2C%20in%20connexion%20with%20the%20Corn%20Laws.epub (105 KB) A lecture Hodgskin gave at White Conduit House on January 31, 1843, during the campaign to repeal the Corn Laws. Speaking to a working-class audience, he sets out the case that free trade in grain would benefit workers and the country as a whole, and answers the landed interest. Full text: https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/read/ -- 4 chapters, 13,353 words. 1. A LECTURE, &c. -- https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/read/a-lecture-c/ The present meeting has, by my recommendation, been made completely open and free, and I appeal to you, by carrying it to its close with good temper and perfect order, to honour the bill I have ventured, in full confidence; to draw on the good sense of the people. If you redeem my pledge, those restrictions on public meetings which have of late been borrowed from the fears of Exeter Hall, and... 2. About Liberty Fund -- https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 3. The Online Library of Liberty -- https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 4. Copyright Information -- https://freecapitalists.org/books/a-lecture-on-free-trade-in-connexion-with-the-corn-laws/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Letter to Grover Cleveland Lysander Spooner. 1886; Project Gutenberg edition. first published 1886. Page: https://freecapitalists.org/books/a-letter-to-grover-cleveland/ Rights: undetermined (evidence: n/a) Download: EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Letter%20to%20Grover%20Cleveland.epub (187 KB) ### A Letter to Thomas Bayard Lysander Spooner. Boston: Published by the Author, 1882; Online Library of Liberty edition. first published 1882. 11 pages. Page: https://freecapitalists.org/books/a-letter-to-thomas-bayard/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Letter%20to%20Thomas%20Bayard.pdf (167 KB); EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Letter%20to%20Thomas%20Bayard.epub (83.1 KB) An 1882 open letter to Senator Thomas F. Bayard of Delaware, first printed in Benjamin Tucker's Liberty. Spooner challenges the right of Bayard and all other members of Congress to exercise any legislative power over the people, rejecting the claim that the wise and well-born are entitled to govern others without their consent. Full text: https://freecapitalists.org/books/a-letter-to-thomas-bayard/read/ -- 4 chapters, 4,025 words. 1. LETTER To Thomas F. Bayard, of Delaware: -- https://freecapitalists.org/books/a-letter-to-thomas-bayard/read/letter-to-thomas-f-bayard-of-delaware/ I have read your letter to Rev. Lyman Abbott, in which you express the opinion that it is at least possible for a man to be a legislator, (under the Constitution of the United States,) and yet be an honest man. This proposition implies that you hold it to be at least possible that some four hundred men should, by some process or other, become invested with the right to make laws of their own—that... 2. About Liberty Fund -- https://freecapitalists.org/books/a-letter-to-thomas-bayard/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 3. The Online Library of Liberty -- https://freecapitalists.org/books/a-letter-to-thomas-bayard/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 4. Copyright Information -- https://freecapitalists.org/books/a-letter-to-thomas-bayard/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Libertarian Critique of Intellectual Property Butler Shaffer. Mises Institute, 2013. first published 2013. 60 pages. ISBN 9781610165891. Page: https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/ Rights: cc-by-3.0 (evidence: high), https://creativecommons.org/licenses/by/3.0/ Download: PDF https://library.freecapitalists.org/books/Butler%20Shaffer/Libertarian%20Critique%20of%20Intellectual%20Property.pdf (138 KB); EPUB https://library.freecapitalists.org/books/Butler%20Shaffer/Libertarian%20Critique%20of%20Intellectual%20Property.epub (227 KB); MOBI https://library.freecapitalists.org/books/Butler%20Shaffer/Libertarian%20Critique%20of%20Intellectual%20Property.mobi (1.3 MB) Topics: law What is the status of intellectual property? Are patents and copyrights legitimate in a free society? Butler Shaffer is a distinguished libertarian legal theorist who has for many years taught at Southwestern Law School in Los Angeles. In this monograph, he addresses an important question that has aroused much interest among libertarians: What is the status of intellectual property? Are patents and copyrights legitimate? Shaffer responds with an appeal to fundamental libertarian principles. Only arrangements that people freely negotiate with one another are acceptable: laws imposed by a coercive state are not. Judged by this standard, intellectual property fails. People may make contracts that limit the sale or transmission of ideas or books, but these bind only those who make them. Intellectual property laws, by contrast, apply to everyone, whether people accept them or not. These laws could not have arisen through voluntary agreements. Defenders of intellectual property maintain that inventors and writers need protection for their work. Without patents and copyrights, inventions and creative work would be impeded. Shaffer responds that most of the great creators and inventors of the past worked without patent s and copyrights. Leonardo da Vinci and Shakespeare, for example, did rather well without this sort of state privilege. A Libertarian Critique of Intellectual Property is a major contribution to libertarian legal theory and an indispensable guide to a vital topic. Full text: https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/read/ -- 4 chapters, 6,958 words. 1. Front Matter -- https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/read/front-matter/ The Mises Institute, founded in 1982, is a teaching and research center for the study of Austrian economics, libertarian and classical liberal political theory, and peaceful international relations. In support of the school of thought represented by Ludwig von Mises, Murray N. Rothbard, Henry Hazlitt, and F.A. Hayek, we publish books and journals, sponsor student and professional conferences, and... 2. Introduction -- https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/read/introduction/ Butler Shaffer knows how to make people question their fundamental assumptions. He sometimes asks his students at Southwestern Law School, where for many years he has been professor of law, to vote between two candidates. Candidate A is identified as “a well-known critic of government, this man has been involved in tax protest movements, and has openly advocated secession, armed rebellion against... 3. A Libertarian Critique of Intellectual Property -- https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/read/a-libertarian-critique-of-intellectual-property/ From a libertarian perspective, premised upon respect for private property and the rejection of coercion, a discussion of what is called “intellectual property”—e.g., copyrights, patents, trademarks—must focus on the same questions that attend more general inquiries into property ownership. How do such interests come into existence? How is decision-making exercised? And how are interests... 4. Index -- https://freecapitalists.org/books/libertarian-critique-of-intellectual-property/read/index/ Boundaries of Order (Shaffer, Butler), 11, 17, 19 Civilization, effect of creativity on progress of, 53 Competitive resiliency, effect of firm size on, 46 Copyright notices, unenforceability of, 22 Creative process, dependence of on IP, 28 f. Cross-fertilization, dependence of creativity on, 29 f. Early inventors, compensation due to, 37 Food production, role of GMO patents in, 40 Force and... ### A Life in Liberty: Liber Amicorum in Honor of Hans-Hermann Hoppe Jörg Guido Hülsmann and Stephan Kinsella. Houston, Texas: Papinian Press, 2024; second printing, with corrections, October 2024. Edited by Jörg Guido Hülsmann and Stephan Kinsella. first published 2024. 412 pages. Page: https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/ Rights: cc-by-4.0 (evidence: high), https://creativecommons.org/licenses/by/4.0/ Download: PDF https://library.freecapitalists.org/books/Jorg%20Guido%20Hulsmann/A%20Life%20in%20Liberty.pdf (5.2 MB); EPUB https://library.freecapitalists.org/books/Jorg%20Guido%20Hulsmann/A%20Life%20in%20Liberty.epub (2.6 MB) A book of 41 essays for Hans-Hermann Hoppe's 75th birthday, edited by Jörg Guido Hülsmann and Stephan Kinsella and presented at the 2024 Property and Freedom Society meeting in Bodrum. It follows the 2009 festschrift Property, Freedom, and Society, also in this archive. The first part is personal: tributes from Hoppe's wife and children, Lew Rockwell, and friends from the PFS. The rest is scholarship on Hoppe's ideas and on topics he shaped, including argumentation ethics, time preference and democracy, immigration, private security, and law. Contributors include Sean Gabb, Mark Thornton, Thorsten Polleit, Rahim Taghizadegan, Jeff Deist, David Howden, Doug French, Frank van Dun, Philipp Bagus, Thomas DiLorenzo, and Kinsella's own chapter on defamation as a type of intellectual property. Full text: https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/ -- 44 chapters, 122,469 words. 1. Front Matter -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/front-matter/ Liber Amicorum in Honor of Hans-Hermann Hoppe Edited by Jörg Guido Hülsmann and Stephan Kinsella Copyright © 2024, Jörg Guido Hülsmann and Stephan Kinsella and the respective authors. Second printing, with corrections, October 2024 Published under a Creative Commons Attribution (CC BY) 4.0 International License Cover Design & Interior Formatting by Susi Clark of Creative Blueprint Design Main... 2. Preface -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/preface/ It is our great pleasure to present this book to our dear friend Hans-Hermann Hoppe and to the world at large. It features various texts written in his honor, on the occasion of his 75th birthday, by colleagues, friends, and family members. It is a longstanding academic custom to publish liberos amicorum (books made by friends for a friend) thereby expressing esteem and reverence for the laureate... 3. Life With a Freedom Fighter -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/life-with-a-freedom-fighter/ Dr. Gülçin Imre Hoppe lives in Istanbul. I first met Hans in 2003, at the Mises Institute’s Supporters summit in Auburn, Alabama. He was then presenting his book The Myth of National Defense. I was working on my PhD on the subject “Ludwig on Mises’s Contributions to Economic Thought within the Austrian School” at the University of Istanbul. I had started this project in my 20s but did not finish.... 4. Dedicated -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/dedicated/ Emily Hoppe Dalton is Hans’s daughter. She lives with her husband and children in California. Dedicated. This is how I always saw you growing up, Dad. Dedicated to your writing, dedicated to your teaching, dedicated to your family. As a little girl, I didn’t always understand what you were doing in your office, what you were writing. It wasn’t until I was much older and started to see you speak... 5. A Father -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-father/ Nick Hoppe lives with his family in Austria. It’s been a question asked by friends and fans of my father’s for as long as I can remember… “What’s it like being the son of Hans-Hermann Hoppe?” I have a memory of having one of my father’s former students ask me this at a Christmas party at our home in Las Vegas, where students were frequently invited for various gatherings, dinners, etc. I must... 6. In Honor of Hans Hoppe -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/in-honor-of-hans-hoppe/ Llewellyn H. Rockwell, Jr., is founder and chairman of the board of the Ludwig von Mises Institute in Auburn, Alabama, and editor of LewRockwell.com. I first heard of Hans Hoppe from Murray Rothbard in the early 1980s. Bubbling over with enthusiasm, Murray told me that a brilliant young German graduate student had become his disciple. Hans had been a prize pupil of the famous Frankfurt School... 7. A Beacon of Light -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-beacon-of-light/ Lee Iglody, an attorney in Las Vegas, completed his Bachelor of Arts in Economics with honor under the guidance of Professors Murray N. Rothbard and Hans-Herman Hoppe at the University of Nevada, Las Vegas. In my previous essay honoring Professor Dr. Hans Hermann Hoppe, I concluded by saluting his steadfast dedication to the pursuit of timeless truths, despite immense personal and professional... 8. Two Weddings and a Foundation -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/two-weddings-and-a-foundation/ Deanna Forbush is an attorney with Fox Rothschild. She lives with her husband, Doug French, in Las Vegas. I grew up in Utah a Libertarian, but didn’t know it. We believed in freedom, capitalism and property rights without realizing there was a name for it. It just seemed axiomatic to me that a person owned their own body, had the right to exclude trespassers, should earn their own way and then... 9. The Triumph of Hans-Hermann Hoppe -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-triumph-of-hans-hermann-hoppe/ Jeffrey M. Herbener (jmherbener@gcc.edu) is professor of economics and chairman of the economics department at Grove City College. He is a Senior Fellow of the Ludwig von Mises Institute Institute and associate editor of The Quarterly Journal of Austrian Economics. Colleagues and friends of Hans-Hermann Hoppe remember his victory over the thought police at UNLV. His ordeal kept grinding on from... 10. A Warrior Spirit -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-warrior-spirit/ Robert Grözinger lives and works in the United Kingdom. The American historian and economist Dr Gary North once observed that for many centuries Germans used to be a warrior nation—until 1945. I couldn’t agree more. However, while growing up and living in (West) Germany from the 1960s until the year 2000, I observed that even after World War Two, a remnant had survived among the Germans with... 11. 2006 Was a Good Year -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/2006-was-a-good-year/ Olivier Richard lives and works in Switzerland. As a young man, I was always wary of politics. But in January 2006, I grew itchy, looked around, and eventually stumbled onto an excellent summary for educated laymen by Christian Michel of the academic article “Marxist and Austrian Class Analysis,” originally published in pure academic format by Hans-Hermann Hoppe in The Journal of Libertarian... 12. A Heartfelt Tribute to My Good Friend Hans -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-heartfelt-tribute-to-my-good-friend-hans/ Thomas Jacob studied economics at Zurich University, was a Swissair airline pilot and now works in the insurance sector. In 1981 he became a Randian Minarchist and in 1990 a Hoppean Anarchist. He has four children and lives with his wife and the two younger ones in Zurich, Switzerland. My contribution has three goals. Firstly, I want to tell you why you mean so much to me, also on behalf of my... 13. A Series of Fortunate Events -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-series-of-fortunate-events/ Caner (Jay) Baykal lives and works in Bodrum, Turkey. During my time in high school, I possessed a skill for mathematics and statistics, and my inquisitive nature always led me towards the subject of economics. It was then that I made the decision to pursue a degree in Econometrics, believing it would provide answers to all the questions that plagued my mind on the matter. However, after... 14. Principled -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/principled/ Jeffrey F. Barr practices law in Las Vegas, Nevada. He studied under Murray Rothbard and Hans Herman-Hoppe in the late 1980s and early 1990s. In a lifetime of accolades that could be bestowed upon Hans-Hermann Hoppe, one stands out among all the rest: his relentless commitment to Truth. For 35 years, I have had the good fortune to be a first-hand witness to Professor Hoppe’s pursuit of Truth. I... 15. My Dinner With Professor Hoppe -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/my-dinner-with-professor-hoppe/ Gregory Morin, Ph.D., Chemistry, owns and operates a manufacturing firm in Georgia (US). He is a chemist by training and an armchair economist by passion. He and his wife Joy are longtime supporters of the Mises Institute and the Property and Freedom Society. Greg currently serves on the board of the Mises Institute. My first encounter with Hans Hoppe was at the 2015 Mises Institute’s “Austrian... 16. The Pope of Libertarianism -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-pope-of-libertarianism/ Sean Gabb, an English libertarian and conservative, is a novelist and Director of the Centre for Ancient Studies, an academy that teaches Greek and Latin. There have been bleaker times for being a libertarian. I think of the two world wars, when respect for life, liberty and property fell off the list even of formal aspirations. Undoubtedly, though, now is a bleak time. If we go back a quarter of... 17. Hans Hoppe is No Revolutionary -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/hans-hoppe-is-no-revolutionary/ Mark Thornton is the Peterson-Luddy Chair in Austrian Economics and a Senior Fellow at the Mises Institute. He serves as the Book Review Editor of the Quarterly Journal of Austrian Economics. His publications include The Economics of Prohibition (1991), Tariffs, Blockades, and Inflation: The Economics of the Civil War (2004), The Quotable Mises (2005), The Bastiat Collection (2007), An Essay on... 18. Hoppe Turned Me into an “Extreme Apriorist” -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/hoppe-turned-me-into-an-extreme-apriorist/ Dr. Thorsten Polleit is Honorary Professor for Economics at the University of Bayreuth and President of the Ludwig von Mises Institut Deutschland. “If the power of government rests on the widespread acceptance of false indeed absurd and foolish ideas, then the only genuine protection is the systematic attack of these ideas and the propagation and proliferation of true ones.” It was the beginning... 19. The Humble Hero of Truth -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-humble-hero-of-truth/ Nikolay Gertchev holds a Ph.D. in economics from the University of Paris II Panthéon-Assas. He works for an international organisation in Brussels, Belgium and teaches financial sector regulation in the Master Law and Finance at the University of Angers, France. I first met Professor Hoppe in 2002, at the summer university organised by the Mises Institute in Auburn, Alabama. I was immediately... 20. An Austrian Perspective on Hans-Hermann Hoppe and the Property and Freedom Society -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/an-austrian-perspective-on-hans-hermann-hoppe-and-the/ Rahim Taghizadegan is the last Austrian economist of the Austrian School in the direct tradition, having taught at universities in Austria, Liechtenstein, Switzerland, and Germany. Author of over fifteen books, he is the founder of the private university scholarium, where the Austrian School can be studied in its original interdisciplinary form. He is also a physicist (specialization in nuclear... 21. Hoppe and the Current Stage of Austro-libertarianism in Brazil -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/hoppe-and-the-current-stage-of-austro-libertarianism-in/ Fernando Fiori Chiocca is the founder and editor of Instituto Rothbard. This is the second Festschrift awarded to Hans-Hermann Hoppe. The first1 featured 35 authors who gave testimonies about their friendship with Hans-Hermann Hoppe and/or took the opportunity to comment on or develop some of his theses. Among these authors were the world’s greatest libertarians and economists, such as Lew... 22. From the Foundations to the Overlooked Problems of Today -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/from-the-foundations-to-the-overlooked-problems-of-today/ Josef Šíma teaches at Metropolitan University Prague. He earned his Ph.D. in Economics and his M.A. in Finance and International Politics at the University of Economics, Prague. I first met Hans-Hermann Hoppe in Auburn in the mid-1990s, when, after years of discovering authors of the Austrian School, I finally made it to the Mises Institute’s summer university. There, I witnessed something I had... 23. On Argumentation Ethics, Human Nature, and Law -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/on-argumentation-ethics-human-nature-and-law/ Oscar Grau is a musician and piano teacher, working in the family business. He is a popularizer of libertarian ideas and economic science and is editor of the Spanish section of Hans-Hermann Hoppe’s official website. I am not sure if I will ever meet Hoppe in person, but I am certain that I have done my best in honoring him throughout these years—studying him, translating him, and writing... 24. An Intellectual Provocateur -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/an-intellectual-provocateur/ Carlos A. Gebauer is a German lawyer and author. Meeting Hans-Hermann Hoppe was the result of an unplanned coincidence in the Summer of 2005. Actually, I had travelled to Gummersbach at that time to meet Roland Baader in person. The Friedrich Naumann Foundation—an organisation associated with the German Free Democratic Party—was holding a seminar on libertarianism at the Theodor Heuss Academy... 25. Transforming Toward Hoppean Security Production -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/transforming-toward-hoppean-security-production/ Tim Haffner is a retired law enforcement and reserve military officer that was introduced to Austrian economics while serving in combat in the Middle East, and now consults on political risk and international security affairs. Every libertarian has a unique path of gradually releasing statist mental conditioning and ultimately accepting the implications of a property centric legal order. Once... 26. Part Three -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/part-three/ A Note on Hoppe’s “Open Borders” Critics Jeff Deist is former President of the Mises Institute and currently general counsel for Monetary Metals. Hoppephobia, a disorder first identified by Murray Rothbard way back in 1990, is characterized by irrational and emotional outbursts directed against Hans-Hermann Hoppe and his work.1 Left untreated, it can last decades and render its sufferers... 27. Hoppe on Time Preference and Democracy -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/hoppe-on-time-preference-and-democracy/ Doug French (douglas.e.french@gmail.com) received his Masters degree in economics from the University of Nevada Las Vegas under Murray Rothbard with Professor Hoppe serving on his thesis committee. He resides in Las Vegas with his wife, Deanna Forbush. No intelligent American that I know of actually believes in democracy—that is, as we suffer and endure it in the Republic—and yet no one ever... 28. Democracy and Philanthropy -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/democracy-and-philanthropy/ Hardy Bouillon (hardy.bouillon@publicpartners.de) teaches philosophy at the University of Trier. His books include Libertarians and Liberalism (1997), Ordered Anarchy (2007), Business Ethics and the Austrian Tradition in Economics (2011), and Criticist Philosophy of Science (2024). Hardly anyone has criticized the disadvantages of democracy as much as Hans-Hermann Hoppe. On the other hand... 29. Should Political Parties be Abolished? -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/should-political-parties-be-abolished/ Antony P. Mueller holds a doctorate in economics from the Friedrich-Alexander-University of Erlangen and Nürnberg (FAU) and teaches currently at the Mises Academy in São Paulo, Brazil. The ruling model of the liberal democracy is in crisis. In the United States and many European countries, confidence in the political system is in decline. There have been many attempts to explain this... 30. Hoppe on Democracy and Prosperity -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/hoppe-on-democracy-and-prosperity/ Peter Wong is a perpetual traveller and financial columnist. His former roles include chairman of a free-market think tank and chief economist at a boutique hedge fund in Hong Kong In the past few years, global geopolitical crisis and policy mistakes during the “pandemic” have led to many business closures, also extreme volatility in both the stock and real estate markets, resulting in numerous... 31. Law, Argumentation Ethics, Hoppe and Me -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/law-argumentation-ethics-hoppe-and-me/ Frank van Dun taught philosophy of law at the Universities of Ghent and Maastricht. He is the author of numerous works on the philosophy of law from a natural law and libertarian perspective. A long time ago, during a coffee break at one of those then frequent Liberty Fund conferences in Europe, I was approached by a somewhat younger attendee, Hartmut Kliemt. He told me that I reminded him very... 32. Crime, Governments, and Psychopathology from a Praxeological Perspective -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/crime-governments-and-psychopathology-from-a-praxeological/ Alessandro Fusillo is an attorney in Italy and president of the Italian Libertarian Movement. A few years ago, my wife asked me what I felt knowing Hans Hoppe personally. I answered that it is like knowing Plato or Aristoteles personally and having the occasion to pick their brains over a glass of wine. Except, Hoppe is a sharper and more interesting thinker. My encounter with Hans-Hermann Hoppe... 33. The Ethics of Physics -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-ethics-of-physics/ David Dürr is Professor of Law emeritus, University of Zürich/Switzerland, and Attorney-at-Law and Notary Public, SwissLegal-Group. around that time Hans already knew that an organization like the state was contradictory in it­self—while I wasn’t aware yet to be working on an approach that would ultimately lead to hard-core anarchism. What came out some years later as my own habilitation thesis... 34. Defamation as a Type of Intellectual Property -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/defamation-as-a-type-of-intellectual-property/ Stephan Kinsella is a libertarian writer and patent/IP attorney in Houston. His publications include Legal Foundations of a Free Society (Houston, Texas: Papinian Press, 2023) (hereinafter LFFS); idem, Against Intellectual Property (Auburn, Ala.: Mises Institute, 2008) (hereinafter AIP); Trademark Practice and Forms (editor; Thomson Reuters, 2001–2013); and International Investment, Political... 35. Medieval Christendom and Libertarianism -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/medieval-christendom-and-libertarianism/ Matteo Salonia is a historian currently teaching at the University of Nottingham Ningbo (China), and a Visiting Scholar at Benedictine College (Kansas). His academic publications include the 2017 book Genoa’s Freedom: Entrepreneurship, Republicanism, and the Spanish Atlantic. Notwithstanding the unforgiving rain and wind, I have very fond memories of the years that I spent in Liverpool, working... 36. The Use of Private Property in a State Culture -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-use-of-private-property-in-a-state-culture/ Philipp Bagus is professor at Universidad Rey Juan Carlos a Fellow of the Mises Institute, an IREF scholar, and the author of numerous books including In Defense of Deflation and The Tragedy of the Euro. I encountered the Austrian School through books published by the German Akademia Verlag. These books included Rothbard’s Ethics of Liberty as well as Mises’s Liberalismus and Bürokratie.... 37. One Thousand Liechtensteins -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/one-thousand-liechtensteins/ Andreas Tögel lives and works in Austria. Before I go into my friendship with Prof. Hoppe, I would like to say a few things in advance. Vienna, my hometown, was ruled by socialists from 1918 onwards, with a short interruption from 1938–1945, during the “Anschluss” of Austria to the “Third Reich” (in case anyone should think that the National Socialists were not just ordinary socialists in the... 38. Was Milton Friedman a Causal Realist? -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/was-milton-friedman-a-causal-realist/ Karl-Friedrich Israel is a professor at Université Catholique de l’Ouest, Angers, France. When I discovered the Austrian school of economics back in 2008 as an undergraduate student at Humboldt University in Berlin, my journey started with Hayek. For obvious reasons I was interested in the theory of business cycles. There was a lecture series—a Ringvorlesung—on the various explanations of the... 39. “Keep off” is a Good Maxim -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/keep-off-is-a-good-maxim/ Robert Nef is married to Annelies Nef-Nyffeler and father of two sons and grandfather of five grandchildren. I share with Hans Hoppe his attitude to “creative dissidence.” So let me start this contribution with the fable “The fairly intelligent fly” by the American writer James Thurber (1894–1961). It expresses beautifully the stance of those who are sceptical about centralists in all parties and... 40. A Hoppean Alternative to Hayek’s “Spontaneous Order” -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/a-hoppean-alternative-to-hayeks-spontaneous-order/ Juan Fernando Carpio was Professor of economics at Universidad San Francisco de Quito, Ecuador (www.jfcarpio.com). He has translated the works of Hans-Hermann Hoppe and George Reisman into Spanish. I was a young social democrat when I first encountered the Austrian School through mentions and footnotes on a popular anti-socialist book by three renowned authors in Latin America. The experience of... 41. The Economics of Metaphysics -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/the-economics-of-metaphysics/ Jörg Guido Hülsmann (jgh@guidohulsmann.com) is Professor of Economics at the Faculty of Law, Economics, and Management of the University of Angers, France; a Senior Fellow with the Ludwig von Mises Institute; and the author of Mises: The Last Knight of Liberalism (2007), The Ethics of Money Production (2008), and Abundance, Generosity, and the State (2024). Professor Hoppe has made many eminent... 42. Some of My Favorite Hoppe Quotes -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/some-of-my-favorite-hoppe-quotes/ Dr. Thomas DiLorenzo was a university economics professor for forty-one years, including twenty-eight years at Loyola University Maryland. He is president of the Ludwig von Mises Institute. One of the joys of reading the writings of Hans-Hermann Hoppe is his ironclad logic, inspired by his deep knowledge of philosophy, Austrian economics, and libertarian theory. This enables him to constantly... 43. Editors and Contributors -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/editors-and-contributors/ JÖRG GUIDO HÜLSMANN (jgh@guidohulsmann.com) is Professor of Economics at the Faculty of Law, Economics, and Management of the University of Angers, France; a Senior Fellow with the Ludwig von Mises Institute; and the author of Mises: The Last Knight of Liberalism (2007), The Ethics of Money Production (2008), and Abundance, Generosity, and the State (2024). STEPHAN KINSELLA (nskinsella@gmail.com)... 44. Index -- https://freecapitalists.org/books/a-life-in-liberty-liber-amicorum-in-honor-of-hans-hermann-hoppe/read/index/ Action Equals Reaction (AER) law, 263–264, 266 non-aggression principle, 61–62, 154, 317 Hoppe’s case for, 13–14, 34, 161, 256, 298–299 Andreski, Stanislav: The Work is Done by Others: Class Struggle and the Priestly Rule of the Intellectuals (1975), 76 economic theory as empirical science, 76–77 extreme apriorism, 73–85. See also Apriorism, extreme human nature, law, and, 117–132. See also Human... ### A New History of Leviathan Murray N. Rothbard. with Ronald Radosh, 1972: NY, E. P. Dutton. first published 1972. 280 pages. Page: https://freecapitalists.org/books/a-new-history-of-leviathan/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Murray%20N%20Rothbard/A%20New%20History%20of%20Leviathan.pdf (15.9 MB) Topics: state, history ### A New Pattern for a Tired World Louis Bromfield. Arno Press, New York, 1972. first published 1972. 346 pages. Page: https://freecapitalists.org/books/a-new-pattern-for-a-tired-world/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Louis%20Bromfield/A%20New%20Pattern%20for%20a%20Tired%20World.pdf (20.6 MB) ### A Note on Burke's Vindication of the Natural Society Murray N. Rothbard. Journal of the History of Ideas , Volume 19, Number 1 (January 1958), pp. 114-118. first published 1958. 6 pages. Page: https://freecapitalists.org/books/a-note-on-burke-s-vindication-of-the-natural-society/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Murray%20N%20Rothbard/A%20Note%20on%20Burkes%20Vindication%20of%20the%20Natural%20Society.pdf (22.3 KB) ### A Plan for the Abolition of Slavery, and To the Non-Slaveholders of the South Lysander Spooner. n.p., 1858; Online Library of Liberty edition. first published 1858. 11 pages. Page: https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Plan%20for%20the%20Abolition%20of%20Slavery%2C%20and%20To%20the%20Non-Slaveholders%20of%20the%20South.pdf (331 KB); EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/A%20Plan%20for%20the%20Abolition%20of%20Slavery%2C%20and%20To%20the%20Non-Slaveholders%20of%20the%20South.epub (84.8 KB) A 1858 broadside in which Spooner appeals to the nonslaveholding population of the South to support the abolition of slavery. It sets out a plan for ending the system and addresses Southern nonslaveholders directly, as part of his wider campaign against slavery on constitutional and moral grounds. Full text: https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/ -- 5 chapters, 4,558 words. 1. TO THE NON-SLAVEHOLDERS OF THE SOUTH. -- https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/to-the-non-slaveholders-of-the-south/ We present to you herewith “A Plan for the Abolition of Slavery,” and solicit your aid to carry it into execution. Your numbers, combined with those of the Slaves, will give you all power. You have but to use it, and the work is done. The following self-evident principles of justice and humanity will serve as guides to the measures proper to be adopted. These principles are— 1. That the Slaves... 2. A PLAN FOR THE ABOLITION OF SLAVERY. -- https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/a-plan-for-the-abolition-of-slavery/ When a human being is set upon by a robber, ravisher, murderer, or tyrant of any kind, it is the duty of the bystanders to go to his or her rescue, by force, if need be. In general, nothing will excuse men in the non-performance of this duty, except the pressure of higher duties, (if such there be,) inability to afford relief, or too great danger to themselves or others. This duty being naturally... 3. About Liberty Fund -- https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 4. The Online Library of Liberty -- https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 5. Copyright Information -- https://freecapitalists.org/books/a-plan-for-the-abolition-of-slavery-and-to-the-non-slaveholders-of-the-south/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Plea for Liberty: An Argument against Socialism and Socialistic Legislation Thomas Mackay, Auberon Herbert, Herbert Spencer, and Wordsworth Donisthorpe. New York: D. Appleton and Co., 1891; Online Library of Liberty edition. first published 1891. 437 pages. Page: https://freecapitalists.org/books/a-plea-for-liberty-an-argument-against-socialism-and-socialistic-legislation/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Mackay/A%20Plea%20for%20Liberty.pdf (52.8 MB) A 1891 collection of essays by British individualists, edited by Thomas Mackay with an introduction by Herbert Spencer and contributions from Auberon Herbert, Wordsworth Donisthorpe, and others. Written in answer to the Fabian Essays, it argues that socialism and the welfare legislation of the time threaten liberty and, in the end, prosperity. ### A Policy of Free Exchange: Essays by Various Writers on the Economical and Social Aspects of Free Exchange and Kindred Subjects Thomas Mackay. New York: D. Appleton and Co., 1894; Online Library of Liberty edition. first published 1894. 181 pages. Page: https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Mackay/A%20Policy%20of%20Free%20Exchange.pdf (939 KB); EPUB https://library.freecapitalists.org/books/Thomas%20Mackay/A%20Policy%20of%20Free%20Exchange.epub (446 KB) A companion to A Plea for Liberty, edited by Thomas Mackay and published in 1894. Essays by various writers take up the economic and social case for free exchange and against government intervention in trade, with the continuing target being Fabian and state-socialist policy in Britain. Full text: https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/ -- 30 chapters, 101,874 words. 1. PREFACE. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/preface/ THE articles contained in this volume have been written by the various authors independently. For the title, the preface, and for such general argument as is to be found in the book as a whole, no responsibility necessarily attaches to the writers, who are answerable each for his own contribution and for that only. The title suggests that the principle of Free Exchange is capable of inspiring a... 2. I. On the Science of Economics and its Relation to Free Exchange and Socialism by Henry Dunning Mac Leod -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/i-on-the-science-of-economics-and-its-relation-to-free/ ALL persons who are interested in the so-called science of Economics know only too well the melancholy and deplorable state into which it has fallen. It is such a chaos of contradictions that very many persons refuse to believe that there is any such science at all1. The cause of this lamentable confusion is that there are fundamental concepts of it, which are wholly irreconcileable with each... 3. II. The Coming Industrial Struggle by William Maitland -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/ii-the-coming-industrial-struggle-by-william-maitland/ WE frequently hear now that the Manchester school of political economists is dead, and that the doctrines it inculcated are extinct. That this should be so seems to be considered a subject for general congratulation. Its policy is described as narrow and selfish, unsuited to the more enlightened and philanthropic times in which we live; while its professors are accused of want of patriotism and... 4. PRESIDENT CLEVELAND. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/president-cleveland/ 'While every American citizen must contemplate with the utmost pride and enthusiasm the growth and expansion of our country, the sufficiency of our institutions to stand against the rudest shocks, the wonderful enterprise of our people, and the demonstrated superiority of our free government, it behoves us constantly to watch every symptom of insidious infirmity that threatens our national... 5. SIR WILLIAM HARCOURT. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/sir-william-harcourt/ 'I have already pointed to the growth of expenditure in the last seven years, and I have nothing to say on the subject of that expenditure. I am not going to enter into any controversy with reference to it, or to condemn it, but this, at least, I may say—that those who have authorized, encouraged, and insisted upon it—I am speaking now entirely without distinction of party, for it has not been... 6. MR. ARNOLD MORLEY. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/mr-arnold-morley/ 'The market rate of wages referred to was not a standard a government, or any other large employers of labour, ought to be guided by, and, he thought, the Post Office ought to set an example to other large employers of labour.'—(Reply to Deputation of the Unemployed. December 2, 1892.) 7. SIR JOHN GORST. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/sir-john-gorst/ 'The principle he was anxious to lay down was, that, whenever the public was the employer of labour, and the workers were working either for the general public or for the public in any division of the United Kingdom, the employers should so regulate all the conditions of the employment as to make themselves model employers of labour.... The whole matter was in the hands of a Government... 8. MR. CAMPBELL-BANNERMAN. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/mr-campbell-bannerman/ 'With regard to wages, the Government did not shut their eyes to the change that had come over the public mind in this matter. A very few years ago it would probably have been regarded on both sides as a perfectly sufficient answer if he had said, "We get men enough at the wages we offer. If our doors are open, there is a constant stream of men coming in; and, if they are shut, there is a mob... 9. MR. JOHN BURNS. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/mr-john-burns/ 'No better method of attempting to solve the question of the unemployed, which grew more serious every year, could be found in large districts where Government establishments existed than for systematic overtime to be abolished, a week of forty-eight hours established, and men from the ranks of the unemployed engaged in the arsenals and dockyards on reproductive work,' &c.—(Debate on Labour in... 10. I. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/i/ 'WE are tired of abstractions. Let us come to realities.'—That is the cry of the modern Socialists when they are confronted with the disquisitions of the older school of Economists. So be it. Let us try and test Socialism and its theories, not by counter theories but by facts. The Socialists have a great many doctrines and counsels of perfection, but their essential principle of practice is... 11. II. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/ii/ Perhaps it will be said that the Parisian experiment of fortyfive years ago is no guide, because the men who set up the Ateliers Nationaux did not really adopt the Collectivist theory, or because, even if they did, they did not apply it properly, i.e. give the scheme a fair trial. Therefore, it will be urged, the doings of 1848 throw no light on the subject. I accept the challenge. If the... 12. III. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/iii/ No doubt some of the men who signed this document only half believed that the experiment would be successful, and after its failure declared that they knew all along that it was hopeless. No one, however, who reads the records of the Revolution of 1848, and notes how greatly charged the air was with Socialism, can doubt that the Government as a whole were genuinely determined to give the... 13. IV. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/iv/ Before, however, summarizing Senior's account of the workshops I will give the Decrees formulating the droit au travail and establishing the Ateliers Nationaux. Here is the Decree which stated the right to work, or more scientifically—the right to wages (le droit au salaire):— The Provisional Government of the French Republic binds itself to guarantee the existence of the workman by means of... 14. V. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/v/ The effect of this Decree was the immediate opening of national workshops. Their organization was as follows. I adopt Senior's abstract of Thomas's account. A person who wished to take advantage of the offers of the Government took from the person with whom he lodged a certificate that he was an inhabitant of the Département de la Seine. This certificate he carried to the mairie of his... 15. VI. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/vi/ Such are the facts of the organization. I have no desire to moralize as to the abstract futility of these arrangements. I merely desire to call attention to the actual results of M. Louis Blanc's experiment, under the nineteenth and thirtieth Decrees. The first witness I will call is the Correspondent of the Economist newspaper, who was in Paris in 1848, and saw with his own eyes what he... 16. VII. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/vii/ Before leaving the subject of the Socialistic experiments tried in Paris, I will put on record for purposes of reference the following extract from Thiers's Rights of Property, which describes another experiment in Collectivism:— The owner of a great engine factory lent for a time his works to his workmen, so that there was no capital sunk in the formation of an establishment, and he agreed to... 17. VIII. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/viii/ Perhaps it will be said that the national workshops failed because they were set up in France, and that Collectivism would do much better in England. That is a strange argument considering the natural aptitude for being ordered about officially possessed by our neighbours. Still I will try to meet it. We possessed till the Reform of the Poor Law a good many experiments in Socialism in the shape... 18. IX. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/ix/ Before I leave the subject of Collectivism tested by experiment, I desire to say a word on the general question, and for that purpose will resume some portion of what I have written elsewhere on the subject (i.e. in The Liberal Unionist in 1891). I admit as fully as any Socialist can that the ideal is to get a better, fairer and more equal distribution of the world's goods. Two solutions are... 19. X. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/x/ I will end by giving what I believe to be the plain reasons why plain men should not be Socialists. It is not because Socialists are innovators or agitators or preach things contrary to the Book of Daniel, or are this, that, or the other, but simply and solely because Socialism is nonsense. Let me try then to put my reasons for not being a Socialist in the simplest possible form—the form which is... 20. IV. State Socialism and the Collapse in Australia by the Hon. J. W. Fortescue -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/iv-state-socialism-and-the-collapse-in-australia-by-the-hon/ THE literature of State Socialism is ever increasing, though it is but rarely enriched by the addition of such a volume as that written by Dr. Pearson under the title of National Character. Possibly it might seem a depreciation of the value of this book to rank it in so narrow a category as that of State Socialistic literature. The scholarship, the wide culture, the encyclopaedic study and... 21. V. The Influence of State Borrowing on Commercial Crises by Wynnard Hooper -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/v-the-influence-of-state-borrowing-on-commercial-crises-by/ COMMERCIAL crises are primarily the consequence of the imprudence of bankers, merchants, financiers and other members of the business classes, and also of the credulity of the general public. Crises vary very much in the details of the phenomena composing them, but they all possess certain well-marked characteristics which it is necessary to describe with some minuteness, as otherwise it would... 22. VI. The State in Relation to Railways by W. M. Acworth -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/vi-the-state-in-relation-to-railways-by-w-m-acworth/ THE writers of this volume I understand to be in agreement on this main principle—that individual initiative, or where that is from the nature of the case impossible, the initiative of bodies spontaneously organized on a voluntary basis to meet each new necessity of civilization as it arises, is, unless in exceptional circumstances, and then for due cause shown, to be preferred to State... 23. VII. The Interest of the Working Class in Free Exchange by T. Mackay -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/vii-the-interest-of-the-working-class-in-free-exchange-by-t/ 'THE property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable.' Such is the axiom in which Adam Smith proclaims the charter of human freedom. It is a pregnant phrase, and the corollaries which follow from it are far-reaching and important. A man's property in himself gives him a right of exclusive use in his... 24. VIII. The Principle of Progression in Taxation by Bernard Mallet -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/viii-the-principle-of-progression-in-taxation-by-bernard/ MR. DAVID A. WELLS, the well-known free-trader, has recently published a vigorous protest against the growing abuse of the power of taxation in the United States21. To make the occasion for the exercise of this power other than necessity, and the object anything else than the raising of money for meeting the expenditure of a government economically administered, is, he considers, 'to strike a... 25. IX. The Law of Trade Combinations by the Hon. Alfred Lyttelton -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/ix-the-law-of-trade-combinations-by-the-hon-alfred-lyttelton/ THE proximity into which men are now brought, and the almost bewildering ease with which they can communicate with one another, have given a strong impulse in business to the principle of combination. Combination is the motto of modern commerce. More and more is it apparent that industry will in the future be mainly in the hands of associated bodies. On the one side vast companies and... 26. GIBSON v. LAWSON. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/gibson-v-lawson/ In this case, in Dec. 1890, a workman named Gibson, a member of a trade union called the National Society of Engineers, was employed as a fitter by Messrs. Palmer & Co. shipbuilders in Northumberland. Another workman, by name Lawson, a shop delegate and a member of another trade union, the Amalgamated Society of Engineers, was employed in a like capacity at Messrs. Palmers. On Dec. 3 the... 27. CURRAN v. TRELEAVEN. -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/curran-v-treleaven/ In this case the Secretaries of certain trade unions had been convicted before the Recorder of Plymouth of wrongful intimidation under the section above referred to. The Recorder stated the following case for the consideration of the Court of Queen's Bench before giving effect to the conviction. The appellant and two other secretaries of trade unions, in order to prevent the respondent employing... 28. About Liberty Fund -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 29. The Online Library of Liberty -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 30. Copyright Information -- https://freecapitalists.org/books/a-policy-of-free-exchange-essays-by-various-writers-on-the-economical-and-social-aspects/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Protest against Law-Taxes Jeremy Bentham. London: Payne and Foss, 1818; Online Library of Liberty edition. first published 1818. 23 pages. Page: https://freecapitalists.org/books/a-protest-against-law-taxes/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Jeremy%20Bentham/A%20Protest%20against%20Law-Taxes.pdf (196 KB); EPUB https://library.freecapitalists.org/books/Jeremy%20Bentham/A%20Protest%20against%20Law-Taxes.epub (99.7 KB) Bentham's protest of 1793 against taxes on legal proceedings, printed in the 1818 volume that also holds his Defence of Usury. He argues that court fees and stamp duties on lawsuits deny justice to the poor, raise revenue in a way that punishes claimants, and should give way to a system of open and cheap access to the courts. Full text: https://freecapitalists.org/books/a-protest-against-law-taxes/read/ -- 6 chapters, 11,406 words. 1. A PROTEST against LAW - TAXES. -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/a-protest-against-law-taxes/ Taxes on law-proceedings constitute in many, and perhaps in all nations, a part of the resources of the state. They do so in Great Britain: they do so in Ireland. In Great Britain, an extension of them is to be found among the latest productions of the budget: in Ireland, a further extension of them is among the measures of the day. It is this impending extension that calls forth the publication... 2. NOTES to the SECOND EDITION. -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/notes-to-the-second-edition/ Mem.—Anno, 1796. At a dinner at Mr. M. P.'s, in—Street, Mr. R. in the presence of Mr. William Pitt, (then Minister) took me aside, and told me that they had read my Pamphlet on Law Taxes; that the reasons against them were unanswerable, and it was determined there should be no more of them. Anno, 1804, July 10, 12, 14, 18.—This being in the number of Mr. Addington's Taxes, Mr. Pitt, upon... 3. ADDITION BY A LEARNED FRIEND. -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/addition-by-a-learned-friend/ In the court of Chancery, two cases have recently occurred, which may serve as an illustration of the extnet in which the taxes upon law proceedings may operate as a denial of justice, In one case—Roe v. Gudgeon—the Defendant, in his answer to the Plaintiff's bill, submitted that he ought not to be compelled to set out certain accounts which had been required by the bill, as the expense of taking... 4. About Liberty Fund -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 5. The Online Library of Liberty -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 6. Copyright Information -- https://freecapitalists.org/books/a-protest-against-law-taxes/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Realistic Libertarianism Hans-Hermann Hoppe. LewRockwell.com, September 30, 2014; reprinted as chapter 1 of Getting Libertarianism Right (Mises Institute, 2018). first published 2014. 24 pages. Page: https://freecapitalists.org/books/a-realistic-libertarianism/ Rights: undetermined (evidence: n/a); published by permission of Hans-Hermann Hoppe (2026-09-23), not a public licence Download: PDF https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/A%20Realistic%20Libertarianism.pdf (133 KB) Hans-Hermann Hoppe's 2014 essay on what libertarianism needs to work in practice. He opens with Murray Rothbard's point that libertarian politics can be severed from culture and morals in strict logic but not in real life, then restates the argument from scarcity: property rules exist to avoid conflict over scarce things, and every thing must have a specified owner. From there Hoppe contrasts the Right, which accepts natural human inequality, with the Left, which seeks to equalize it through the State, and argues that libertarianism is compatible only with the first. He criticizes left-libertarians for backing anti-discrimination laws and open borders, which he treats as incompatible with private property, and proposes charging immigrants the full cost of their use of public property. First published on LewRockwell.com and later the first chapter of Getting Libertarianism Right; this PDF is that chapter, about 10,000 words. ### A Regulated Gold Standard Friedrich A. Hayek. The Economist, May 11, 1935. first published 1935. 2 pages. Page: https://freecapitalists.org/books/a-regulated-gold-standard/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Friedrich%20A%20Hayek/A%20Regulated%20Gold%20Standard.pdf (1.7 MB) Topics: money Hayek analyzes a gold standard system subject to regulatory constraints, examining monetary stability and the scope of policy intervention. ### A Rehabilitation of Say's Law William H. Hutt. Columbus: Ohio University Press, 1974. first published 1974. 158 pages. ISBN 9781610160957. Page: https://freecapitalists.org/books/rehabilitation-of-say-s-law-a/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/William%20H%20Hutt/Rehabilitation%20of%20Says%20Law%2C%20A.pdf (10.9 MB); EPUB https://library.freecapitalists.org/books/William%20H%20Hutt/Rehabilitation%20of%20Says%20Law%2C%20A.epub (518 KB) Topics: austrian, law With A Rehabilitation of Say's Law , Professor William H. Hutt produced a magnificent work that Austrians would love to claim as one of their own, but that Hutt himself viewed as thoroughly classical in nature. The topic addressed here is Say's law: the view that macroeconomic activity tends toward stability — which is to say, under a free market there will be no systemic gluts or shortages absent government intervention. J.M. Keynes considered the foundation of his own work his refutation of Say's law, for which (according to Hutt) he coined the phrase "supply creates its own demand." Hutt formulates the law, which he says is fundamental to all economic thinking, that "all power to demand is derived from production and supply." Hutt argues that there is no inherent flaw in the market that leads it to provide a deficiency in aggregate demand, contrary to what Keynes claimed. Hutt's argument is that Say's law must be completely restored before the root of the Keynesian error can be seen and understood. This book was originally published in 1974 and appears again in this edition for the first time. ### A Short History of Man: Progress and Decline Hans-Hermann Hoppe. Mises Institute, 2015. first published 2015. 144 pages. ISBN 9781610165914. Page: https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/ Rights: cc-by-nc-nd-4.0 (evidence: high), https://creativecommons.org/licenses/by-nc-nd/4.0/; published by permission of Hans-Hermann Hoppe (2026-09-23), not a public licence Download: PDF https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/A%20Short%20History%20of%20Man%20%E2%80%94%20Progress%20and%20Decline.pdf (436 KB); EPUB https://library.freecapitalists.org/books/Hans-Hermann%20Hoppe/A%20Short%20History%20of%20Man%20%E2%80%94%20Progress%20and%20Decline.epub (574 KB) Topics: history, law A Short History of Man: Progress and Decline is nothing less than a concise revisionist history of man, skillfully presented by Dr. Hoppe. He addresses the rise of family structures, the development of private property, social evolution prior to the Industrial Revolution, and the rise of the state — all without regard for cherished myths. Dr. Hoppe will make you rethink your assumptions regarding man's development in this engaging book. Full text: https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/ -- 7 chapters, 35,792 words. 1. Front Matter -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/front-matter/ The Mises Institute dedicates this volume to all of its generous donors and wishes to thank these Patrons, in particular: Mises Institute, founded in 1982, is a teaching and research center for the study of Austrian economics, libertarian and classical liberal political theory, and peaceful international relations. In support of the school of thought represented by Ludwig von Mises, Murray N.... 2. Foreword -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/foreword/ Hans-Hermann Hoppe is one of the most remarkable libertarian scholars of our time. He began as a prize student of Jürgen Habermas, the famous German philosopher and social theorist. Habermas was, and remains to this day, a committed Marxist. He is the leader of the notorious Frankfurt school. Habermas was very impressed with Hans, and, under the patronage of this eminent Marxist, Hans had every... 3. Introduction: An Austro-Libertarian Reconstruction -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/introduction-an-austro-libertarian-reconstruction/ The following studies try to explain three of the most momentous events in the history of mankind. First, I explain the origin of private property, and in particular of ground land, and of the family and the family household as the institutional foundations of agriculture and agrarian life that began some 11,000 years ago, with the Neolithic Revolution in the Fertile Crescent of the Near-East... 4. 1: On the Origin of Private Property and the Family -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/1-on-the-origin-of-private-property-and-the-family/ It is reasonable to begin human history five million years ago, when the human line of evolutionary descent separated from that of our closest nonhuman relative, the chimpanzee. It is also reasonable to begin it 2.5 million years ago, with the first appearance of homo habilis; or 200,000 years ago, when the first representative of “anatomically modern man” made its appearance; or 100,000 years... 5. 2: From the Malthusian Trap to the Industrial Revolution: Reflections on Social Evolution -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/2-from-the-malthusian-trap-to-the-industrial-revolution/ For economic theory the question of how to increase wealth and get rich has a straightforward answer. It has three components: you get richer (a) through capital accumulation, i.e., the construction of intermediate “producer” or “capital” goods that can produce more consumer goods per unit time than can be produced without them or goods that cannot be produced at all with just land and labor (and... 6. 3: From Aristocracy to Monarchy to Democracy -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/3-from-aristocracy-to-monarchy-to-democracy/ In the following I want to briefly describe a historical puzzle or riddle that I will then try to solve and answer in some detail. But before that, it is necessary to make a few brief general theoretical observations. Men do not live in perfect harmony with each other. Rather, again and again conflicts arise between them. And the source of these conflicts is always the same: the scarcity of... 7. Index -- https://freecapitalists.org/books/a-short-history-of-man-progress-and-decline/read/index/ collaboration, “selfishly-motivated,” 42 conflict, as solution to overpopulation, 84 indirect and roundabout production of, 54 democratic legislatures as unbound by natural law, 118 democratic states, current predicament of, 128ff. elected officials, likely personalities of, 119f. environment, unappropriated (free goods), 50 envy, promotion of by intellectuals, 114 free goods (environment) vs.... ### A Short History of Paper Money and Banking William M. Gouge. Augustus M. Kelley Publishers, New York, 1968. first published 1968. 422 pages. ISBN 9781610160810. Page: https://freecapitalists.org/books/a-short-history-of-paper-money-and-banking/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/William%20M%20Gouge/A%20Short%20History%20of%20Paper%20Money%20and%20Banking.pdf (24.2 MB); EPUB https://library.freecapitalists.org/books/William%20M%20Gouge/A%20Short%20History%20of%20Paper%20Money%20and%20Banking.epub (4.8 MB) Topics: money "The bank was saved but the money was ruined." So says William Gouge (1796–1863), one of the best political economists of the American 19th century. He is speaking of the panic of 1819, but his sentence could sum up the whole thesis of this marvelous book. A Short History of Paper Money and Banking in the United States was written in 1833, and it was a major blast against the trend towards inflation and paper money. Gouge was an economist, journalist, and Treasury official, and, most of all, the leading champion of sound money in his day, completely dedicated to liberty and hard money in a way that would classify him among the Austrians. Here is his monetary history of the United States, in which he sought to show that the way of paper money leads to national ruin. His critique of the inflation doctrine anticipated the Austrians and mapped out a plan for preserving American liberty. His prose and argument are thrilling, as much now as when they were first written. This book has been nearly impossible to get, but that changes with this Mises Institute edition, which is introduced by none other than Joseph Dorfman. ### A Socialist Empire: The Incas of Peru Louis Baudin. D. Van Nostrand Company, Inc, NJ, 1961. first published 1961. 464 pages. Page: https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/ Rights: public-domain-not-renewed (evidence: medium) Download: PDF https://library.freecapitalists.org/books/Louis%20Baudin/A%20Socialist%20Empire%20The%20Incas%20of%20Peru.pdf (29.9 MB); EPUB https://library.freecapitalists.org/books/Louis%20Baudin/A%20Socialist%20Empire%20The%20Incas%20of%20Peru.epub (408 KB); Kindle https://library.freecapitalists.org/books/Louis%20Baudin/A%20Socialist%20Empire%20The%20Incas%20of%20Peru.azw3 (657 KB) Topics: state, history Full text: https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/ -- 22 chapters, 177,512 words. 1. A Socialist Empire -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/a-socialist-empire/ A SocialistEmpire The William Volker Fund Series in the Humane Studies EPISTEMOLOGICAL PROBLEMS OF ECONOMICS by Ludwig von Mises THE ECONOMIC POINT OF VIEW by Israel M. Kirzner ESSAYS IN EUROPEAN ECONOMIC THOUGHT Edited by Louise Sommer SCIENTISM AND VALUES Edited by Helmut Schoeck and James W. Wiggins A SOCIALIST EMPIRE: THE INCAS OF PERU by Louis Baudin RELATIVISM AND THE STUDY OF MAN Edited by... 2. Foreword -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/foreword/ The modern system of the market economy-capitalism-radi cally differs from the status system of the ancien regime. On the market the consumers, i.e., all of the people, are supreme. They determine by their buying or abstention from buying what should be produced, in what quantity, and of what quality ..By the instru mentality of profit and loss, the entrepreneurs and the capitalists are forced to... 3. Introduction -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/introduction/ IOjahl hubieran sido los hombres blancos como los Atahualpas y Moctezumas! -Ruben Dario, A Colon They (the Indians) were proud, loyal, and ingenuous. Their heads were encircled with plumes of great value. Would to God the white men had been like Atahualpa and Montezuma! Far from the populous and noisy cities of the white man's restless life, protected by the double rampart of the Cordilleras... 4. 1. The Hostile Environment -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/1-the-hostile-environment/ To understand the attraction of a place where Nature is so nig gardly, one must have seen this part of South America, so distant and so little known. It is a region that the traveler hesitates to traverse, but where he discovers such marvelous horizons that he :)I: [In the present translation, the chapter which appeared first in the original French edition has been placed in the Appendix, under... 5. 2. The Dominance of the Past -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/2-the-dominance-of-the-past/ 2 The Dominance of the Past The Indian of the plateau-the Quechua-is a very clearly marked physical type. Short in stature, stocky, solidly built, as D'Orbigny described him;l with a complexion that is neither red, as is generally believed, nor bronze, as Humboldt has written,2 nor copper, as P. Bouguer asserts,S but olive-brown; the skin tough in texture, the face oval-shaped and wide, the head... 6. 3. The Economic Basis of the Empire -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/3-the-economic-basis-of-the-empire/ 3 The Economic Basis of the Empire: The Principle of Population There are very few countries in which one does not observe a constant pressure of the population toward an increase beyond the means of subsistence. -Malthus, An Essay on the Principle of Population Rarely does a country offer a more beautiful illustration of Malthus' law than the empire of the Incas. The increase of popu lation in... 7. 4. The Social Basis of the Empire -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/4-the-social-basis-of-the-empire/ One is that axiom according to which the lower classes, the masses, are the elite of the nation, that they constitute the People itself, and that the common man, with all his inexperience and imperfections, has the same right to pronounce judgment, to direct, and to govern as the few men of truly noble mind. -Ibsen, An Enemy of the People, Act IV Even before the Incas consolidated their power... 8. 5. The Substructure: The Agrarian Community -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/5-the-substructure-the-agrarian-community/ 5 The Substructure: The Agrarian Community 1. The Clan The basis of all regional organization, the agrarian com munity, was invested with such importance before the time of the Incas that Cunow and his disciples regard it as the very foundation of the social system of the empire. 1 This co~munity appears to have been the result of a centuries-old evolution. Its origin is lost in the ages before... 9. 6. The Superstructure: State Socialism -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/6-the-superstructure-state-socialism/ On the other hand, the regime that we are now about to examine does bear the characteristic stamp of socialism, for it is an attempt at the rationalization of society. Its author is man himself. It is he who conceived the plan and imposed it, and this plan tends toward the virtual absorption of the individual by the state) for the well being of the former is assured only as it leads to the... 10. 7. Demand -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/7-demand/ 7 Demand Capitalism can be seriously threatened only by a great ascetic move ment that will permeate the masses and divorce them from the vices and luxuries to which they have been accustomed for a century. -Ferrero, Discours aux sourds However perfect statistical tables may be, they are not enough, in a socialist society, to compensate for the mechanism of the pricing process unless demand is... 11. 8. Supply -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/8-supply/ 1. Obligatory Lab(}r Labor was obligatory, but the term "labor" was understood in its broadest sense, and it differed according to one's social rank. Each class had its several role to play in the empire. The upper classes were obliged to perform intellectual labor, in management, organization, or supervision. All the Incas worked, for they all held posts in the government service, the... 12. 9. The Equilibrium Between Supply and Demand -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/9-the-equilibrium-between-supply-and-demand/ 9 The Equilibrium Between Supply and Demand We now come to the essential problem that every socialist system must solve: How replace the mechanism of the pricing process and achieve by way of authority an equilibrium between supply and demand? The retrenchment of needs and the regula tion of production make it possible to simplify all computations and to proceed to calculate approximately the... 13. 10. The Expansion of the Empire -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/10-the-expansion-of-the-empire/ 10 The Expansion of the Empire The King: One must call the enemies in a friendly way before fight ing them and must speak to them gently. Take care not to shed blood needlessly or to sacrifice the innocent. -The Peruvian drama, Ollantay" scene 3 Many of the most distinguished sociologists have regarded ancient Peru as the very type of a military society, a state designed for conquest. 1 It has... 14. 11. A Brief Survey of Inca Civilization -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/11-a-brief-survey-of-inca-civilization/ As we have already seen, many branches of industrial art at tained a high degree of technological perfection. But did the In dians have a real aesthetic sense? There can be no doubt on this score. The pottery, textiles, carved and chiseled articles found in such abundance in the tombs give evidence of it. The gold fillings in the teeth of the people on the coast of Ecuador, the methods em ployed... 15. 12. A Menagerie of Happy Men -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/12-a-menagerie-of-happy-men/ 12 A Menagerieof Happy Men 1. The Efjace1nent of the Individual And men delighted in being driven like a herd of animals .•. -Dostoevski, The Brothers Karamazov Was the Indian satisfied with his lot? Such is the grave ques tion that we must answer if we wish to pass judgment on the social system of the Incas. We know that the monarch supplied his sub jects with everything they needed; but... 16. 13. The Spanish Antithesis -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/13-the-spanish-antithesis/ -Montaigne, Essays, Bk. III, ch. vi While the two sons of Huayna Capac, Huascar and Atahualpa, were fighting against each other, Pizarro landed near Tumbez and, at the head of a handful of men, began the assault on the plateau. It was the formidable clash of two different civilizations: the in dividualistic Europeans, brutal and greedy, but full of initiative and a marvelous daring; and the... 17. 14. The Influence of the Incas -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/14-the-influence-of-the-incas/ 14 The Influence of the Incas The influence that the civilization of the Incas exerted upon foreign peoples after the conquest was very slight. None of the socialist colonies founded in America during the nineteenth cen tury-of which there were more than fifty in the United States alone-drew its inspiration from the ancient Peruvians; and when European socialism made its way to the nations on the... 18. Appendix -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/appendix/ Appendix The Historical Sources * Since the Indians had no writing, we do not possess any docu ment written in the language that was spoken on the Andean plateau at the time of the Spanish conquest. The first chroniclers reproduced as best they could in their own language the sounds that they heard. As a result, we find the same word 'written in three or four different ways-which does not help to... 19. Notes -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/notes/ 3. For example, the contradiction noted by Ugarte between the exceedingly centralized, semidivine government of the Incas and the regionalism of the agrarian system. Cf. "Los antecedentes hist6ricos del r,egimen agrario peruano" (Lima, 1918), p. 60. [For further information concerning all authors and works cited, the reader is referred to the bibliography at the end of this volume.] 4. B. J.... 20. Index of Authors -- https://freecapitalists.org/books/a-socialist-empire-the-incas-of-peru/read/index-of-authors/ Index of Authors Prepared by Vernelia Crawford For the names of historical persons not menti. Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 24. Copyright Information -- https://freecapitalists.org/books/a-treatise-on-metallic-and-paper-money-and-banks/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### A Treatise on Political Economy Destutt Tracy. Augustus M. Kelley, New York, 1970. first published 1970. 262 pages. ISBN 9781610161305. Page: https://freecapitalists.org/books/a-treatise-on-political-economy/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Destutt%20Tracy/A%20Treatise%20on%20Political%20Economy.pdf (1.4 MB); EPUB https://library.freecapitalists.org/books/Destutt%20Tracy/A%20Treatise%20on%20Political%20Economy.epub (804 KB) Topics: austrian The neglect of Antoine Louis Claude Destutt de Tracy (1754–1836) in the history of political economy is both strange and tragic. He was, after all, Thomas Jefferson's number one favorite economist, the thinker who influenced him and, arguably, laid the ideological foundation of the American economic system as Jefferson understood it. What's more, this reprint of the 1817 edition of his book was prepared personally by Jefferson and contains an editorial note by him: "It would be difficult to do justice, in any translation, to the style of the original, in which no word is unnecessary, no word can be changed for the better, and severity of logic results in that brevity, to which we wish all science reduced. The merit of this work will, I hope, place it in the hands of every reader in our country. By diffusing sound principles of Political Economy, it will protect the public industry from the parasite institutions now consuming it, and lead us to that just and regular distribution of the public burthens from which we have sometimes strayed." This high praise from Jefferson has somehow not translated into deserved fame for this book. One reason for this has to do with Tracy's own radicalism. He went further than any of his French contemporaries in the defense of trade, property, hard money, commerce, and his attacks on the state. This led to the banishment of his works in France, and an attempt by Napoleon to blunt his influence. Whereas Tracy coined the term "ideology" to refer to the science of the formation of ideals, Napoleon dismissed him and all those he influenced as "ideologues." This is how the term enters into modern usage. In this passage, Tracy sums up his view of society: "Society is purely and solely a continual series of exchanges. It is never anything else, in any epoch of its duration, from its commencement the most unformed, to its greatest perfection. And this is the greatest eulogy we can give to it, for exchange is an admirable transaction, in which the two contracting parties always both gain; consequently society is an uninterrupted succession of advantages, unceasingly renewed for all its members." He is extremely precise about the nature of value: it is subjective and revealed in action. His account of regulation is telling: "For it is very certain that in general the most powerful encouragement that can be given to industry of every kind, is to let it alone, and not to meddle with it. The human mind would advance very rapidly if only not restrained; and it would be led, by the force of things to do always what is most essential on every occurrence. To direct it artificially on one side rather than on another, is commonly to lead it astray instead of guiding it." This work presents the main thrust of all of his ideas, including his loathing of inflation and state-granted monopoly privilege. He was even opposed to state spending on infrastructure, pointing out that private individuals have built bridges, roads, canals, and even monuments. Summing up this book, Professor Timothy Terrell writes that despite the neglect of Tracy, it is clear that his "deductive methodology, his subjectivism, his catallactics, and his opposition to governmental monetary fraud and regulation have been carried through to the modern-day Austrian school in the tradition of Ludwig von Mises and Murray Rothbard." ### A Treatise on Political Economy Jean-Baptiste Say. Augustus M. Kelley, Publishers, New York, 1971. first published 1971. 492 pages. ISBN 9781610160049. Page: https://freecapitalists.org/books/a-treatise-on-political-economy-jean-baptiste-say/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Jean-Baptiste%20Say/A%20Treatise%20on%20Political%20Economy.pdf (28.7 MB) Topics: austrian Jean-Baptiste Say (1767-1832) has been described as a revolutionary, an author of scholarly books and popular tracts, a social philosopher, a successful entrepreneur and a remarkable Renaissance man. Above all, however, he was a great economist. He might best be described as a proto-Austro-Misesian, the author of the law of markets, known as Say's law, and as the first to coin the term "entrepreneur." Say's concern with the average interested citizen and his zeal for economic education for the masses is most apparent in this classic work, A Treatise on Political Economy . The book has been heralded by Mises, Hayek, Rothbard, and many modern Austrians, who depend on his insights to assist in the understanding of markets and prices. Keynes only purported to refute him, but Mises said that Keynes only struck down a strawman; Mises was a follower of Say's perspective on the stability of market structures. Say was not only a more sophisticated economist than Keynes; he was better than Smith in many ways. Larry Sechrest writes of this book: "With pen and ink, Adam Smith made the entrepreneur invisible. J.B. Say brings him back to life and to the center of the stage." This edition is a translation of the 5th edition. ### A Treatise on Political Economy Destutt Tracy. Indianapolis: Liberty Fund, 2011; Online Library of Liberty edition. first published 2011. 262 pages. Page: https://freecapitalists.org/books/a-treatise-on-political-economy-liberty-fund-edition/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Destutt%20Tracy/A%20Treatise%20on%20Political%20Economy.pdf (1.4 MB) Destutt de Tracy's work on economics, a leading text of French liberal thought, in the translation Thomas Jefferson prepared and had published in 1817, before the French edition appeared. The Liberty Fund edition of 2011 adds an introduction by Jeremy Jennings on Tracy and the Idéologues. ### Accent on the Right Leonard E. Read. The Foundation for Economic Education, New York, 1968. first published 1968. 126 pages. Page: https://freecapitalists.org/books/accent-on-the-right/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Leonard%20E%20Read/Accent%20on%20the%20Right.pdf (4.1 MB) Topics: liberty ### Accent On The Right - Digital Book Leonard E. Read. 126 pages. ISBN 9781610165778. Page: https://freecapitalists.org/books/accent-on-the-right-digital-book/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Leonard%20E%20Read/Accent%20On%20The%20Right%20-%20Digital%20Book.pdf (4.1 MB); EPUB https://library.freecapitalists.org/books/Leonard%20E%20Read/Accent%20On%20The%20Right%20-%20Digital%20Book.epub (2.1 MB); MOBI https://library.freecapitalists.org/books/Leonard%20E%20Read/Accent%20On%20The%20Right%20-%20Digital%20Book.mobi (2.6 MB) Topics: liberty This professionally prepared ebook is an electronic edition of the book that is designed for reading on digital readers like Nook, Kindle, iPad, Sony Reader, and other products including iPhone and Android smart phones. The text reflows depending on your font preferences and it contains links from navigation. In this work dedicated to the memory of Frederic Bastiat (1801-1850), Leonard E. Read explores an array of themes such as the sources of human progress, the political consequences of not thinking for one’s self, and finding what is right and wrong. Bastiat’s first rule, Read states, was obedience to conscience before all else. Bastiat worked to advance concepts that were wildly unpopular in his native France but did not give up in his pursuit of what he thought was right. In this way, Leonard E. Read advances Frederic Bastiat’s tradition and legacy by highlighting these matters and applying them to the importance of individual liberty. ### Acton-Creighton Correspondence Lord Acton. Letters of 1887; Online Library of Liberty edition. first published 1887. 17 pages. Page: https://freecapitalists.org/books/acton-creighton-correspondence/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lord%20Acton/Acton-Creighton%20Correspondence.pdf (126 KB); EPUB https://library.freecapitalists.org/books/Lord%20Acton/Acton-Creighton%20Correspondence.epub (90.8 KB) Letters that Lord Acton wrote to Bishop Mandell Creighton in 1887, first printed in 1904 in the biography of Creighton. In them Acton gives his famous judgment that power tends to corrupt and absolute power corrupts absolutely, and argues that historians must apply the same moral standards to great men as to anyone else. Full text: https://freecapitalists.org/books/acton-creighton-correspondence/read/ -- 6 chapters, 6,811 words. 1. LETTER I. -- https://freecapitalists.org/books/acton-creighton-correspondence/read/letter-i/ I thank you very sincerely for your letter, which, though dated April 1, is as frank as my review was artful and reserved. The postponement gives me time to correct several errors besides those you point out, if youwill let me have my manuscript out here. The other will also be the better for leisurely revision. Forgive me if I answer you with a diffuseness degenerating into garrulity. The... 2. LETTER II. -- https://freecapitalists.org/books/acton-creighton-correspondence/read/letter-ii/ Advice to persons about to write History: Don’t. Visit the Monte Purgatorio, as Austin called the Magnesian rock that yields Epsom Salts; or: Get rid of Hole and Corner Buffery. In the Moral Sciences Prejudice is Dishonesty. A Historian has to fight against temptations special to his mode of life, temptations from Country, Class, Church, College, Party, authority of talents, solicitation of... 3. LETTER III. -- https://freecapitalists.org/books/acton-creighton-correspondence/read/letter-iii/ Your letter is an act of true friendliness, and I am very grateful to you for it, more grateful than I can say. It is a rare encouragement to have such a standard set up as you have put before me. Judged by it I have nothing to say except to submit: efficaci do manus scientiae. Before such an ideal I can only confess that I am shallow and frivolous, limited alike in my views and in my knowledge.... 4. About Liberty Fund -- https://freecapitalists.org/books/acton-creighton-correspondence/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 5. The Online Library of Liberty -- https://freecapitalists.org/books/acton-creighton-correspondence/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 6. Copyright Information -- https://freecapitalists.org/books/acton-creighton-correspondence/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### Address of the Free Constitutionalists to the People of the United States Lysander Spooner. Boston: Thayer & Eldridge, 1860; Online Library of Liberty edition. first published 1860. 55 pages. Page: https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Lysander%20Spooner/Address%20of%20the%20Free%20Constitutionalists%20to%20the%20People%20of%20the%20United%20States.pdf (237 KB); EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/Address%20of%20the%20Free%20Constitutionalists%20to%20the%20People%20of%20the%20United%20States.epub (114 KB) A pamphlet Spooner issued before the election of November 1860 for the Free Constitutionalists. It urges voters not to support the Republican Party, which he says had no plan to abolish slavery, and sets out the claim that the Constitution itself gives no legal protection to slavery and that the national government has power to end it. Full text: https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/ -- 28 chapters, 20,623 words. 1. NOTE TO SECOND EDITION. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/note-to-second-edition/ Although this address was published previous to the late presidential election, and was designed to have an effect upon it, it nevertheless contains constitutional opinions, which are deemed of permanent importance, and worthy of preservation. The opinions it expresses in regard to the Republican party will also be pertinent so long as that party shall occupy the grounds it has hitherto done. 2. I. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/i/ The real question, that is now convulsing the nation, is not—as the Republican party would have us believe—whether slaves shall be carried from the States into the Territories? but whether anywhere, within the limits of the Union, one man shall be the property of another? Whether a man, who is confessedly to be held as property, shall be so held in one place, rather than in another? in a State... 3. II. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/ii/ We repeat, that the true issue before the country—the one which sooner or later must be met—is nothing less than this: Shall any portion of the people of the United States be held as property at all? So far as the practical solution of this question depends upon existing political institutions, it depends mainly upon the constitution of the United States. If the constitution of the United... 4. III. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/iii/ Another proof that the general government must determine for itself, independently of the State governments, who are, and who are not, citizens of the United States, is found in that provision of the constitution, which declares that “the United States shall guarantee to every State of this Union a republican form of government.” Although the constitution presumes that the State governments will... 5. IV. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/iv/ Still further proof that the constitution of the United States, and not the constitution or laws of the States, controls the citizenship of every person born in the country, is found in the fact that a simple act of congress is acknowledged by all to be sufficient, in defiance of all State laws and constitutions, to confer the privilege of United States citizenship upon persons of foreign birth.... 6. V. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/v/ We therefore hold it demonstrable, at least, if not self-evident, that the constitution of the United States, “the supreme Edition: current; Page: [12] law of the land,” must, simply by virtue of its supremacy, fix the status of every individual in the United States, independently of the State governments; that it must operate directly upon each and every individual, native or naturalized... 7. VI. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/vi/ If it rests with the State governments to say whether the natives of the country shall be citizens of the United States, and have the protection of the national government, or be property, subject only to the will of their owners, then certainly it rests equally with the State governments to say whether naturalized persons shall be citizens or slaves; for naturalization by the United States... 8. VII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/vii/ There are, then, three decisive proofs that the United States government must determine for itself, independently of the State governments, who are, and who are not (if any are not) citizens of the United States. The first of these proofs is, that otherwise the United States government could not know its own citizens, or consequently know to whom its own proper and ordinary duties were due. The... 9. VIII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/viii/ Assuming it now to be settled, that the constitution of the United States fixes the status of every person, as a citizen or a slave; and that it does so, “any thing in the constitution or laws of any State to the contrary notwithstanding;” let us ascertain what its decision on this point is. To do so, we have only to ascertain by and for whom the constitution of the United States was established.... 10. IX. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/ix/ The palpable truth is, that the four millions of human beings now held in bondage in this country are, in the view of the constitution of the United States, full citizens of the United States, entitled, without any qualification, abatement, or discrimination whatever, to all the rights, privileges, and protection which that constitution guarantees to the white citizens of the United States, and... 11. X. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/x/ There is still another point of great practical importance to be considered. It is this: If those now held in bondage in this country are, in the view of “the supreme law of the land,” citizens of the United States, entitled to the full privileges of citizenship equally with all the other citizens of the United States, Edition: current; Page: [25] then it is not only the constitutional right and... 12. XI. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xi/ We call particular attention to the duties of juries in this matter. We believe in that noblest, and incomparably most valuable, of all the judicial opinions ever rendered by the Supreme Court of the United States, in which they declared, by the mouth of John Jay, the first, and great, and honest Chief-Justice, that even in civil suits (as well as criminal) juries have a right to judge of the law... 13. XII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xii/ Turning now from our constitution, as it is in theory, and looking at our government, as it is in practice, what do we find? Do we find our national government securing to all its citizens the rights which it is constitutionally bound to secure to them? No. It does not know, nor even profess to know, forEdition: current; Page: [29]itself, who its own citizens are. It does not even profess to have... 14. XIII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xiii/ While the government of the nation is thus prostrate and degraded, the people of the nation—at least that portion of them who show themselves in political organizations—instead of being alive to the authority of “the supreme law of the land,” and the rights of the people under it, are divided into four wretched, infamous factions, all of whom agree in the political absurdity, that the status of a... 15. XIV. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xiv/ We repeat that the United States has no political jurisdiction at all, outside of the United States. By this we mean that it has no political jurisdiction over people inhabiting the new countries west of the United States, which the United States has hitherto Edition: current; Page: [31] assumed to govern, under the name of “Territories.” And we feel bound to make this assertion good. Where does... 16. XV. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xv/ If any of our citizens are carried off by force into those countries, and there held as slaves, we have the right, by force of arms, if need be, to compel their restoration, the same as if they Edition: current; Page: [37] had been carried into any other country. And that is all the political power which our constitution gives us over slavery in those countries. We have no more power to assume... 17. XVI. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xvi/ Whether, therefore, property in man be, or be not, lawful in the United States, we have no general political jurisdiction over it outside of the United States. And we have no more jurisdiction over it in the territories, or countries west of the United States, than we have in any other territories or countries in the world, outside of the United States. 18. XVII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xvii/ If any portion of our people are, in the view of our constitution, lawful property within the United States, then, constitutionally speaking, their owners have the right to carry them out of the United States into any other part of the world, and there hold them, or lose them, according to the laws that prevail there. If, on the other hand, no part of our people are, in the view of the... 19. XVIII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xviii/ Neither has congress any authority to determine the question whether new States shall be admitted into the Union as slaveholding or as non-slaveholding States. All new States admitted into the Union must come into it subject to the constitution of the United States as “the supreme law.” If this “supreme law” declares one man to be the property of another, then, constitutionally speaking, he is... 20. XIX. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xix/ Finally, even if it were admitted that congress has power under the constitution to govern countries outside of the United States, under the name of “territories,” still the law of property, as established by the constitution within the United States, would necessarily be the law of those territories; for the constitution would be as much the supreme law of the territories as it is of the United... 21. XX. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xx/ Whether, therefore, we have or have not political jurisdiction over the “territories,” so called, the whole question of slavery, so far as our government is concerned, must be settled by determining whether the constitution of the United States, “the supreme law of the land,” does or does not make a man a slave within the United States. If it does make him a slave anywhere within the United... 22. XXI. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xxi/ In short, we have one “supreme law” on this point, extending over all the States, and over any other countries (if any others there be) subject to the jurisdiction of the constitution. And when we shall have determined whether that supreme law makes a man property or not, either in Massachusetts or Carolina, we shall have determined it for all other localities, whether States or territories... 23. XXII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xxii/ There is, therefore, no room or basis under the constitution for the four different factions that now exist in this country, in regard to slavery, either in the States, or in the territories. There is room only for this single question, viz.: Does the Constitution of the United States, “the supreme law of the land,” make one man the property of another? All who take the affirmative of this... 24. XXIII. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xxiii/ Of all these factions, the Republican is the most thoroughly senseless, baseless, aimless, inconsistent, and insincere. It has no constitutional principles to stand upon, and it lives up to no moral ones. It aims at nothing for freedom, and is sure to accomplish it. The other factions have at least the merits of frankness and consistency. They are openly on the side of slavery, and make no... 25. XXIV. -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/xxiv/ It is abundantly evident, from what has now been said, that the constitution of the United States, “the supreme law of the land,” must necessarily fix the status of every individual, within the United States, either as a free person, or a slave; and that it must do this, “any thing in the constitution or laws of any State to the contrary notwithstanding.” It is also abundantly evident that, if... 26. About Liberty Fund -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 27. The Online Library of Liberty -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 28. Copyright Information -- https://freecapitalists.org/books/address-of-the-free-constitutionalists-to-the-people-of-the-united-states/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### After Seven Years Raymond Moley. Harper and Brothers, New York, 1939. first published 1939. 479 pages. Page: https://freecapitalists.org/books/after-seven-years/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Raymond%20Moley/After%20Seven%20Years.pdf (34.6 MB) ### Against Intellectual Property Stephan Kinsella. Mises Institute, 2008. first published 2008. 73 pages. ISBN 9781933550329. Page: https://freecapitalists.org/books/against-intellectual-property/ Rights: cc0-1.0 (evidence: high), https://creativecommons.org/publicdomain/zero/1.0/ Download: PDF https://library.freecapitalists.org/books/Stephan%20Kinsella/Against%20Intellectual%20Property.pdf (925 KB); EPUB https://library.freecapitalists.org/books/Stephan%20Kinsella/Against%20Intellectual%20Property.epub (103 KB) Topics: law This monograph is justifiably considered a modern classic. It is by Stephan Kinsella who caused a worldwide rethinking among libertarians of the very basis of intellectual property. Mises had warned against patents, and Rothbard did too. But Kinsella goes much further to argue that the very existence of patents (including copyrights and trademarks) is contrary to a free market. They all use the state to create artificial scarcities of non-scarce goods and employ coercion in a way that is contrary to property rights and the freedom of contract. Many people who read this essay for the first time are unprepared for the rigor of his argument, which takes time to settle in, simply because it seems so shocking at first. But Kinsella makes his case with powerful logic and examples that are overwhelming in their persuasive power. The relevance in a digital age can't be overstated. The state works with monopolistic private producers to inhibit innovation and stop the progress of technology, while using coercion against possible competitors and against consumers. Even U.S. foreign policy is profoundly affected by widespread confusions over what is legitimate and merely asserted as property. What Kinsella is calling for instead of this cartelizing system is nothing more or less than a pure free market, which he argues would not generate anything resembling what we call intellectual property today. IP, he argues, is really a state-enforced legal convention, not an extension of real ownership. Few essays written in the last decades have caused so much fundamental rethinking. It is essential that libertarians get this issue right and understand the arguments on all sides. Kinsella's piece here is masterful in making a case against IP that turns out to be more rigorous and thorough than any written on the left, right, or anything in between. Read it and prepare to change your mind. Full text: https://freecapitalists.org/books/against-intellectual-property/read/ -- 23 chapters, 20,009 words. 1. AGAINST INTELLECTUAL PROPERTY PROPERTY RIGHTS: TANGIBLE AND INTANGIBLE -- https://freecapitalists.org/books/against-intellectual-property/read/against-intellectual-property-property-rights-tangible-and/ All libertarians favor property rights, and agree that property rights include rights in tangible resources. These resources include immovables (realty) such as land and houses, and movables such as chairs, clubs, cars, and clocks.1 Further, all libertarians support rights in one’s own body. Such rights may be called “self-ownership” as long as one keeps in mind that there is dispute about... 2. Type of IP -- https://freecapitalists.org/books/against-intellectual-property/read/type-of-ip/ Intellectual property is a broad concept that covers several types of legally recognized rights arising from some type of intellectual creativity, or that are otherwise related to ideas.4 IP rights are rights to intangible things5—to ideas, as expressed (copyrights), or as embodied in a practical implementation (patents). Tom Palmer puts it this way: “Intellectual property rights are rights in... 3. Copyright -- https://freecapitalists.org/books/against-intellectual-property/read/copyright/ Copyright is a right given to authors of “original works,” such as books, articles, movies, and computer programs. Copyright gives the exclusive right to reproduce the work, prepare derivative works, or to perform or present the work publicly.8 Copyrights protect only the form or expression of ideas, not the underlying ideas themselves.9 While a copyright may be registered to obtain legal... 4. Patent -- https://freecapitalists.org/books/against-intellectual-property/read/patent/ A patent is a property right in inventions, that is, in devices or processes that perform a “useful” function.11 A new or improved mousetrap is an example of a type of device which may be patented. A patent effectively grants the inventor a limited monopoly on the manufacture, use, or sale of the invention. However, a patent actually only grants to the patentee the right to exclude (i.e., to... 5. Trade Secret -- https://freecapitalists.org/books/against-intellectual-property/read/trade-secret/ A trade secret consists of any confidential formula, device, or piece of information which gives its holder a competitive advantage so long as it remains secret.16 An example would be the formula for Coca-Cola®. Trade secrets can include information that is not novel enough to be subject to patent protection, or not original enough to be protected by copyright (e.g., a database of seismic data or... 6. Trademark -- https://freecapitalists.org/books/against-intellectual-property/read/trademark/ A trademark is a word, phrase, symbol, or design used to identify the source of goods or services sold, and to distinguish them from the goods or services of others. For example, the Coca-Cola mark and the design that appears on their soft drink cans identifies them as products of that company, distinguishing them from competitors such as Pepsi®. Trademark law primarily prevents competitors from... 7. IP Rights and Relation to Tangible Property -- https://freecapitalists.org/books/against-intellectual-property/read/ip-rights-and-relation-to-tangible-property/ As noted above, IP rights, at least for patents and copyrights, may be considered rights in ideal objects. It is important to point out that ownership of an idea, or ideal object, effectively gives the IP owners a property right in every physical embodiment of that work or invention. Consider a copyrighted book. Copyright holder A has a right to the underlying ideal object, of which the book is... 8. The Spectrum -- https://freecapitalists.org/books/against-intellectual-property/read/the-spectrum/ Libertarian views on IP range from complete support of the fullest gamut of IP imaginable, to outright opposition to IP rights. Most of the debate about IP concerns patent and copyright; as discussed below, trademark and trade secret are less problematic. Therefore, this article focuses primarily on the legitimacy of patent and copyright. Pro-IP arguments may be divided into natural-rights and... 9. Utilitarian Defenses of IP -- https://freecapitalists.org/books/against-intellectual-property/read/utilitarian-defenses-of-ip/ Advocates of IP often justify it on utilitarian grounds. Utilitarians hold that the “end” of encouraging more innovation and creativity justifies the seemingly immoral “means” of restricting the freedom of individuals to use their physical property as they see fit. But there are three fundamental problems with justifying any right or law on strictly utilitarian grounds. First, let us suppose that... 10. Some Problems with Natural Rights -- https://freecapitalists.org/books/against-intellectual-property/read/some-problems-with-natural-rights/ Other libertarian proponents of IP argue that certain ideas deserve protection as property rights because they are created. Rand supported patents and copyrights as “the legal implementation of the base of all property rights: a man’s right to the product of his mind.”45 For Rand, IP rights are, in a sense, the reward for productive work. It is only fair that a creator reap the benefits of others... 11. Property and Scarcity -- https://freecapitalists.org/books/against-intellectual-property/read/property-and-scarcity/ Let us take a step back and look afresh at the idea of property rights. Libertarians believe in property rights in tangible goods (resources). Why? What is it about tangible goods that makes them subjects for property rights? Why are tangible goods property? A little reflection will show that it is these goods’ scarcity—the fact that there can be conflict over these goods by multiple human... 12. Scarcity and Ideas -- https://freecapitalists.org/books/against-intellectual-property/read/scarcity-and-ideas/ Like the magically-reproducible lawnmower, ideas are not scarce. If I invent a technique for harvesting cotton, your harvesting cotton in this way would not take away the technique from me. I still have my technique (as well as my cotton). Your use does not exclude my use; we could both use my technique to harvest cotton. There is no economic scarcity, and no possibility of conflict over the use... 13. Creation vs. Scarcity -- https://freecapitalists.org/books/against-intellectual-property/read/creation-vs-scarcity/ Some inconsistencies and problems with natural-rights theories of IP were pointed out above. This section discusses further problems with such arguments, in light of the preceding discussion of the significance of scarcity. As noted before, some libertarian IP advocates, such as Rand, hold that creation is the source of property rights.69This confuses the nature and reasons for property rights... 14. Two Types of Homesteading -- https://freecapitalists.org/books/against-intellectual-property/read/two-types-of-homesteading/ What, though, is really wrong with recognizing “new” property rights? After all, since new ideas, artistic creations, and innovations continually enrich us, what is the harm in moving with the times by recognizing new forms of property? The problem is that if property rights are recognized in non-scarce resources, this necessarily means that property rights in tangible resources are... 15. The Limits of Contract -- https://freecapitalists.org/books/against-intellectual-property/read/the-limits-of-contract/ The law, then, should protect individual rights to one’s body, and to legitimately acquired scarce resources (property). There is not a natural right to ideal objects—to one’s intellectual innovations or creations—but only to scarce resources. Many opponents of IP rights typically support only contractual arrangements to protect ideas and innovations—private contracts between property owners.80... 16. Contract vs. Reserved Rights -- https://freecapitalists.org/books/against-intellectual-property/read/contract-vs-reserved-rights/ Third parties, then, who are not parties to the contract and are not in privity with the contractual obligor and obligee, are not bound by the contractual relationship. For this reason, although an innovator can use contract to stop specified individuals from freely using his ideas, it is difficult to use standard contract law to prevent third parties from using ideas they glean from others.... 17. Copyright and Patent -- https://freecapitalists.org/books/against-intellectual-property/read/copyright-and-patent/ As should be apparent, copyright and patent seek to prevent the owners of tangible property—scarce resources— from using their own property as they see fit. For example, they are prohibited, under patent law, from practicing patented methods, using their own property, or from shaping their own property into patented devices, even if they independently invent the method or device. Under copyright... 18. Trade Secrets -- https://freecapitalists.org/books/against-intellectual-property/read/trade-secrets/ Trade secrets are easier to justify than patent or copyright. Palmer argues that they “emerge” from common law-type rights, and are, thus, legitimate.90 Trade secret law allows damages to be obtained for, or an injunction to be issued to prevent, acts of “misappropriation” of a trade secret. This can be applied against the person who has improperly acquired the trade secret or who divulges the... 19. Trademarks -- https://freecapitalists.org/books/against-intellectual-property/read/trademarks/ Palmer also argues that trademark law is legitimate.93 Suppose some Lachmannian changes the name on his failing hamburger chain from LachmannBurgers to Rothbard Burgers, which is already the name of another hamburger chain. I, as a consumer, am hungry for a RothbardBurger. I see one of the fake RothbardBurger joints run by the stealthy Lachmannian, and I buy a burger. Under current law, Rothbard... 20. Conclusion -- https://freecapitalists.org/books/against-intellectual-property/read/conclusion/ We see, then, that a system of property rights in “ideal objects” necessarily requires violation of other individual property rights, e.g., to use one’s own tangible property as one sees fit.94 Such a system requires a new homesteading rule which subverts the firstoccupier rule. IP, at least in the form of patent and copyright, cannot be justified. It is not surprising that IP attorneys, artists... 21. Some Questionable Examples of Patents and Copyrights -- https://freecapitalists.org/books/against-intellectual-property/read/some-questionable-examples-of-patents-and-copyrights/ Copyright law, while it has not led to as many clearly absurd applications, has also been extended greatly by the courts. Originally intended to cover literary works, the concept has been stretched so that authored “works” include computer programs, and even machine language and object code, which is more analogous to a machine part, such as a cam, than to a literary work.96 22. Bibliography -- https://freecapitalists.org/books/against-intellectual-property/read/bibliography/ Aharonian, Greg. “Bustpatents.” http://www.bustpatents.com. Barnett, Randy E. “A Consent Theory of Contract.” Columbia Law Review 86 (1986): 269-321. ——. The Structure of Liberty: Justice and The Rule of Law. New York: Oxford University (Clarendon) Press, 1998. “Bibliography of General Theories of Intellectual Property.” Encyclopedia of Law and Economics... 23. Notes -- https://freecapitalists.org/books/against-intellectual-property/read/notes/ 1 Terms like “realty,” “personalty,” and “tangible” are common-law terms; analogous civil-law terms are “immovables,” “movables,” and “corporeals,” respectively. See N. Stephan Kinsella, “A Civil Law to Common Law Dictionary,” Louisiana Law Review 54 (1994): 1265-305 for further differences between civil-law and common-law terminology. The term “things” is a broad civil-law concept that refers to... ### Against the Left Llewellyn H. Rockwell Jr. Mises Institute. 158 pages. ISBN 9780990463153. Page: https://freecapitalists.org/books/against-the-left/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/against_the_left_.pdf (484 KB) Against the Left explores something basic to libertarianism that many people today have forgotten. As everyone knows, libertarians view the State and the individual as fundamentally opposed. People who freely interact in the market create on their own a wonderful society that advances progress. In Against the Left, we examine some key battlegrounds in the struggle to preserve and advance real libertarianism against its enemies. These include the assault on the family, civil rights and "disabilities," immigration, environmentalism, economic egalitarianism, and the left-libertarian imposters who want to take libertarianism away from us. ### Against the State Llewellyn H. Rockwell Jr. Mises Institute, 2014. first published 2014. 190 pages. Page: https://freecapitalists.org/books/against-the-state/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/Against%20the%20State_20140812_Final.pdf (808 KB); EPUB https://library.freecapitalists.org/books/Llewellyn%20H%20Rockwell%20Jr/against-the-state-an-anarcho-capitalist-manifesto.epub (316 KB) In this work, I talk about why I am an anarcho-capitalist, and the evils of the State, from the war system to the war on drugs, from the assault on our civil liberties to the damage the bankers’ Fed does. I wanted a short book to serve as a guide to further reading in the freedom philosophy ### Against the Tide Wilhelm Röpke. Chicago, Henry Regnery Company, 1969. first published 1969. 270 pages. ISBN 9781610160988. Page: https://freecapitalists.org/books/against-the-tide/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Wilhelm%20Ropke/Against%20the%20Tide.pdf (18.1 MB); EPUB https://library.freecapitalists.org/books/Wilhelm%20Ropke/Against%20the%20Tide.epub (1.5 MB) Topics: markets, austrian Wilhelm Roepke was schooled in the tradition of the Austrians and made enormous contributions to the study of political institutions. Here we have collected some of his most powerful anti-Keynesian writings, which, in particular, underscore what an outstanding economist he was and the extent to which he was influenced by Mises. He defends sounds money, free trade, and attacks welfare. Those who have considered this author to be something of a doubter on free markets must deal with this book, which reveals him to be a passionate advocate of laissez-faire. Chapters include: On the Transfer Problem in International Capital Movement The Intellectuals and Capitalism The Secular Signficiance of the World Crisis The Centenary of British Free Trade Repressed Inflation Marshall Plan and Economic Policy Set the Rate of Interest Free Austerity The Formation and Use of Capital Keynes and the Revolution in Economics The Fight Against Inflation The Dilemma of Imported Inflation Robbing Peter to Pay Paul The U.S. Balance of Payments World Without a World Moentary System D-mark and the Dollar F.A. Kramer: In Memoriam ### Alienability, Inalienability, Paternalism and the Law: Reply to Kronman Walter Block. American Journal of Criminal Law, Vol. 28, No. 3, Summer, pp. 351-371 (2001). first published 2001. 35 pages. Page: https://freecapitalists.org/books/alienability-inalienability-paternalism-and-the-law-reply-to-kronman/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Alienability%2C%20Inalienability%2C%20Paternalism%20and%20the%20Law.pdf (3.4 MB) Article by Walter E. Block, American Journal of Criminal Law, 2001. ### Alienability: Rejoinder to Kuflik Walter Block. Humanomics. Vol. 23, No. 3, pp. 117-136 (2007). first published 2007. 21 pages. Page: https://freecapitalists.org/books/alienability-rejoinder-to-kuflik/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/Alienability%20Rejoinder%20to%20Kuflik.pdf (147 KB) Article by Walter E. Block, Humanomics. Vol. 23, 2007. ### America's Great Depression Murray N. Rothbard. Kansas City: Sheed and Ward, 1975, pp. 11-38; Auburn, Mises Institute, 2000. first published 1975. 411 pages. ISBN 9780945466055. Page: https://freecapitalists.org/books/america-s-great-depression/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Murray%20N%20Rothbard/Americas%20Great%20Depression.pdf (2.3 MB); EPUB https://library.freecapitalists.org/books/Murray%20N%20Rothbard/Americas%20Great%20Depression.epub (965 KB); HTML https://library.freecapitalists.org/books/Murray%20N%20Rothbard/Americas%20Great%20Depression.html (21.5 KB) Topics: money Applied Austrian economics doesn't get better than this. Murray N. Rothbard's America's Great Depression is a staple of modern economic literature and crucial for understanding a pivotal event in American and world history. The Mises Institute edition features, along with a new introduction by historian Paul Johnson, top-quality paper and bindings, in line with the standard set by The Scholars Edition of Human Action . Since it first appeared in 1963, it has been the definitive treatment of the causes of the depression. The book remains canonical today because the debate is still very alive. Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust. The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn was generated by government intervention in the economy. Had the book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject. The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward. Read Johnson's Introduction . Full text: https://freecapitalists.org/books/america-s-great-depression/read/ -- 43 chapters, 126,217 words. 1. Copyright -- https://freecapitalists.org/books/america-s-great-depression/read/copyright/ Copyright © 1963, 1972 by Murray N. Rothbard Introduction to the Third Edition Copyright © 1975 by Murray N. Rothbard Introduction to the Fourth Edition Copyright © 1983 by Murray N. Rothbard Introduction to the Fifth Edition Copyright © 2000 by The Ludwig von Mises Institute Copyright © 2000 by The Ludwig von Mises Institute All rights reserved. Printed in the United States of America. No part... 2. Thanks -- https://freecapitalists.org/books/america-s-great-depression/read/thanks/ The Ludwig von Mises Institute dedicates this volume to all of its generous donors, and in particular wishes to thank these Patrons: George N. Gallagher (In Memoriam), Mary Jacob, Hugh E. Ledbetter Mark M. Adamo, Lloyd Alaback, Robert Blumen,Philip G. Brumder, Anthony Deden (Sage Capital Management, Inc.),Mr. and Mrs. Willard Fischer, Larry R. Gies,Mr. and Mrs. W.R. Hogan, Jr., Mr. and Mrs.... 3. Acknowledgments -- https://freecapitalists.org/books/america-s-great-depression/read/acknowledgments/ While the problem of 1929 has long been of interest to myself as well as most Americans, my attention was first specifically drawn to a study of the Great Depression when Mr. Leonard E. Read, President of the Foundation for Economic Education, asked me, some years ago, to prepare a brief paper on the subject. I am very grateful to Mr. Read for being, in this way, the sparkplug for the present... 4. Tables -- https://freecapitalists.org/books/america-s-great-depression/read/tables/ TABLE 1: Total Money Supply of the United States, 1921–1929 TABLE 2: Total Dollars and Total Gold Reserves TABLE 6: Member Bank Reserves and Deposits TABLE 7: Changes in Reserves and Causal Factors... 1921–1929 TABLE 8: Per Month Changes in Reserves and Causal Factors... 1921–1929 TABLE 9: Factors Determining Bank Reserves July–October 1929 TABLE II: Income Originating in Government TABLE V... 5. Introduction to the Fifth Edition -- https://freecapitalists.org/books/america-s-great-depression/read/introduction-to-the-fifth-edition/ The Wall Street collapse of September–October 1929 and the Great Depression which followed it were among the most important events of the twentieth century. They made the Second World War possible, though not inevitable, and by undermining confidence in the efficacy of the market and the capitalist system, they helped to explain why the absurdly inefficient and murderous system of Soviet... 6. Introduction to the Fourth Edition -- https://freecapitalists.org/books/america-s-great-depression/read/introduction-to-the-fourth-edition/ There seems to be a cycle in new editions of this book. The second edition was published in the midst of the 1969–71 inflationary recession, the third in the mighty inflationary depression of 1973–75. The economy is now in the midst of another inflationary depression at least as severe, and perhaps even more so, than the 1973–75 contraction, which had been the worst since the 1930s. The confusion... 7. Introduction to the Third Edition -- https://freecapitalists.org/books/america-s-great-depression/read/introduction-to-the-third-edition/ America is now in the midst of a full-scale inflationary depression. The inflationary recession of 1969–71 has been quickly succeeded by a far more inflationary depression which began around November 1973, and skidded into a serious depression around the fall of 1974. Since that time, physical production has declined steadily and substantially, and the unemployment rate has risen to around 10... 8. Introduction to the Second Edition -- https://freecapitalists.org/books/america-s-great-depression/read/introduction-to-the-second-edition/ In the years that have elapsed since the publication of the first edition, the business cycle has re-emerged in the consciousness of economists. During the 1960s, we were again promised, as in the New Era of the 1920s, the abolition of the business cycle by Keynesian and other sophisticated policies of government. The substantial and marked recession which began around November, 1969, and from... 9. Introduction to the First Edition -- https://freecapitalists.org/books/america-s-great-depression/read/introduction-to-the-first-edition/ The year 1929 stands as the great American trauma. Its shock impact on American thought has been enormous. The reasons for shock seem clear. Generally, depressions last a year or two; prices and credit contract sharply, unsound positions are liquidated, unemployment swells temporarily, and then rapid recovery ensues. The 1920–1921 experience repeated a familiar pattern, not only of such hardly... 10. 1. The Positive Theory Of The Cycle -- https://freecapitalists.org/books/america-s-great-depression/read/1-the-positive-theory-of-the-cycle/ Study of business cycles must be based upon a satisfactory cycle theory. Gazing at sheaves of statistics without “prejudgment” is futile. A cycle takes place in the economic world, and therefore a usable cycle theory must be integrated with general economic theory. And yet, remarkably, such integration, even attempted integration, is the exception, not the rule. Economics, in the last two... 11. 2. Keynesian Criticisms Of The Theory -- https://freecapitalists.org/books/america-s-great-depression/read/2-keynesian-criticisms-of-the-theory/ There are two standard Keynesian criticisms of the Mises cycle theory. One charge takes the followers of Mises to task for identifying saving and investment. Saving and investment, the Keynesians charge, are two entirely separate processes, performed by two sets of people with little or no link between them; the “classical” identification of saving and investment is therefore illegitimate.... 12. 3. Some Alternative Explanations Of Depression: A Critique -- https://freecapitalists.org/books/america-s-great-depression/read/3-some-alternative-explanations-of-depression-a-critique/ Some economists are prepared to admit that the Austrian theory could “sometimes” account for cyclical booms and depressions, but add that other instances might be explained by different theories. Yet, as we have stated above, we believe this to be an error: we hold that the Austrian analysis is the only one that accounts for business cycles and their familiar phenomena. Specific crises can... 13. 4. The Inflationary Factors -- https://freecapitalists.org/books/america-s-great-depression/read/4-the-inflationary-factors/ Most writers on the 1929 depression make the same grave mistake that plagues economic studies in general—the use of historical statistics to “test” the validity of economic theory. We have tried to indicate that this is a radically defective methodology for economic science, and that theory can only be confirmed or refuted on prior grounds. Empirical fact enters into the theory, but only at the... 14. 5. The Development Of The Inflation -- https://freecapitalists.org/books/america-s-great-depression/read/5-the-development-of-the-inflation/ We have seen how the leading factors in the changing of reserves played their roles during the boom of the 1920s. Treasury currency played a considerable part in the early years, due to the silver purchase policy inherited from the Wilson Administration. Bills discounted were deliberately spurred throughout the period by the Federal Reserve’s violation of central banking tradition in keeping... 15. 6. Theory And Inflation: Economists And The Lure Of A Stable Price Level -- https://freecapitalists.org/books/america-s-great-depression/read/6-theory-and-inflation-economists-and-the-lure-of-a-stable/ One of the reasons that most economists of the 1920s did not recognize the existence of an inflationary problem was the widespread adoption of a stable price level as the goal and criterion for monetary policy. The extent to which the Federal Reserve authorities were guided by a desire to keep the price level stable has been a matter of considerable controversy. Far less controversial is the fact... 16. 7. Prelude To Depression: Mr. Hoover And Laissez-Faire -- https://freecapitalists.org/books/america-s-great-depression/read/7-prelude-to-depression-mr-hoover-and-laissez-faire/ If government wishes to alleviate, rather than aggravate, a depression, its only valid course is laissez-faire—to leave the economy alone. Only if there is no interference, direct or threatened, with prices, wage rates, and business liquidation will the necessary adjustment proceed with smooth dispatch. Any propping up of shaky positions postpones liquidation and aggravates unsound conditions.... 17. 8. The Depression Begins: President Hoover Takes Command -- https://freecapitalists.org/books/america-s-great-depression/read/8-the-depression-begins-president-hoover-takes-command/ And so we see that when the Great Depression struck, heralded by the stock market crash of October 24, President Hoover stood prepared for the ordeal, ready to launch an unprecedented program of government intervention for high wage rates, public works, and bolstering of unsound positions that was later to be christened the New Deal. As Hoover recalls: the primary question at once arose as to... 18. 9. 1930 -- https://freecapitalists.org/books/america-s-great-depression/read/9-1930/ By early 1930, people were generally convinced that there was little to worry about. Hoover’s decisive actions on so many fronts—wages, construction, public works, farm supports, etc., indicated to the public that this time swift national planning would turn the tide quickly. Farm prices then seemed to be recovering, and unemployment had not yet reached catastrophic proportions, averaging less... 19. 10. 1931-"THE TRAGIC YEAR" -- https://freecapitalists.org/books/america-s-great-depression/read/10-1931-the-tragic-year/ The year 1931, which politicians and economists were sure would bring recovery, brought instead a far deeper crisis and depression. Hence Dr. Benjamin Anderson’s apt term “the tragic year.” Particularly dramatic was the financial and economic crisis in Europe which struck in that year. Europe was hit hard partly in reaction to its own previous inflation, partly from inflation induced by our... 20. 11. THE HOOVER NEW DEAL OF 1932 -- https://freecapitalists.org/books/america-s-great-depression/read/11-the-hoover-new-deal-of-1932/ President Hoover came to the legislative session of 1932 in an atmosphere of crisis, ready for drastic measures. In his annual message to Congress, on December 8, 1931, Hoover first reviewed his own accomplishments of the past two years: Many undertakings have been organized and forwarded during the past year to meet the new and changing emergencies which have constantly confronted us... to... 21. 12. The Close Of The Hoover Term -- https://freecapitalists.org/books/america-s-great-depression/read/12-the-close-of-the-hoover-term/ The fact that Hoover sought reelection in the midst of the deepest and worst depression in American history, and in the face of unprecedented unemployment did not lower his satisfaction as he looked back upon his record. After all, as he said in his acceptance speech for the Presidential renomination: [W]e might have done nothing. That would have been utter ruin. Instead, we met the situation... 22. Appendix: Government And The National Product, 1929-1932 -- https://freecapitalists.org/books/america-s-great-depression/read/appendix-government-and-the-national-product-1929-1932/ In footnote 21 of Chapter 9, we explain how we arrive at our estimate of the degree of government depredation on the private national product. The critical assumption is the challenge to the orthodox postulate that government spending, ipso facto, represents a net addition to the national product. This is a clearly distorted view. Spending only measures value of output in the private economy... 23. Notes Introduction to the First Edition -- https://freecapitalists.org/books/america-s-great-depression/read/notes-introduction-to-the-first-edition/ 1The depression of 1873–1879 was a special case. It was, in the first place, a mild recession, and second, it was largely a price decline generated by the monetary contraction attending return to the pre-Civil War gold standard. On the mildness of this depression, particularly in manufacturing, see O.V. Wells, “The Depression of 1873–79,” Agricultural History 11 (1937): 240. 2Even taken by... 24. A -- https://freecapitalists.org/books/america-s-great-depression/read/a/ Agricultural Adjustment Administration, 280 Agricultural Credits Act of 1923, 122, 221 exports of, loans to, 121–22, 129, 138–39, 142, 147, 153, 156, 159, 165, 219–21, 226–27, 241, 258, 271, 299–300, 322 prices, 147, 153, 158–59, 171, 181, 191, 222, 227, 239, 248, 315 Agriculture, Department of, 217, 222, 225 Aldrich, Winthrop W., 140, 149, 181, 262 American Association for Labor Legislation... 25. B -- https://freecapitalists.org/books/america-s-great-depression/read/b/ Bank of International Settlements, 240, 258, 260 Bank of England, 144, 146, 150, 153, 155, 156, 162, 258–60 Bank of France, 144, 152, 154, 175, 258–59 bank runs, 15, 21, 25, 55, 88, 97, 304, 325–26 demand deposits, 87–89, 91, 97–102, 113–16, 160, 258, 261, 302, 304–05, 324–27, 330 fractional-reserve banking, 15, 21, 24–25, 27, 34, 326, 329 reserves, 21, 26, 97–98, 99–103, 105–08, 111–14, 123... 26. C -- https://freecapitalists.org/books/america-s-great-depression/read/c/ California, 236, 244, 247, 250, 266, 283 Capital goods, 9–14, 16, 18, 29–31, 37, 46, 56–57, 59–61, 63–64, 67–68, 71–72, 79–80, 171, 248, 261, 315, 331, 336 Capper–Volstead Cooperative Marketing Act of 1922, 221 Catchings, Waddill, 60, 180, 198–99, 251 Central banking, See Federal Reserve System Central Republic Bank and Trust Company, 297 Chamber of Commerce, See International Chamber of... 27. D -- https://freecapitalists.org/books/america-s-great-depression/read/d/ Deflation, 14–17, 19, 21, 34, 56, 75, 115–16, 151, 181, 261, 303–04, 315, 326, 329 characteristics of, 6, 8, 12, 14–16, 30, 35, 44, 50–51, 57, 61, 169, 334, 337 government policy during, 19, 21–22, 38, 116, 120, 124, 163, 167, 253, 263, 304–05, 310, 322–23, 336 stock market crash, 161–63, 209, 215, 249see alsoBusiness cycles; Hoover, Herbert C. Depression of 1920–21, 186, 189, 191, 195, 205, 214... 28. E -- https://freecapitalists.org/books/america-s-great-depression/read/e/ Emergency Relief and Construction Act of 1932, 299–300 Employment Stabilization Act, See Wagner Act Europe, 126, 130, 138–39, 144, 147–48, 158–59, 161, 176, 243, 257–59, 262 29. F -- https://freecapitalists.org/books/america-s-great-depression/read/f/ Federal Farm Board, 227–29, 231, 233–35, 248 Federal Home Loan Bank System, 276, 285, 299, 317–18, 321 Federal Reserve Bank of Kansas City, 156 Federal Reserve Bank of New York, See New York Federal Reserve Bank Federal Reserve System, 25–26, 28–29, 94, 96, 100–03, 105, 107–08, 113, 115, 117, 120–23, 130, 132, 134–35, 152, 154, 156, 159, 167, 172, 177, 180, 214, 220, 239, 245, 248, 250, 260... 30. G -- https://freecapitalists.org/books/america-s-great-depression/read/g/ Glass, Carter, 163–64, 174, 310, 323, 328 Glass–Steagall Act, 296, 301, 306–07, 313 Gold, gold exchange standard, gold standard, 15, 17, 19, 21, 25–27, 34–35, 87, 91, 94–95, 103, 107–08, 111–12, 138, 142, 145, 150–55, 158, 161, 165, 176–78, 181, 215, 240, 258–59, 261–62, 274, 293, 302–06, 309, 314–15, 322–24, 326, 328–30 Government, Federal, control over business and industry depression policy... 31. H -- https://freecapitalists.org/books/america-s-great-depression/read/h/ Haberler, Gottfried von, 4, 30, 32, 314–15 Harding, Warren Gamaliel, 114, 117, 121, 141–42, 75, 189, 191, 194, 200–03, 220, 222 Hardy, Charles Oscar, 123, 130, 132, 135, 149, 167, 251, 313 Hayek, Friedrich August, 11, 30, 32–33, 36–37, 60, 85, 198 Hoarding, 16–17, 38–41, 50–51, 57, 60, 181, 273, 306–07, 324, 328 Hollander, Jacob, 151, 273, 277, 293, 313 Committee on Recent Economic Changes, 196... 32. I -- https://freecapitalists.org/books/america-s-great-depression/read/i/ Immigration, 205, 243, 250, 286, 319see also Hoover, immigration Inflation, 9, 11–12, 19, 23–24, 29, 43, 67–68, 71, 75, 86, 95, 97, 140, 148, 162–63, 240, 257, 262–63, 293, 309, 314–15, 329, 336 hyperinflation, 23, 131see alsoCredit; Federal Reserve System causes, 96, 102, 108, 112, 117, 121, 134–35, 137, 145, 149, 153, 155–57, 159, 161–62, 167 price stabilization as cause, 144–51, 169–70... 33. K -- https://freecapitalists.org/books/america-s-great-depression/read/k/ Kemmerer, Edwin W., 117, 175, 177, 251, 311, 313, 316 Keynes, John Maynard, 37, 57, 66, 173–74, 268–69 King, Willford Isbell, 175, 177, 251, 293, 308, 310–12 34. L -- https://freecapitalists.org/books/america-s-great-depression/read/l/ Labor, See Child labor; Collective bargaining; Hours of labor; Unemployment; Unions; Wages LaFollette, Robert M., 163, 253, 265, 278, 292, 300 Laissez-faire, 185–86, 200, 207, 220, 227, 239, 263, 274, 278, 326, 329, 336 Lamont, Robert P., 210, 212, 214, 268, 306, 316 Leiserson, William M., 193, 251, 266, 292, 312 Loans, See Credit; Federal Reserve System 35. M -- https://freecapitalists.org/books/america-s-great-depression/read/m/ McManus, T.F., 25, 56, 101, 167, 171–72, 332 Mallery, Otto Tod, 193, 196, 250–51, 264, 292, 312 Mellon, Andrew, 121, 124–25, 138, 140, 145–46, 151, 156, 158–59, 163–64, 197, 210, 217, 256, 268, 274–75, 286, 302 Meyer, Eugene, Jr., 122, 219, 221, 225, 240, 274–76, 279, 296, 298, 302, 306–07 Mills, Ogden, 155, 210, 274–76, 302, 306–07, 310, 330 Mises, Ludwig von and Austrian theory, 3–4, 10–11, 13... 36. N -- https://freecapitalists.org/books/america-s-great-depression/read/n/ National Agricultural Conference of 1922, 220–21 National Association of Manufacturers, 201, 204, 250, 266, 272, 278, 281 National Association of Real Estate Boards, 244 National Board of Farm Organizations, 225 National Bureau of Economic Research, 195–96, 206 National Credit Corporation, 274–76, 285, 296 National Electric Light Association, 212 National Industrial Conference Board, 205–06... 37. P -- https://freecapitalists.org/books/america-s-great-depression/read/p/ Phillips, C.A., 25–26, 32, 56, 60, 101, 120, 167, 171, 174, 314, 332 Pollak Foundation for Economic Research, 198 President’s Conference on Unemployment, 191, 195, 206 President’s Emergency Committee for Employment, 335 stabilization of, 5, 59, 86, 169–81, 198, 206, 220, 233, 309–10, 314 Production, See Consumption; Capital goods Public works, see alsoHoover, Herbert C., 192–93, 195–96, 198, 243... 38. R -- https://freecapitalists.org/books/america-s-great-depression/read/r/ Railroads, 70, 203–04, 210, 286, 297–300, 319, 331, 336 Reconstruction Finance Corporation, 219, 276, 285, 295–96, 298–01, 307, 313, 315, 317, 322 Rediscount rate, 104–05, 118, 120–24, 137, 139, 156, 161, 165, 215, 240, 262 penalty rate, 118–19, 160see alsoFederal Reserve System Roosevelt, Franklin D., 186, 189, 195, 217, 234, 266, 280–81, 290, 294, 300, 318, 324, 328–30 39. S -- https://freecapitalists.org/books/america-s-great-depression/read/s/ Saving, 9, 11, 17, 20, 22, 37–40, 51–52, 60, 63, 66, 68–69, 71, 78, 90, 96, 100, 253, 329, 340see alsoBanking Savings and loan associations, 90, 93, 114 Schlesinger, Arthur M., Jr., 189, 272, 278–79, 282 Schumpeterian business cycle theory, 72–75 Silver, 94, 106, 116–17, 137, 151, 242, 308 State, Department of, 141–42, 242–43, 319 Steel industry, see alsoUnited States Steel, 171, 200–02, 211... 40. T -- https://freecapitalists.org/books/america-s-great-depression/read/t/ Tariffs, 140, 227, 241, 249–50, 257, 313, 322 Taussig, Frank W., 189, 242, 251, 292, 313 Time preference, 5, 9–11, 17, 22, 32, 35, 38–40, 52, 69, 71see alsoConsumption; Interest rate; Saving Treasury, U.S., 106–08, 111, 113–14, 116–17, 119, 125, 158, 167, 191, 221, 278, 299, 302, 317, 343 41. U -- https://freecapitalists.org/books/america-s-great-depression/read/u/ Unemployment, 14, 19, 23, 29, 41, 43–45, 48–50, 52–53, 87, 179, 185, 192, 199, 239, 243, 250, 260, 267, 269, 282, 293, 311–13, 330, 336 Keynesian prescription for, 40, 42, 45see alsoWages Unemployment insurance, 20, 196, 200, 253, 266, 271, 315 Unions, 43–44, 48, 150, 200, 203–04, 212, 244, 282, 334–35 United Mine Workers of America, 176, 189, 282 United States Chamber of Commerce, 194, 196, 210... 42. V -- https://freecapitalists.org/books/america-s-great-depression/read/v/ von Mises, Ludwig, See Mises, Ludwig von von Windegger, F. R., See Windegger, F.R. von 43. W -- https://freecapitalists.org/books/america-s-great-depression/read/w/ during a depression, 14, 19, 40, 44, 47, 50, 52–53, 171, 185, 212, 246, 248, 265, 267–70, 293, 331–32, 334–35 marginal productivity theory applied to, 43 Wagner, Robert F., 197, 250, 265–66, 272, 292 Wallace, Henry A., 174, 221, 223, 225, 310, 313 War Finance Corporation, 122, 191, 218–20, 274–75 Warburg, Paul M., 127–29, 132, 155–56, 175 Warren, Harris Gaylord, 141, 189–90, 200, 232, 247, 284... ### America's Money Machine: The Story of the Federal Reserve Elgin Groseclose. Arlington House, Westport, Connecticut, 1980. first published 1980. 304 pages. ISBN 9781610161596. Page: https://freecapitalists.org/books/america-s-money-machine-the-story-of-the-federal-reserve/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Elgin%20Groseclose/Americas%20Money%20Machine%20The%20Story%20of%20the%20Federal%20Reserve.pdf (18.7 MB); EPUB https://library.freecapitalists.org/books/Elgin%20Groseclose/Americas%20Money%20Machine%20The%20Story%20of%20the%20Federal%20Reserve.epub (641 KB) Topics: money The Story of the Federal Reserve Elgin Groseclose, an eminent monetary economist in the 20th-century, rips the roof off the Federal Reserve in this wonderful history that takes us from the Fed's founding to the 1960s. He shows that the gap between the promise and the reality is shockingly massive, so much so that the Federal Reserve must be considered one of the greatest failures in the history of public policy. Grosecloses's treatise on the subject contains research unavailable anywhere else. He was meticulous, having spent many years culling through the archives of every institution and person involved with Fed decision making. In case after case, he chronicles the policy failure, and the relentless decline in money's quality from the Fed's inception and forward. Groseclose is a case of a major figure in 20th century economic thought who has been unjustly forgotten. After his PhD (American University) he taught at the City College of New York and became the first financial editor of Fortune and served as a financial consultant to Iran, helping to restore a gold standard after the war and controlling inflation. For many years, he ran his own institute, which permitted him time to do the extraordinary research you find in this book. As just one example, the opening chapters unearth an editorial from the New York Times, which denounces the idea of the Fed as an example of the "shallow sophistries of (Theodore) Roosevelt Socialism," and further said that the American people are too intelligent and have too much common sense to put up with a central bank like the Fed. So not only was there opposition to the Fed, it had a voice and its predictions of a coming calamity turned out to be right on. He shows that at no time in its history has the Fed actually achieved what it promised: low inflation, economic stability, stable growth, reliable regulation of the banking system. Groseclose goes further to show that the Fed has generated unrelenting cycles and inflation and been the major fuel for the growth of government -- politicizing the whole of American economic life. It is a great pleasure for the Mises Institute to be able to bring back this book, which contains singular research and will provide outstanding source material for a new generation of anti-Fed activists. As a side benefit, the cover art of this book—though you can't see it in this photo—is actually built by thousands of tiny paper dollars. PART I The Roots of Reform 1. The Quality of the Times 3 2. The First Shock Wave IO 3. The Lapping at the Dikes I6 4. The Rich Man's Panic 22 5. A Measure of Expediency 3 I 6. The Aldrich-Vreeland Bill 43 7. An Interlude for Debate 46 8. The Great Investigation 53 9. The Setting of the Current 6I 10. The Bill Considered 67 PART II The Great Reversal I 1. Advent of Storm 8I 12. The First Inundation 87 13. Collapse of a Theory 93 14. The Path of Retreat IOO 15. When to Reef Sail Io8 16. The Wounds of War II8 17. Wading in the Big Pond I27 18. The Lapping Waves of Crisis I35 19. The Fulcrum and the Lever I43 20. The Gushing Fountain I5I PART III Debacle of an Idea 2 1. The Crumbling of the Dikes I57 22. The New Thermopylae I63 23. The Keynesian Influence I70 24. The Not So New New Deal I79 25. The New Deal and the Federal Reserve I85 26. New Bridles for Old I95 27. Where Two Tides Meet 205 28. The Reversals of War 2I2 29. Doubtful Victory 2I9 30. The Role of Atlas 227 31. The Not So Golden Years 235 32. The End of a Dream 240 33. The Chute 247 34. Into the Pit 252 35. Out of the Pit 259 Notes 267 Selected Bibliography 275 About the Author 279 Index 281 ### America's Second Crusade William Henry Chamberlin. Henry Regnery Company, Chicago, 1950. first published 1950. 380 pages. ISBN 9780865977075. Page: https://freecapitalists.org/books/america-s-second-crusade/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/William%20Henry%20Chamberlin/Americas%20Second%20Crusade.pdf (25.9 MB); EPUB https://library.freecapitalists.org/books/William%20Henry%20Chamberlin/Americas%20Second%20Crusade.epub (451 KB) Topics: war, liberty Was World War II a failure? It is an unthinkable thought in the American political ethos. but noted American journalist and author William Henry Chamberlin dares think it, from the vantage point of the immediate postwar world of 1950. "Not one of the positive goals set forth in the Atlantic Charter and the Four Freedoms has been realized. There is no peace today, either formal or real. Over a great part of the world there is neither freedom of religion nor freedom of speech and expression. Freedom from fear and want is now an outstanding characteristic of the present age. The right of national self-determination, so vigorously affirmed in the Atlantic Charter, has been violated on a scale and with a brutality seldom equalled in European history." Further: "No war in history has killed so many people and left such a legacy of miserable, uprooted, destitute, dispossessed, human beings." The opponents of entry argued that even if totalitarianism was beaten in Europe, the war would bring socialism to the United States. Chamberlin argued that they were not only correct about this but there was also the bitter irony that totalitarianism was not in fact beaten in Europe. "Stalin got what he wanted in Poland: a frontier that assigned to the Soviet Union almost half of Poland's prewar territory and the abandoment by American and Great Britain of the Polish government-in-exile in London.... Yalta put the seal on the process which had begun at Teheran of betraying the East Europeans who preferred free institutions to communism." Chamberlain sums up in a quotation from a friend in Paris: "You know, Hitler really won this war -- in the person of Stalin." If you have ever been curious about the postwar attitude of those who oppose Roosevelt's march to war, this is your book. He makes a very strong case - and a courageous one given the times. 400 page, paperback, 6x9, 2008 ISBN 978-0-86597-707-5 ### An Arrow against all Tyrants Richard Overton. London, 1646; Online Library of Liberty edition. first published 1646. 17 pages. Page: https://freecapitalists.org/books/an-arrow-against-all-tyrants/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Richard%20Overton/An%20Arrow%20against%20all%20Tyrants.pdf (185 KB); EPUB https://library.freecapitalists.org/books/Richard%20Overton/An%20Arrow%20against%20all%20Tyrants.epub (91.8 KB) A pamphlet of 1646 by the Leveller Richard Overton, written in Newgate prison and aimed at the House of Lords and all arbitrary powers. He argues from self-ownership that every person has a natural right to his own life and liberty, and that no government has just power over them without consent. Full text: https://freecapitalists.org/books/an-arrow-against-all-tyrants/read/ -- 4 chapters, 8,168 words. 1. An Arrow against all Tyrants (1646). -- https://freecapitalists.org/books/an-arrow-against-all-tyrants/read/an-arrow-against-all-tyrants-1646/ An arrow against all tyrants and tyranny, shot from the prison of Newgate into the prerogative bowels of the arbitrary House of Lords and all other usurpers and tyrants whatsoever. Wherein the original, rise, extent, and end of magisterial power, the natural and national rights, freedoms and properties of mankind are discovered and undeniably maintained; the late oppressions and encroachments of... 2. About Liberty Fund -- https://freecapitalists.org/books/an-arrow-against-all-tyrants/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 3. The Online Library of Liberty -- https://freecapitalists.org/books/an-arrow-against-all-tyrants/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 4. Copyright Information -- https://freecapitalists.org/books/an-arrow-against-all-tyrants/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### An Austro-Libertarian View: Essays by David Gordon David Gordon. Mises Institute. 536 pages. ISBN 9781610166713. Page: https://freecapitalists.org/books/an-austro-libertarian-view-essays-by-david-gordon/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/David%20Gordon/Austro%20Libertarian%20View%20Volume%20One.pdf (2.3 MB) Volume 1: Economics, Philosophy, LawVolume 2: Political TheoryVolume 3: Current Affairs, Foreign Policy, American History, European HistoryReview by Paul GottfriedDavid Gordon, from the Foreword:Shortly after Murray Rothbard’s lamented death in January, 1995, Lew Rockwell telephoned me. He asked me to write a book review journal for the Mises Institute, covering new books in philosophy, history, politics, and economics. Moreover, he wanted the first issue in one month. I managed to meet the deadline and continued to write the journal for a number of years. Articles from The Mises Review form the bulk of the material included in these volumes; but a few reviews from other sources are here as well. Ever since I first read Man, Economy, and State in 1962, I have been a convinced Rothbardian, and it is from this standpoint that I have written my articles. ### An Autobiography (1904, 2 vols.) Herbert Spencer. New York: D. Appleton and Company, 1904 (2 vols.); Online Library of Liberty edition. first published 1904. Page: https://freecapitalists.org/books/an-autobiography-1904-2-vols/ Rights: public-domain-by-age (evidence: high) Herbert Spencer's two-volume autobiography, published in 1904, a year after his death. Volume 1 covers his life from early childhood to 1856, including his work on The Economist, and volume 2 runs from 1856 to 1889 and ends after his visit to the United States. It records the making of his Synthetic Philosophy. ### An Economic Review of the Patent System Fritz Machlup. Study commission by the Subcommitttee on Patents, Trademarks, and Copyrights of the Committee on the Judiciary, US Senate, 85th Congress, second session. Washington, D.C.: US Government Printing Office, 1958. first published 1958. 94 pages. Page: https://freecapitalists.org/books/an-economic-review-of-the-patent-system/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Fritz%20Machlup/An%20Economic%20Review%20of%20the%20Patent%20System.pdf (24.8 MB); EPUB https://library.freecapitalists.org/books/Fritz%20Machlup/An%20Economic%20Review%20of%20the%20Patent%20System.epub (138 KB) Topics: law ### An Economic View of Speculation Walter Block. University of British Columbia Business Review, pp. 9-17 (1983). first published 1983. 5 pages. Page: https://freecapitalists.org/books/an-economic-view-of-speculation/ Rights: undetermined (evidence: n/a); published by permission of Walter Block (2026-09-30), not a public licence Download: PDF https://library.freecapitalists.org/books/Walter%20Block/An%20Economic%20View%20of%20Speculation.pdf (1.2 MB) Article by Walter E. Block, University of British Columbia Business Review, 1983. ### An Enquiry Concerning Political Justice, and its Influence on General Virtue and Happiness (2 vols.) William Godwin. London: G. G. J. and J. Robinson, 1793 (2 vols.); Online Library of Liberty edition. first published 1793. Page: https://freecapitalists.org/books/an-enquiry-concerning-political-justice-and-its-influence-on-general-virtue-and-happiness/ Rights: public-domain-by-age (evidence: high) William Godwin's 1793 treatise on politics, written in the early years of the French Revolution. He criticizes the institutions of government and of property as sources of injustice and argues that reason and persuasion, not law and force, will improve mankind. It is a founding text of philosophical anarchism. ### An Enquiry Concerning the Principles of Morals David Hume. 1751; Project Gutenberg edition. first published 1751. Page: https://freecapitalists.org/books/an-enquiry-concerning-the-principles-of-morals/ Rights: undetermined (evidence: n/a) Download: EPUB https://library.freecapitalists.org/books/David%20Hume/An%20Enquiry%20Concerning%20the%20Principles%20of%20Morals.epub (197 KB) ### An Enquiry into the Nature and Effects of the Paper Credit of Great Britain Henry Thornton. Augustus M. Kelley, New York, 1965. first published 1965. 368 pages. Page: https://freecapitalists.org/books/an-enquiry-into-the-nature-and-effects-of-the-paper-credit-of-great-britain/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Henry%20Thornton/An%20Enquiry%20into%20the%20Nature%20and%20Effects%20of%20the%20Paper%20Credit%20of%20Great%20Britain.pdf (21.0 MB) Topics: money ### An Essay on Capital Israel M. Kirzner. The Foundation for Economic Education. ISBN 978-1-63069-604-7. Page: https://freecapitalists.org/books/an-essay-on-capital/ Rights: cc-by-4.0 (evidence: high), https://creativecommons.org/licenses/by/4.0/ Download: EPUB https://library.freecapitalists.org/books/Israel%20M%20Kirzner/An%20Essay%20on%20Capital.epub (1.6 MB) Topics: austrian Israel Kirzner's 1966 monograph on capital theory, reissued by FEE. Four chapters take up unfinished production plans, capital as a stock rather than a flow, the relation between capital and waiting, and the difficulty of measuring capital, closing with a reference list drawn from the mid-century capital theory literature. Full text: https://freecapitalists.org/books/an-essay-on-capital/read/ -- 8 chapters, 54,924 words. 1. Front Matter -- https://freecapitalists.org/books/an-essay-on-capital/read/front-matter/ FEE’s mission is to inspire, educate, and connect future leaders with the economic, ethical, and legal principles of a free society. Find us online at:FEE.orgFacebook.com/FEEonlineTwitter.com/FEEonline (@feeonline) 2017Published under the Creative Commons Attribution 4.0 International License The Decisions of Crusoe: Multi-period Decisions Crusoe and An Overlapping Sequence of Plans Multi-Period... 2. Foreword by Peter Lewin -- https://freecapitalists.org/books/an-essay-on-capital/read/foreword-by-peter-lewin/ As an economist Israel Kirzner is best known for his contributions to the theory of entrepreneurship. His renown in this area extends into the literature on management studies where recently his insights have become the focus of spirited discussions about the discovery of entrepreneurial opportunities. Ranging from his view of the entrepreneur as essentially a complex intertemporal arbitrageur... 3. Preface -- https://freecapitalists.org/books/an-essay-on-capital/read/preface/ This little book was written with the purpose of helping to clarify some of the conceptual problems that surround the foundations of capital theory. Much of recent theories of growth, as well as the more traditional microeconomic theories of investment, depend on capital notions. While this essay does not attempt to come to grips substantively with these problems, it is hoped that its discussions... 4. 1. Unfinished Plans -- https://freecapitalists.org/books/an-essay-on-capital/read/1-unfinished-plans/ In economics, more than in other sciences, a good theory is a structure of which the foundations consist of clearly defined concepts. Economists have, indeed, long recognized the substantive importance to their discipline, of careful definitions. The ability to define usefully the terms used in theoretical economic discussion, turns out almost invariably to call for the very same insight into... 5. 2. Stocks and Flows -- https://freecapitalists.org/books/an-essay-on-capital/read/2-stocks-and-flows/ Despite the controversies surrounding the definition of capital, there seems, Haavelmo found, “to be at least one aspect of capital which is not very controversial: That capital must have the dimensions of a stock concept, something at a point of time, t, and not something per unit of time.”[1] As Haavelmo points out, here the agreement on definition ends. Nonetheless the concept of capital as a... 6. 3. Capital and Waiting -- https://freecapitalists.org/books/an-essay-on-capital/read/3-capital-and-waiting/ We turn to take up the aspect of capital that has proved perhaps most fascinating to economists and yet seems to have provided them with their greatest difficulties and with fuel for their fiercest controversies,—the relation between capital and waiting. In general economists associate the “Austrian” approach to capital and interest theory with a major emphasis on the time lapse between inputs... 7. 4. Measuring Capital -- https://freecapitalists.org/books/an-essay-on-capital/read/4-measuring-capital/ The discussions of the preceding chapters have paved the way for a consideration of that knotty problem, the measurement of capital. There exists a sizeable literature attempting to grapple with this problem, some writers denying that capital measurement is possible even in principle, some claiming to have discovered the “right” method to achieve such measurement, some arguing that more than one... 8. List of References -- https://freecapitalists.org/books/an-essay-on-capital/read/list-of-references/ Journals listed more than once are referred to as follows: Andersen, E. (1965): “The Measurement of Capital”, Nationaløkonomisk Tidsskrift, Vol. 102, 1964, Numbers 3–4. Page number referred to is in the abstract in Journal of Economic Abstracts, January, 1965. Barna, T. (1961): “On Measuring Capital,” in The Theory of Capital (F. A. Lutz and D. C. Hague, editors), New York, 1961. Barzel, Y.... ### An Essay on Economic Theory Richard Cantillon. Mises Institute, 2010. first published 2010. 254 pages. ISBN 9781610160018. Page: https://freecapitalists.org/books/an-essay-on-economic-theory/ Rights: cc-by-3.0 (evidence: high), https://creativecommons.org/licenses/by/3.0/ Download: PDF https://library.freecapitalists.org/books/Richard%20Cantillon/An%20Essay%20on%20Economic%20Theory.pdf (2.6 MB); EPUB https://library.freecapitalists.org/books/Richard%20Cantillon/An%20Essay%20on%20Economic%20Theory.epub (1.6 MB) Topics: austrian At last, and finally, here is the first accurate and beautiful translation of Richard Cantillon's 1755 masterpiece on economics. This treatise is widely credited with being the first to describe the market process as one driven by entrepreneurship. William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before it became fashionable in economics to do so. Murray Rothbard, for this reason, called Cantillon the "founding father of modern economics." This book preceded Adam Smith by a generation. Unlike any previous writer, Cantillon explicated the vital role of the entrepreneur with perception and vigor. Hence, he deserves to be called “the father of enterprise economics.” We know little of Cantillon’s life and the circumstances of his authorship. The manuscript that was eventually published in 1755 circulated privately in France for almost two decades before; when published, it appeared under mysterious circumstances. Mark Thornton and Chantal Saucier have accomplished the arduous task of bringing forth a new and improved translation of Cantillon’s famous work. Heretofore the only English translation of the Essai available has been the 1931 edition produced by Henry Higgs for the Royal Economic Society. Though competent, it has become less serviceable over time, as more and more of its shortcomings devolved (not the least of which is the antiquated use of “undertaker” in place of “entrepreneur”). Saucier provides a more accurate and lucid account, better suited to the 21st century. Thornton’s hand shows not only in competent guidance of the translator but in the inclusion of numerous explanatory footnotes that add historical context. Robert F. Hébert writes the foreword. Full text: https://freecapitalists.org/books/an-essay-on-economic-theory/read/ -- 38 chapters, 63,072 words. 1. Foreword -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/foreword/ FOLLOWING A CENTURY of neglect, William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” Subsequent growth and development of economic thought has not really alerted us to the subtleties of this succinct appraisal. A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of... 2. Introduction -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/introduction/ Essai sur la Nature du Commerce en Général should be rightfully considered one of the most important books ever written. It is the first statement of economic theory and not just a single or limited breakthrough, but a comprehensive treatment that explains the organization of commercial society. Prior to Cantillon, writings about the economy were largely driven by considerations of religion... 3. Chapter One: Wealth -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-one-wealth/ Abstract: Cantillon defines wealth as the consumption goods produced by land and labor. This contrasted with the Mercantilists who thought money was wealth. LAND IS THE SOURCE or matter from which all wealth is drawn; man’s labor provides the form for its production, and wealth in itself is nothing but the food, conveniences, and pleasures of life. Land produces grass, roots, grain, flax, cotton... 4. Chapter Two: Human Societies -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-two-human-societies/ Abstract: All human societies are based on a system of property rights. The distribution of rights will necessarily be unequal, and the use to which property is put will be dependent on the tastes of the owners. WHICHEVER WAY A SOCIETY of men is formed, the ownership of the land they inhabit will necessarily belong to a small number among them. In nomadic societies like the Tartar hordes1 and... 5. Chapter Three: Villages -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-three-villages/ Abstract: In this first of four chapters on economic geography and location theory, Cantillon explains that settlements are based on the requirements of production, especially the quantity of labor, and the extent of the specialization and division of labor. HOWEVER THE LAND IS USED, whether pasture, wheat, vineyards, etc., the farmers or laborers who carry on the work must live nearby. Otherwise... 6. Chapter Four: Market Towns -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-four-market-towns/ Abstract: Entrepreneurs establish markets in centrally located villages which provide the necessary conditions under which prices are established between supply and demand. The size of the market town depends on the size of the economy it serves. THERE ARE VILLAGES WHERE markets have been established by the interest of some property owner or royal resident. These markets, held once or twice a... 7. Chapter Five: Cities -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-five-cities/ Abstract: Cities form at sites where large property owners have decided to live. Specialization of labor expands to meet the demands of the wealthy. Cities grow even larger when manufacturing industries produce for export, and whose workers are essentially supported by the production of foreign lands. Cantillon placed a great deal of emphasis on transportation costs. He found that property owners... 8. Chapter Six: Capital Cities -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-six-capital-cities/ Abstract: Wherever a government establishes its capital, the city will grow in size because the additional spending attracts labor and businesses to service the government and its employees and thus, it becomes a commercial center for the nation as well. A CAPITAL CITY IS FORMED in the same way as a provincial city, with these differences: the largest property owners in the state reside in the... 9. Chapter Seven: The Labor of the Plowman is of less Value than that of the Artisan -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-seven-the-labor-of-the-plowman-is-of-less-value/ Abstract: The opportunity cost of becoming a skilled worker includes both the direct expenses as well as the foregone labor during the training period or apprenticeship. As a result, skilled workers must be paid higher wages than unskilled workers. A LABORER’S SON, AT SEVEN to twelve years of age, begins to help his father either in keeping the herds, digging the ground, or in other sorts of... 10. Chapter Eight: Some Artisans earn more, others less, according to the different Cases and Circumstances -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-eight-some-artisans-earn-more-others-less-according/ Abstract: In addition to training and the forces of supply and demand, workers with higher quality skills, risky jobs, or jobs which require trustworthy employees will receive higher wages. This is now known as the theory of compensating differentials that is often attributed to Adam Smith. IF TWO TAILORS MAKE all the clothes of a village, one may have more customers than the other, whether from... 11. Chapter Nine The Number of Laborers, Artisans, and Others, Who Work in a State, is Naturally Proportioned to the Demand for Them -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-nine-the-number-of-laborers-artisans-and-others-who/ Abstract: The supply of workers adjusts itself to the demand for labor, across all professions, via wage rates, migration, and changes in population. Prosperity cannot be created by subsidizing job training. IF ALL THE FARM LABORERS in a village raise several sons to the same work, there will be too many farm laborers to cultivate the lands of the village, and the surplus adults will have to... 12. Chapter Ten: The Price and Intrinsic Value of a Thing in general is the measure of the Land and Labor which enter into its Production -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-ten-the-price-and-intrinsic-value-of-a-thing-in/ Abstract: Intrinsic value can be measured by the quantity of land and laborers, taking into account the quality of land and labor. Some goods are produced almost entirely with land, others solely from labor. In the garden example, intrinsic value is both the direct expenses of the garden and the foregone value of land. Intrinsic value of a choice never changes, but market prices vary according to... 13. Chapter Eleven: The Par or Relation between the Value of Land and Labor -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-eleven-the-par-or-relation-between-the-value-of/ Abstract: William Petty set off the search for a par value between land and labor. Cantillon provides a theoretical answer (referenced in Adam Smith’s Wealth of Nations) that property owners must provide their labor with the production of at least twice the land necessary to sustain the worker in order that enough children are raised to maintain the workforce over time. The amount of land will... 14. Chapter Twelve: All Classes and Individuals in a State subsist or are enriched at the Expense of the Proprietors of Land -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-twelve-all-classes-and-individuals-in-a-state/ Abstract: Cantillon develops a circular-flow model of the economy that shows the distribution of farm production between property owners, farmers, and workers. Farm production is exchanged for the goods and services produced in the cities by entrepreneurs and artisans. While the property owners are “independent,” the model demonstrates the mutual interdependence between all the classes of people... 15. Chapter Thirteen The Circulation and Exchange of Goods and Merchandise, as well as their Production, are Carried On in Europe by Entrepreneurs, and at a Risk -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-thirteen-the-circulation-and-exchange-of-goods-and/ Abstract: Here Cantillon introduces, for the first time, the theory of entrepreneurship. Entrepreneurs are the prime directors of resources. Their occupations come with risks due to uncertainty, especially from competition and changing tastes. As a result, their income can be very large, but they also face the prospect of bankruptcy. The property owner is independent in having a large income... 16. Chapter Fourteen: The Desires, Fashions, and the Ways of Life of the Prince, and especially of the Property Owners, determine the Use to which Land is put in a State and Cause the Variations in the Market Prices of all Things -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-fourteen-the-desires-fashions-and-the-ways-of-life/ Abstract: Cantillon constructs a model of the isolated estate or closed economy where the choices of property owners determine outputs and prices, regardless if they manage the isolated estate or lease it to farmers. Mistakes of the farmers or changes in demand by the property owners cause changes in prices, profits and losses, which drive the economy back to equilibrium. The result is that the... 17. Chapter Fifteen: The Increase and Decrease of the Number of People in a State chiefly Depends on the Taste, the Fashions, and the Ways of Life Property Owners -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-fifteen-the-increase-and-decrease-of-the-number-of/ Abstract: Population is based on the tastes and choices of property owners. Early versions of the Malthusian approach to population growth—that it follows some mathematical formula—are criticized. This chapter also shows that the opulence and lavish spending of the prince and absentee landlords living far from their lands was responsible for the poverty and declining population of France, which... 18. Chapter Sixteen: The more Labor there is in a State the more the State is judged naturally rich -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-sixteen-the-more-labor-there-is-in-a-state-the-more/ Abstract: The wealth of a nation depends on putting the labor force to work. Those who are unnecessary for farming can be employed in making higher quality products and manufactured goods, particularly durable goods made from metal. Saving is the key determinant of wealth and gold is a particularly useful form of savings because it can purchase all things, even in time of war. The prince and... 19. Chapter Seventeen: Metals and Money, and especially of Gold and Silver -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-seventeen-metals-and-money-and-especially-of-gold/ Abstract: Gold and silver were highly valued before they were used as money. They hold many advantages over other goods such as durability, divisibility, transportability, and homogeneity. These are the reasons which led gold, silver, and copper to be chosen as money, not “fancy” or common consent. When princes debase money or issue imaginary money, they hurt the economy. AS LAND PRODUCES MORE OR... 20. Chapter One: Barter -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-one-barter/ Abstract: Because the opportunity cost of a good cannot be fixed, it is impossible to know the proper exchange ratios for barter. This problem is overcome in the market by using commodities that have marketable characteristics, such as transportability, durability, and a recognized economic value, to serve as a medium of exchange. Prices of goods do not strictly follow the quantity theory of... 21. Chapter Two: Market Prices -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-two-market-prices/ Abstract: Market prices are determined by the bargaining between suppliers and demanders. Price determination by supply and demand is illustrated with a thought experiment that uses a fixed quantity of a perishable product (i.e., green peas) and known maximum valuations of consumers. LET US ASSUME THAT there are butchers on one side, and buyers on the other. The price of meat will be determined... 22. Chapter Three: The Circulation of Money -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-three-the-circulation-of-money/ Abstract: Farm production produces three rents, one of which sustains the farm workers, while the other two can be sold at wholesale to entrepreneurs who in turn provide property owners and farmers with goods and merchandise. This is the circular flow model of the economy. Money facilitates the flow and timing of rent payments (i.e., “velocity”) and the rate of the monetary flow determines the... 23. Chapter Four: Further Reflection on the Rapidity or Slowness of the Circulation of Money in Exchange -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-four-further-reflection-on-the-rapidity-or-slowness/ Abstract: Large transactions can be accomplished with the use of bills of exchange or barter, which reduces the demand for money. Ordinary transactions by people require actual coin money in circulation. A variety of factors, therefore, affect the flow of money in circulation and this in turn affects the amount of money in circulation. LET US ASSUME THAT THE FARMER pays 1,300 ounces of silver... 24. Chapter Five: The inequality of the circulation of hard money in a State -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-five-the-inequality-of-the-circulation-of-hard/ Abstract: Rural France was impoverished because commodities had to be sent to the capital and major cities to pay taxes to the state and rents to the property owners living there. It is argued here that if factories were permitted in rural areas, basic commodities could be turned into goods, which could then be sent to the cities at a much lower transport cost. This would save resources in... 25. Chapter Six: The increase and decrease in the quantity of hard money in a State -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-six-the-increase-and-decrease-in-the-quantity-of/ Abstract: Here Cantillon uses his price-specie flow mechanism to analyze some of the effects of inflation. Increasing the supply of money by mining hurts some people and benefits others because certain prices and incomes rise faster than others. However, if the new money is accumulated and saved by those who successfully export goods, either because of superior quality or more efficient... 26. Chapter Seven: Continuation of the same subject -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-seven-continuation-of-the-same-subject/ Abstract: When there is an increase in the quantity of money, prices will increase depending on how the new money holders decide to spend their money. The price changes will also be affected by such things as regulations on trade and the perishability of the products that are traded. In other words the simple quantity theory of money is naïve in proposing that a doubling of the quantity of money... 27. Chapter Eight: Further Reflection on the same subject -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-eight-further-reflection-on-the-same-subject/ Abstract: Increases in the supply of money from a balance of trade eventually causes prices to rise. This in turn puts pressure on domestic producers and increases imports. The result is that the balance of trade is reduced and eventually is negative. This is Cantillon’s price specie-flow mechanism which demonstrates the reasons for the tendency for equilibrium in international monetary flows.... 28. Chapter Nine: The Interest of Money and its Causes -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-nine-the-interest-of-money-and-its-causes/ Abstract: Interest is established in the market by lenders and borrowers and the interest rate on a particular loan is determined by the risk of default. A loan is repaid from the income generated from capital investments and the interest paid is equivalent to the profits of fully capitalized enterprises. Small entrepreneurs pay high rates whether they borrow cash or purchase goods to be paid at... 29. Chapter Ten: The Causes of the Increase and Decrease of the Interest of Money in a State -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-ten-the-causes-of-the-increase-and-decrease-of-the/ Abstract: The interest rate is determined by the supply and demand for loanable funds, not the supply of money. Savings and frugality decrease the interest rate while lavish spending increases it. War increases the interest rate, peace decreases it. Paying off the national debt decreases the interest rate. A positive balance of trade decreases the interest rate, but the government cannot... 30. Chapter One: Foreign Trade -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-one-foreign-trade/ Abstract: Here the circular-flow economy is extended to international trade. Instead of barter or exchange with money, Cantillon explains how international trade takes place on the basis of bills of exchange. He shows that a state which accumulates money will enjoy a temporary gain in international trade, but that states where manufacturing industries develop will enjoy a higher standard of... 31. Chapter Two: The Nature of Exchange Rates -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-two-the-nature-of-exchange-rates/ Abstract: There is an expense associated with transporting money based on the distance, risks, and other transaction costs. Bills of Exchange are a type of contract that can reduce this cost by avoiding shipments that are offsetting between two locations. When money must be sent, bankers charge a fee for arranging the shipment and providing their customers with a bill of exchange, or check, that... 32. Chapter Three: Further explanations of the Nature of Exchange Rates -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-three-further-explanations-of-the-nature-of/ Abstract: Exchange rates are explained as a function of the balance of trade and other factors. A trade deficit can cause your money to exchange below par, while a trade surplus will cause it to exchange above par. In fact, the exchange rate, above and below par, is an indicator of the general balance of trade in a country. An attempt to prohibit the export of gold necessary to pay for deficits... 33. Chapter Four: The variations in the proportion of values with regard to the Metals which serve as Money -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-four-the-variations-in-the-proportion-of-values/ Abstract: The price of gold and silver and the ratio between them is determined by markets and is also based on their usefulness, cost of production, and transportation costs. When government mints establish a fixed ratio between gold and silver money that is not based on market prices, the overvalued metal will be driven from circulation. This is commonly referred to as “Gresham’s Law” where bad... 34. Chapter Five: The augmentation and diminution of coin in denomination -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-five-the-augmentation-and-diminution-of-coin-in/ Abstract: Raising and lowering the nominal value of money is shown not to undermine the theory of the value of money. In contrast, such measures are shown to be methods by which the prince acquires resources by deceiving individuals about the value of money. The process causes chaos in the market. ACCORDING TO THE PRINCIPLES we have established, the quantity of money in circulation fixes and... 35. Chapter Six: Banks and their Credit -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-six-banks-and-their-credit/ Abstract: Fractional-reserve banking is a system where the banks lend some of their deposits and earn interest. This increases the amount of money in circulation compared to warehouse or 100% reserve banking. This utility of banking comes at the risk of being unable to withdraw your deposits. The amount that can be lent into circulation depends on the type of bank and the needs of the depositors.... 36. Chapter Seven: Further explanations and enquiries as to the utility of a National Bank -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-seven-further-explanations-and-enquiries-as-to-the/ Abstract: National Banks are of little utility and can be the source of economic chaos. The increase in the supply of money that they provide is relatively small and offers the same disadvantages as increases in real money. They are therefore unnecessary and potentially very harmful, as in the cases of the Bank of Venice and the Bank of London. The roles of legal tender laws, fractional reserve... 37. Chapter Eight: Refinements of Credit of General Banks -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/chapter-eight-refinements-of-credit-of-general-banks/ Abstract: When the government’s national bank inflates the money supply by increasing the supply of banknotes, it reduces the rate of interest and can increase the price of stocks. This is a corrupt process and when the notes are redeemed, the price of stocks falls and can result in bank runs and economic chaos. This is now known as the business cycle. THE NATIONAL BANK OF LONDON is composed of a... 38. Index -- https://freecapitalists.org/books/an-essay-on-economic-theory/read/index/ Banking, fractional-reserve banking, 227–230 Barter, and the circular flow of money, 134 Capital cities, size, location and economic geography, 39 Catholic church, effect on resource available to sustain the people, 101 Central banks, fractional-reserve banking, 227–230, 233–238 Children, cost and value of raising, 60, 61 size, location and economic geography, 35 Communal lands, establishment of... ### An Essay on Naval Discipline Thomas Hodgskin. London: C. Squire, 1813; Online Library of Liberty edition. first published 1813. 100 pages. Page: https://freecapitalists.org/books/an-essay-on-naval-discipline/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Hodgskin/An%20Essay%20on%20Naval%20Discipline.pdf (454 KB); EPUB https://library.freecapitalists.org/books/Thomas%20Hodgskin/An%20Essay%20on%20Naval%20Discipline.epub (188 KB) Hodgskin's first publication, a pamphlet of 1813 written from his service as a Royal Navy lieutenant. It condemns impressment and flogging, describes the harm they do to officers, sailors, and the country, and proposes an amended system that would end pressing. It marks the start of his career as a critic of compulsion. Full text: https://freecapitalists.org/books/an-essay-on-naval-discipline/read/ -- 23 chapters, 54,797 words. 1. to THE ENGLISH NATION. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/to-the-english-nation/ Convinced that it is necessary opinion should precede improvement, I dedicate to you, for your attentive perusal, the following pages. Conjuring you to remember, that of all the blessings of freedom which you enjoy, not one has been granted to you, by any God-like goodness of men in the possession of power. They have given them up to you from their necessities, or resigned them from their fears.... 2. PREFACE. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/preface/ In compliance with the general intention of prefaces, I shall give some account of my motives for appearing before the public, on so interesting and important a subject as the Discipline of the Naval Service. At a very early age I went to sea, with my head full of stories of the valour, generosity, and chivalric spirit of sailors; I thought that at sea, I might have the boisterous elements to... 3. CHAP. I.: On Pressing. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-i-on-pressing/ Among the numerous political evils which, for a long time, have employed the attention of the most temperate and most enlightened advocates of reform, none stands so conspicuous, for its many bad consquences, as the present mode of manning our fleets. It has never been said that it is just—it has never been palliated or excused but on the score of inevitable necessity; but whence this necessity... 4. CHAP. II.: On the Love of Fame. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-ii-on-the-love-of-fame/ By fame, to which, I have said, every Briton’s bosom is alive, I do not mean that applause which posterity bestows, but that praise which makes a man feel a conscious superiority. For my part, I cannot distinguish any difference between a love of fame and a love of praise, except that the first is the unwilling resource of those men whose efforts have been directed, without success, to the... 5. section first. An Account of some of the Naval Laws and Customs, and of the Coercion used on board Ship to establish Order. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-first-an-account-of-some-of-the-naval-laws-and/ Out of this imagined necessity, of pressing, there has grown up in the navy a set of laws and customs sufficiently repugnant to the feelings of an Englishman, to his ideas of justice and liberty, to make him forget the principle of resistance so common in human nature, neglect the gratification of fame, and risk every disaster, even to starving, rather than voluntarily serve his country. These... 6. section second. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-second/ Whenever, what is called, the natural disposition of the captain is severe; whenever he has a strong love of fame, and is careless or ignorant of the legitimate means of acquiring it, terror, from its temporary success, is made the means of promoting that activity in the minutia of duty which has been thought to deserve, and has received much praise. Custom sanctions flogging in all cases when... 7. section third. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-third/ The second article of war is, “All flag-officers, “and all persons in or belonging to his majesty’s ships and vessels of war, being guilty of profane oaths, cursings, execrations, drunkenness, uncleanness, or other scandalous actions, in derogation of God’s honour, and corruption of good manners, shall incur such punishment as a court martial shall think fit to impose, and the nature and degree... 8. section fourth. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-fourth/ The nineteenth article of war orders contempt to be punished as a court martial shall think fit, but custom sanctions the captain’s inflicting corporeal punishment for whatever he may deem Edition: current; Page: [54] contempt. And there is an article of the printed naval instructions, which without affixing any punishment to disrespect, vests, through the medium of custom, a power in courts... 9. section fifth. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-fifth/ It must be evident to every person, that the crime which fills most of our gaols, which causes most punishment in the community, and against which most of our penal statutes are directed, is thieving. As our ships are generally manned with our countrymen, it might be supposed that this would also cause the greater part of the punishments on board ship, but it is not so; thieving in any of its... 10. section sixth. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/section-sixth/ In the last section I pretended to no kind of accuracy as to the average number of men punished. Now, it is probable, the side of the question I have taken, and the well known passions of our nature, may have led me to mistakes. However, the proportion of men punished in the navy is much greater than in civil society. Those who wish to make accurate calculations on the subject, may have recourse... 11. CHAP. IV.: The Effect of Naval Laws and Customs on the Minds of the Officers. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-iv-the-effect-of-naval-laws-and-customs-on-the-minds/ Distinctly to analyse the human character in any situation; to unfold the complicated motives for the actions of men, or trace the effects of laws and customs, in forming the character, requires the patient, but keen investigation, and the knowledge of a philosopher; all, therefore, I can hope to do, in pointing out the effect of naval laws and customs, is to direct the attention of men of genius... 12. CHAP. V.: The Effect of Naval Laws and Customs on the Minds of Seamen; with an Attempt to estimate their Character: -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-v-the-effect-of-naval-laws-and-customs-on-the-minds-of/ To enumerate all the evil effects of naval laws and customs on the character of our seamen, would be to mention all the well-known evils which accrue to man in any situation, from being subject to a system of slavery which the naval discipline, combined with pressing and unlimited service, manifestly and acknowledgedly is. Why, then, has the universal debasement of character consequent upon... 13. CHAP. VI.: The ill Effects of the Coercion used on board Ship, and of the Naval Laws and Customs on the Community at large; with some general Remarks. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-vi-the-ill-effects-of-the-coercion-used-on-board-ship/ Though the effect of naval laws and customs is to engender pride and ignorance in the officers, and destroy the morality of the seamen, their worst effects are upon the community. These may be comprised under the heads of the vices committed in sea ports, of the destruction of our national character and discipline, and furnishing foreign nations grounds for an opinion, that, instead of being... 14. CHAP. VII.: A Definition of Discipline; with the Modes by which the present System destroys it. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-vii-a-definition-of-discipline-with-the-modes-by-which/ Before we can verify the assertion made in the last chapter, that the present naval laws and customs are destructive of real discipline, it is necessary to enquire what discipline is. This word has been so wrapped up in the mantle of prejudice, so obscured from our view by the terror that surrounds it. Civilians have so entirely committed it to military men, and military men have so entirely... 15. CHAP. VIII.: An Amended System—General Observations. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-viii-an-amended-systemgeneral-observations/ From the definition of discipline in the foregoing chapter; from the necessity there is that one mind should direct every exertion to which zeal would give birth, it may be clearly deduced, that the power of commanding is materially necessary properly to fulfil the duties of a captain; and as I have clearly shewn, in the details; that the power of punishing is destructive of discipline, no... 16. CHAP. IX.: Naval Tribunals. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-ix-naval-tribunals/ It has been asserted, and with apparent reason, that to organise tribunals so as to deserve and inspire confidence, is one of the primary duties of legislation. Now, can any man, accustomed to reflect on the motives of human actions, think for a moment that naval courts martial can inspire, or are deserving confidence? Where is the fancied theoretical perfection in their structure, that can make... 17. CHAP. X.: Naval Punishments and Rewards. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-x-naval-punishments-and-rewards/ The first class of crimes should consist of those to which capital punishments were annexed. These should be cognizable by no other tribunal than a superior court martial. About these offences, I apprehend but little difference of opinion can exist; they occur so seldom, that I feel indifferent what punishment they have annexed to them. They are known in the present naval code as mutiny, spies... 18. CHAP. XI.: The better Education of Officers. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-xi-the-better-education-of-officers/ Though taking from officers the vast and unnecessary power they now possess, will tend to make them feel the value of improvement; yet, as captains must frequently have a discretionary power of acting, where the interests and honour of their country are concerned; as they may, more than any other race of men, have the power to suggest improvements in its commerce; as the beśt interests of this... 19. CHAP. XII.: Limited Service. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-xii-limited-service/ As pressing appears to exist for no other reason, but, (as children say) because it does, it wants nothing to make it totally unnecessary but a simple declaration on the part of the legislature, that it is so; and reconciling the naval service to our ideas of justice and happiness. I have shown how the last may be easily accomplished by the establishment of tribunals, deserving our confidence... 20. CHAP. XIII.: Conclusion. -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/chap-xiii-conclusion/ That the foregoing alterations may be completely efficacious, it is absolutely necessary they should be known to the people, not simply by chance from the newspapers, but told them from authority; not whispered in alleys and corners, but declared in the public markets and the squares. We are ready enough at making executions public, why not also recompenses; why repress from vice by terror, and... 21. About Liberty Fund -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 22. The Online Library of Liberty -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 23. Copyright Information -- https://freecapitalists.org/books/an-essay-on-naval-discipline/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### An Essay on the Nature and Significance of Economic Science Lionel Robbins. London: Macmillan, 1932. First Edition. first published 1932. 156 pages. ISBN 9781610160391. Page: https://freecapitalists.org/books/essay-on-the-nature-and-significance-of-economic-science-an/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Lionel%20Robbins/Essay%20on%20the%20Nature%20and%20Significance%20of%20Economic%20Science.pdf (11.0 MB); EPUB https://library.freecapitalists.org/books/Lionel%20Robbins/Essay%20on%20the%20Nature%20and%20Significance%20of%20Economic%20Science.epub (283 KB) Topics: austrian This book by Lionel Robbins first appeared in 1932 as an outstanding English-language statement of the Misesian view of economic method, namely that economics is a social science and must advance its propositions by means of deductive reasoning and not through the methods used in the natural sciences. The case is argued here with patience and attention to scholarly details. The unfortunate second edition of this book, which is more available today, introduces confusions by departing from Austrian microeconomic theory. Thus does the Mises Institute celebrate the 75th anniversary of the first edition with this reprint. "Reading Robbins," writes Samuel Bostaph of the University of Dallas, "is an excellent way of contrasting his explanation of the basic nature of economics with that of the Austrian School, as found in the work of Mises as an extension of Carl Mengers's foundations. Such a reading wonderfully clarifies one’s understanding of the basic conception of economics as a science of human action, rather than one of mere 'economizing.' " ### An Essay on the Principle of Population (1798, first edition) Thomas Robert Malthus. London: J. Johnson, 1798; Online Library of Liberty edition. first published 1798. 108 pages. Page: https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Thomas%20Robert%20Malthus/An%20Essay%20on%20the%20Principle%20of%20Population%20%281798%2C%20first%20edition%29.pdf (335 KB); EPUB https://library.freecapitalists.org/books/Thomas%20Robert%20Malthus/An%20Essay%20on%20the%20Principle%20of%20Population%20%281798%2C%20first%20edition%29.epub (187 KB) The anonymous first edition of Malthus's Essay, written as a reply to Godwin and Condorcet. It argues that population tends to grow geometrically while food supply grows only arithmetically, so that misery and vice check numbers. The short 1798 text is the original form of the argument, before Malthus revised and greatly expanded it in later editions. Full text: https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/ -- 23 chapters, 55,011 words. 1. Preface -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/preface/ The following Essay owes its origin to a conversation with a friend, on the subject of Mr. Godwin's Essay, on avarice and profusion, in his Enquirer. The discussion, started the general question of the future improvement of society; and the Author at first sat down with an intention of merely stating his thoughts to his friend, upon paper, in a clearer manner than he thought he could do in... 2. Chapter I -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-i/ Question stated—Little prospect of a determination of it, from the enmity of the opposing parties—The principal argument against the perfectibility of man and of society has never been fairly answered—Nature of the difficulty arising from population—Outline of the principal argument of the essay The great and unlooked for discoveries that have taken place of late years in natural philosophy; the... 3. Chapter II -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-ii/ The different ratios in which population and food increase—The necessary effects of these different ratios of increase—Oscillation produced by them in the condition of the lower classes of society—Reasons why this oscillation has not been so much observed as might be expected—Three propositions on which the general argument of the essay depends—The different states in which mankind have been... 4. Chapter III -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-iii/ The savage or hunter state shortly reviewed—The shepherd state, or the tribes of barbarians that overran the Roman Empire—The superiority of the power of population to the means of subsistence—the cause of the great tide of Northern Emigration. In the rudest state of mankind, in which hunting is the principal Occupation, and the only mode of acquiring food; the means of subsistence being... 5. Chapter IV -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-iv/ State of civilized nations—Probability that Europe is much more populous now than in the time of Julius Cæsar—Best criterion of population—Probable error of Hume in one the criterions that he proposes as assisting in an estimate of population—Slow increase of population at present in most of the states of Europe—The two principal checks to population—The first, or preventive check examined with... 6. Chapter V -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-v/ The second, or positive check to population examined, in England—The true cause why the immense sum collected in England for the poor does not better their condition—The powerful tendency of the poor-laws to defeat their own purpose—Palliative of the distresses of the poor proposed—The absolute impossibility from the fixed laws of our nature, that the pressure of want can ever be completely... 7. Chapter VI -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-vi/ New colonies—Reasons for their rapid increase—North American Colonies—Extraordinary instance of increase in the back settlements—Rapidity with which even old states recover the ravages of war, pestilence, famine, or the convulsions of nature. It has been universally remarked, that all new colonies settled in healthy countries, where there was plenty of room and food, have constantly increased... 8. Chapter VII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-vii/ A probable cause of epidemics—Extracts from Mr. Sussmilch's tables—Periodical returns of sickly seasons to be expected in certain cases—Proportion of births to burials for short periods in any country an inadequate criterion of the real average increase of population—Best criterion of a permanent increase of population—Great frugality of living one of the causes of the famines of China and... 9. Chapter VIII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-viii/ Mr. Wallace—Error of supposing that the difficulty arising from population is at a great distance—Mr. Condorcet's sketch of the progress of the human mind—Period when the oscillation, mentioned by Mr. Condorcet, ought to be applied to the human race. To a person who draws the preceding obvious inferences, from a view of the past and present state of mankind, it cannot but be a matter of... 10. Chapter IX -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-ix/ Mr. Condorcet's conjecture concerning the organic perfectibility of man, and the indefinite prolongation of human life—Fallacy of the argument, which infers an unlimited progress from a partial improvement, the limit of which cannot be ascertained, illustrated in the breeding of animals, and the cultivation of plants. The last question which Mr. Condorcet proposes for examination, is, the organic... 11. Chapter X -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-x/ Mr. Godwin's system of equality—Error of attributing all the vices of mankind to human institutions—Mr. Godwin's first answer to the difficulty arising from population totally insufficient—Mr. Godwin's beautiful system of equality supposed to be realized—Its utter destruction simply from the principle of population in so short a time as thirty years. In reading Mr. Godwin's ingenious and able... 12. Chapter XI -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xi/ Mr. Godwin's conjecture concerning the future extinction of the passion between the sexes—Little apparent grounds for such a conjecture—Passion of love not inconsistent either with reason or virtue. We have supported Mr. Godwin's system of society once completely established. But it is supposing an impossibility. The same causes in nature which would destroy it so rapidly, were it once... 13. Chapter XII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xii/ Mr. Godwin's conjecture concerning the indefinite prolongation of human life—Improper inference drawn from the effects of mental stimulants on the human frame, illustrated in various instances—Conjectures not founded on any indications in the past, not to be considered as philosophical conjectures—Mr. Godwin's and Mr. Condorcet's conjecture respecting the approach of man towards immortality on... 14. Chapter XIII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xiii/ Error of Mr. Godwin in considering man too much in the light of a being merely rational—In the compound being, man, the passions will always act as disturbing forces in the decisions of the understanding—Reasonings of Mr. Godwin on the subject of coercion—Some truths of a nature not to be communicated from one man to another. In the chapter which I have been examining, Mr. Godwin professes to... 15. Chapter XIV -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xiv/ Mr. Godwin's five propositions respecting political truth, on which his whole work hinges, not established—Reasons we have for supposing, from the distress occasioned by the principle of population, that the vices and moral weakness of man can never be wholly eradicated—Perfectibility, in the sense in which Mr. Godwin uses the term, not applicable to man—Nature of the real perfectibility of man... 16. Chapter XV -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xv/ Models too perfect may sometimes rather impede than promote improvement—Mr. Godwin's essay on avarice and profusion—Impossibility of dividing the necessary labour of a society amicably among all—Invectives against labour may produce present evil, with little or no chance of producing future good—An accession to the mass of agricultural labour must always be an advantage to the labourer. Mr.... 17. Chapter XVI -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xvi/ Probable error of Dr. Adam Smith in representing every increase of the revenue or stock of a society as an increase in the funds for the maintenance of labour—Instances where an increase of wealth can have no tendency to better the condition of the labouring poor—England has increased in riches without a proportional increase in the funds for the maintenance of labour—The state of the poor in... 18. Chapter XVII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xvii/ Question of the proper definition of the wealth of a state—Reason given by the French Œconomists for considering all manufacturers as unproductive labourers, not the true reason—The labour of artificers and manufacturers sufficiently productive to individuals, though not to the state—A remarkable passage in Dr. Price's two volumes of observations—Error of Dr. Price in attributing the happiness... 19. Chapter XVIII -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xviii/ The constant pressure of distress on man, from the principle of population, seems to direct our hopes to the future—State of trial inconsistent with our ideas of the foreknowledge of God—The world, probably, a mighty process for awakening matter into mind—Theory of the formation of mind—Excitements from the wants of the body—Excitements from the operation of general laws—Excitements from the... 20. Chapter XIX -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/chapter-xix/ The sorrows of life necessary to soften and humanize the heart—The excitement of social sympathy often produce characters of a higher order than the mere possessors of talents—Moral evil probably necessary to the production of moral excellence—Excitements from intellectual wants continually kept up by the infinite variety of nature, and the obscurity that involves metaphysical subjects—The... 21. About Liberty Fund -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 22. The Online Library of Liberty -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 23. Copyright Information -- https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1798-first-edition/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### An Essay on the Principle of Population (1826, sixth edition) Thomas Robert Malthus. London: John Murray, 1826 (6th ed., 2 vols.); Online Library of Liberty edition. first published 1826. Page: https://freecapitalists.org/books/an-essay-on-the-principle-of-population-1826-sixth-edition/ Rights: public-domain-by-age (evidence: high) The sixth and last edition Malthus saw through the press, in two volumes. The argument of 1798 is now backed by a survey of population and its checks across many countries and periods, and moral restraint is added to misery and vice as a check. It is the standard text for the mature Malthusian theory and its later influence on Darwin and on poor-law debates. ### An Essay on the Trial by Jury Lysander Spooner. 1852; Project Gutenberg edition. first published 1852. Page: https://freecapitalists.org/books/an-essay-on-the-trial-by-jury/ Rights: undetermined (evidence: n/a) Download: EPUB https://library.freecapitalists.org/books/Lysander%20Spooner/An%20Essay%20on%20the%20Trial%20by%20Jury.epub (274 KB) ### An Inflation Primer Melchior Palyi. Henry Regnery Company, Chicago, 1962. first published 1962. 160 pages. Page: https://freecapitalists.org/books/an-inflation-primer/ Rights: public-domain-not-renewed (evidence: medium) Download: PDF https://library.freecapitalists.org/books/Melchior%20Palyi/An%20Inflation%20Primer.pdf (6.5 MB); EPUB https://library.freecapitalists.org/books/Melchior%20Palyi/An%20Inflation%20Primer.epub (84.3 KB); Kindle https://library.freecapitalists.org/books/Melchior%20Palyi/An%20Inflation%20Primer.azw3 (140 KB) Topics: money Full text: https://freecapitalists.org/books/an-inflation-primer/read/ -- 17 chapters, 33,002 words. 1. I. Inflation's Syndrome -- https://freecapitalists.org/books/an-inflation-primer/read/i-inflation-s-syndrome/ Galloping inflation threw the German economy into virtual chaos and demoralized large segments of the German people. Adolf Hitler was the ulti mate outcome. But at least it did not last long. 1 AN INFLATION PRIMER Presently, we are living almost a lifetime with creeping inflation that is supposed to go on indefi nitely-without accelerating. Admittedly, the gal loping kind is pernicious. Not so... 2. II. The "Modus Operandi" of Inflation -- https://freecapitalists.org/books/an-inflation-primer/read/ii-the-modus-operandi-of-inflation/ Nothing of the sort will happen through this type of transaction~ The new credit does not generate inflationary expectations; it is of the self-liquidating kind; the backflow in 90 days is assured, and the deposit will ·be wiped out. Ac tually, as it is being granted, a maturing loan may be ·paid back~ The total money supply need not be affected at all, or for a very short time only~ Even if it... 3. III. The Fountainheads of Inflation -- https://freecapitalists.org/books/an-inflation-primer/read/iii-the-fountainheads-of-inflation/ Treasury; with the governments or central banks of foreign countries, and, for the purchase and sale of federal obligations, with selected security dealers. With this position as a central bank goes the monopoly of issuing legal tender-bank notes. The federal reserve banks have the privilege of 18 THE FOUNTAINHEADS OF INFLATION makingthe money with which to pay for their own liabilities. The... 4. IV. The Vicious Spirals -- https://freecapitalists.org/books/an-inflation-primer/read/iv-the-vicious-spirals/ A continued process of this sort is bound to bring about a trend of rising prices unless the 28 THE VICIOUS SPIRALS excess money vanishes into hoarding (which it is not likely to do). Yet it was many years before the public showed signs of awakening to the inflation threat and to the role the money element plays in it. Even now, a variety of arguments is being offered to evade the money problem... 5. V. Riding on the Inflation Crest -- https://freecapitalists.org/books/an-inflation-primer/read/v-riding-on-the-inflation-crest/ for government securities. No such function was originally intended or written into the statutes of the Federal Reserve System. It is a pretext and fancy name to cover up the reality, which is to per mit Washington to indulge in fiscal irresponsi bility. To eliminate the last shred of doubt about the ultimate and effective cause of inflation, consider the following. In April, 1959, the union of... 6. VI. The Consumer (and Taxpayer_ Be Damned -- https://freecapitalists.org/books/an-inflation-primer/read/vi-the-consumer-and-taxpayer-be-damned/ If prices are raised, the cost of higher wages falls ultimately on the consumer. That includes the 48 THE CONSUMER (AND TAXPAYER) BE DAMNED workers and their families, of course. As the price inflation spreads, their dollar gains tend to evaporate. It may take some time when the infla tion is the creeping kind. When it accelerates, the gain rapidly turns, by all historic evidence, into a loss of.... 7. VII. The "Philosophy" of Inflation -- https://freecapitalists.org/books/an-inflation-primer/read/vii-the-philosophy-of-inflation/ tradition, do we condemn the apparent historical trend accepted by a majority of progressive na tions? If ethics is a mere matter of anthropology or psy choanalysis, who is to proclaim immutable laws of economics? Must we revert to the laissez faire ("leave us alone") doctrine that is as obsolete-the self-styled modernist may continue-as are the gold standard and the "anarchistic" competition of... 8. VIII. Creeping Inflation and Intellectual Honesty -- https://freecapitalists.org/books/an-inflation-primer/read/viii-creeping-inflation-and-intellectual-honesty/ One may wonder about the present state of mind of the eminent economist: scared, hysterical, alarmed, gravely concerned, or not concerned at all? But his wartime ruminations should not be taken too seriously. At that time, the upside down economics of J. M. Keynes reigned supreme, in particular the theory that the saver is the de structive villain in the drama of the business cycle, the spender... 9. IX. Inflation's Balance Sheet: The Liabilities -- https://freecapitalists.org/books/an-inflation-primer/read/ix-inflation-s-balance-sheet-the-liabilities/ Now, the national income is a somewhat less than reliible "aggregate." The data ... about the components entering into such aggregates as national income, volume of production, savings and investment, etc., are pure "guesstimates," subject to arbi trary manipulation. The methods to substitute what amounts to "very wild guesses" in the place of factual knowledge are known to the statisticians as... 10. X. The Burden of the National Debt -- https://freecapitalists.org/books/an-inflation-primer/read/x-the-burden-of-the-national-debt/ diluting if it were not for the debt and its recur rent monetization? How would we overcome de pressions (in the midst of booms), maintain full 98 THE BURDEN OF THE NATIONAL DEBT employment, and spend ourselves into ever greater richness? He who believes in inflation as a panacea for curing social ills, or even as a necessary evil, must justify the existence and growth of the overextended... 11. XI. The Curse of the Debt -- https://freecapitalists.org/books/an-inflation-primer/read/xi-the-curse-of-the-debt/ When the national Treasury is unfathomably in the red, the nation turns color blind. It prefers to believe that red is black, or at least white, that liabilities, if not real assets, are "no burden." When this stage is reached, the doors of the fool's paradise open wide. Actually, the more indebted a nation is, the more immune it becomes from the fear of national bankruptcy. Once the principle... 12. XII. The Dollar on the Sickbed -- https://freecapitalists.org/books/an-inflation-primer/read/xii-the-dollar-on-the-sickbed/ The speaker was Mr. Morgenthau, FDR's Secretary of the Treasury. He would rank today as a right-wing Republican. His common-sense state ment came virtually at the historic moment when common sense and American monetary policy parted company. In 1940, the dollar was indeed "good as gold" again. Since then, as a nation, we take neither gold nor promissory notes for the ex cess of goods we ship... 13. XIII. The Sad Predicament of the Fool's Paradise -- https://freecapitalists.org/books/an-inflation-primer/read/xiii-the-sad-predicament-of-the-fool-s-paradise/ As these lines go to press, the problem has reached the critical stage. We have lost in less 128 AN INFLATION PRIMER than three years over $5.2 billion of our gold re serve (closer to $6 billion, including the gold bor I rowed from the International Monetary Fund), more than $2 billion in the last four months to mid-January, 1961. Where are the surplus dollars coming from, to be turned into gold... 14. Appendix -- https://freecapitalists.org/books/an-inflation-primer/read/appendix/ Just what is the money supply-supply of what? At stake is the definition of money, a bitterly fought issue for centuries. Monetary policies were built on arbitrary definitions, ranging from the ,eighteenth century doctrine (David Hume) that all credit instruments are money, even bonds and 135 MONEY SUPPLY AND INFLATIONshares of common stocks, to the dogma underlying the Peel's Bank Charter Act of... 15. Bibliography -- https://freecapitalists.org/books/an-inflation-primer/read/bibliography/ Hazlitt, Henry. The Failure of the ~New Economics': An Analy sis of the Keynesian Fallacies. Princeton, N.J.: D. Van Nostrand Co., Inc., 1959. Kriz, Miroslav A. Gold in World Monetary Affairs Today. ("Essays in International Finance," No. 34.) Princeton, N.J.: Princeton University Press, 1959. Lester, R. A. As Unions Mature. Princeton, N.J.: Princeton UniversityPress, 1959. Lindblom, C. E. Unions... 16. Index -- https://freecapitalists.org/books/an-inflation-primer/read/index/ Kenneth 73,82 Gambling (see speculation) General Motors 42 "Gold inflation" 3 Gold price (see devaluation) Gold dollar balances and .... 122-24 loss of .. 120, 123,128-29, 131-32 requirement 21 role of. 119, 122, 127, 132-33 standard 21,56-57,76 Gray, Horace M., and Adams, W 55 Greenbacks ............••.•.. 6 Grievance procedures 38 "Growth" balanced ....•............ 68 debts and 117 ideology of... 17. About this edition -- https://freecapitalists.org/books/an-inflation-primer/read/about-this-edition/ This EPUB was produced automatically from the PDF named below. The text is the publisher's; the layout was reflowed for screen reading, so page breaks, line breaks and hyphenation differ from the original. Publisher: Henry Regnery Company, Chicago Source page: https://freecapitalists.org/books/an-inflation-primer/ Converted: 2026-08-09 by The Liberty Archive (freecapitalists.org), converter v6 ### An Introduction to Austrian Economics Thomas C. Taylor. Auburn, AL: Ludwig von Mises Institute, 1990. first published 1990. 100 pages. ISBN 9781933550237. Page: https://freecapitalists.org/books/introduction-to-austrian-economics-an/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Thomas%20C%20Taylor/Introduction%20to%20Austrian%20Economics.pdf (8.3 MB); EPUB https://library.freecapitalists.org/books/Thomas%20C%20Taylor/Introduction%20to%20Austrian%20Economics.epub (465 KB); HTML https://library.freecapitalists.org/books/Thomas%20C%20Taylor/Introduction%20to%20Austrian%20Economics.html (8.5 KB) Topics: austrian For the serious student, this exposition of the essentials of Austrian economics is excellent. Taylor discusses all the fundamental aspects of Austrian thought, from subjectivism and marginal utility to inflation and the business cycle. This new and revised edition is widely influential among economics students. For the newcomer, this work represents a concise introduction both to the historical setting of the Austrian School and to the ideas espoused by its members. This volume includes chapters on: Social Cooperation and Resource Allocation Economic Calculation The Subjective Theory of Value The Market and Market Prices Production in an Evenly Rotating Economy From an Evenly Rotating Economy to the Real World Inflation and the Business Trade Cycle ### An Introduction to Economic Reasoning David Gordon. Auburn, Alabama: The Mises Institute, 2000. An excellent introduction to economic thinking designed for the intelligent high school student, available for purchase or fully downloadable from Mises.org. first published 2000. 210 pages. ISBN 9780945466284. Page: https://freecapitalists.org/books/an-introduction-to-economic-reasoning/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/David%20Gordon/An%20Introduction%20to%20Economic%20Reasoning.pdf (1.5 MB) Topics: austrian, state This high-school text, published in May 2000, is aimed at teaching the intelligent young reader how to think about economic problems in a manner consistent with the Austrian School tradition. Its chapters on action, preference, demand and supply, value theory, money, and price controls emphasize deductive logic, the market process, and the failures of government intervention. As the only text of its kind, this book is engaging, funny, filled with examples, and never talks down to the student. It is perfect for homeschoolers, but every student, young or old, will benefit from it. Indeed, a student familiar with its contents will be fully prepared to see through the fallacies of the introductory economics texts used at the college level. The contents of this primer include: Introduction 1. The Method of Economics 2. Action and Preference, Part 1 3. Action and Preference, Part 2 4. Demand and Supply 5. The Labor Theory of Value 6. Price Controls 7. Minimum Wages and Wage Control 8. Money, Part 1 9. Money, Part 2 10. The Gold Standard Conclusion Glossary Recommended Readings Index ### An Introduction to the Principles of Morals and Legislation Jeremy Bentham. Oxford: Clarendon Press, 1907; Online Library of Liberty edition. first published 1907. 249 pages. Page: https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/Jeremy%20Bentham/An%20Introduction%20to%20the%20Principles%20of%20Morals%20and%20Legislation.pdf (974 KB); EPUB https://library.freecapitalists.org/books/Jeremy%20Bentham/An%20Introduction%20to%20the%20Principles%20of%20Morals%20and%20Legislation.epub (346 KB) Bentham's foundational statement of utilitarianism, printed in 1780 and published in 1789, here in the Clarendon Press edition of 1907. He builds ethics and law on the principle of utility, catalogs kinds of pleasure and pain, and works out how punishments should be measured. It is one of the founding texts of nineteenth-century utilitarian reform. Full text: https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/ -- 35 chapters, 135,270 words. 1. Preface -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/preface/ Note.—The First Edition of this work was printed in the year 1780; and first published in 1789. The present Edition is a careful reprint of 'A New Edition, corrected by the Author,' which was published in 1823. The following sheets were, as the note on the opposite page expresses, printed so long ago as the year 1780. The design, in pursuance of which they were written, was not so extensive as... 2. Chapter I: OF THE PRINCIPLE OF UTILITY -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-i-of-the-principle-of-utility/ I. Nature has placed mankind under the governance of two sovereign masters, pain and pleasure. It is for them alone to point out what we ought to do, as well as to determine what we shall do. On the one hand the standard of right and wrong, on the other the chain of causes and effects, are fastened to their throne. They govern us in all we do, in all we say, in all we think: every effort we can... 3. Chapter II: OF PRINCIPLES ADVERSE TO THAT OF UTILITY -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-ii-of-principles-adverse-to-that-of-utility/ 1. If the principle of utility be a right principle to be governed by, and that in all cases, it follows from what has been just observed, that whatever principle differs from it in any case must necessarily be a wrong one. To prove any other principle, therefore, to be a wrong one, there needs no more than just to show it to be what it is, a principle of which the dictates are in some point or... 4. Chapter III: OF THE FOUR SANCTIONS OR SOURCES OF PAIN AND PLEASURE -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-iii-of-the-four-sanctions-or-sources-of-pain-and/ I. It has been shown that the happiness of the individuals, of whom a community is composed, that is their pleasures and their security, is the end and the sole end which the legislator ought to have in view: the sole standard, in conformity to which each individual ought, as far as depends upon the legislator, to be made to fashion his behaviour. But whether it be this or any thing else that is... 5. Chapter IV: VALUE OF A LOT OF PLEASURE OR PAIN, HOW TO BE MEASURED -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-iv-value-of-a-lot-of-pleasure-or-pain-how-to-be/ I. Pleasures then, and the avoidance of pains, are the ends that the legislator has in view; it behoves him therefore to understand their value. Pleasures and pains are the instruments he has to work with: it behoves him therefore to understand their force, which is again, in other words, their value. II. To a person considered by himself, the value of a pleasure or pain considered by itself... 6. Chapter V: PLEASURES AND PAINS, THEIR KINDS -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-v-pleasures-and-pains-their-kinds/ I. Having represented what belongs to all sorts of pleasures and pains alike, we come now to exhibit, each by itself, the several sorts of pains and pleasures. Pains and pleasures may be called by one general word, interesting perceptions. Interesting perceptions are either simple or complex. The simple ones are those which cannot any one of them be resolved into more: complex are those which are... 7. Chapter VI: OF CIRCUMSTANCES INFLUENCING SENSIBILITY -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-vi-of-circumstances-influencing-sensibility/ I. Pain and pleasure are produced in men's minds by the action of certain causes. But the quantity of pleasure and pain runs not uniformly in proportion to the cause; in other words, to the quantity of force exerted by such cause. The truth of this observation rests not upon any metaphysical nicety in the import given to the terms cause, quantity, and force: it will be equally true in whatsoever... 8. Chapter VII: OF HUMAN ACTIONS IN GENERAL -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-vii-of-human-actions-in-general/ I. The business of government is to promote the happiness of the society, by punishing and rewarding. That part of its business which consists in punishing, is more particularly the subject of penal law. In proportion as an act tends to disturb that happiness, in proportion as the tendency of it is pernicious, will be the demand it creates for punishment. What happiness consists of we have... 9. Chapter VIII: OF INTENTIONALITY -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-viii-of-intentionality/ I. So much with regard to the two first of the articles upon which the evil tendency of an action may depend: viz. the act itself, and the general assemblage of the circumstances with which it may have been accompanied. We come now to consider the ways in which the particular circumstance of intention may be concerned in it. II. First, then, the intention or will may regard either of two objects... 10. Chapter IX: OF CONSCIOUSNESS -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-ix-of-consciousness/ I. So far with regard to the ways in which the will or intention may be concerned in the production of any incident: we come now to consider the part which the understanding or perceptive faculty may have borne, with relation to such incident. II. A certain act has been done, and that intentionally: that act was attended with certain circumstances: upon these circumstances depended certain of its... 11. § 1. Different senses of the word motive.1 -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-1-different-senses-of-the-word-motive-1/ I. It is an acknowledged truth, that every kind of act whatever, and consequently every kind of offense, is apt to assume a different character, and be attended with different effects, according to the nature of the motive which gives birth to it. This makes it requisite to take a view of the several motives by which human conduct is liable to be influenced. II. By a motive, in the most extensive... 12. § 2. No motives either constantly good or constantly bad. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-2-no-motives-either-constantly-good-or-constantly-bad/ IX. In all this chain of motives, the principal or original link seems to be the last internal motive in prospect: it is to this that all the other motives in prospect owe their materiality: and the immediately acting motive its existence. This motive in prospect, we see, is always some pleasure, or some pain; some pleasure, which the act in question is expected to be a means of continuing or... 13. § 3. Catalogue of motives corresponding to that of Pleasures and Pains. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-3-catalogue-of-motives-corresponding-to-that-of/ XIV. From the pleasures of the senses, considered in the gross, results the motive which, in a neutral sense, maybe termed physical desire: in a bad sense, it is termed sensuality. Name used in a good sense it has none. Of this, nothing can be determined, till it be considered separately, with reference to the several species of pleasures to which it corresponds. XV. In particular, then, to the... 14. § 4. Order of pre-eminence among motives. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-4-order-of-pre-eminence-among-motives/ XXXVI. Of all these sorts of motives, good-will is that of which the dictates,20 taken in a general view, are surest of coinciding with those of the principle of utility. For the dictates of utility are neither more nor less than the dictates of the most extensive21 and enlightened (that is well-advised22) benevolence. The dictates of the other motives may be conformable to those of utility, or... 15. § 5. Conflict among motives. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-5-conflict-among-motives/ XLIII. When a man has it in contemplation to engage in any action, he is frequently acted upon at the same time by the force of divers motives: one motive, or set of motives, acting in one direction; another motive, or set of motives, acting as it were in an opposite direction. The motives on one side disposing him to engage in the action: those on the other, disposing him not to engage in it.... 16. Chapter XI: OF HUMAN DISPOSITIONS IN GENERAL -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-xi-of-human-dispositions-in-general/ I. In the foregoing chapter it has been shown at large, that goodness or badness cannot, with any propriety, be predicated of motives. Is there nothing then about a man that may properly be termed good or bad, when, on such or such an occasion; he suffers himself to be governed by such or such a motive? Yes, certainly: his disposition. Now disposition is a kind of fictitious entity, feigned for... 17. §1. Shapes in which the mischief of an act may show itself. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-1-shapes-in-which-the-mischief-of-an-act-may-show/ I. Hitherto we have been speaking of the various articles or objects on which the consequences or tendency of an act may depend: of the bare act itself: of the circumstances it may have been, or may have been supposed to be, accompanied with: of the consciousness a man may have had with respect to any such circumstances: of the intentions that may have preceded the act: of the motives that may... 18. § 2. How Intentionality, &c. may influence the mischief of an act. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-2-how-intentionality-c-may-influence-the-mischief-of/ XIX. We have seen the nature of the secondary mischief, which is apt to be reflected, as it were, from the primary, in the cases where the individuals who are the objects of the mischief are assignable. It is now time to examine into the circumstances upon which the production of such secondary mischief depends. These circumstances are no others than the four articles which have formed the... 19. § 1. General view of cases unmeet for punishment. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-1-general-view-of-cases-unmeet-for-punishment/ I. The general object which all laws have, or ought to have, in common, is to augment the total happiness of the community; and therefore, in the first place, to exclude, as far as may be, every thing that tends to subtract from that happiness: in other words, to exclude mischief. II. But all punishment is mischief: all punishment in itself is evil. Upon the principle of utility, if it ought at... 20. § 2. Cases in which punishment is groundless. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-2-cases-in-which-punishment-is-groundless/ IV. I. Where there has never been any mischief: where no mischief has been produced to any body by the act in question. Of this number are those in which the act was such as might, on a some occasions, be mischievous or disagreeable, but the person whose interest it concerns gave his consent to the performance of it. This consent, provided it be free, and fairly obtained,70 is the best proof that... 21. § 3. Cases in which punishment must be inefficacious -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-3-cases-in-which-punishment-must-be-inefficacious/ VII. 1. Where the penal provision is not established until after the act is done. Such are the cases, 1. Of an ex-post-facto law; where the legislator himself appoints not a punishment till after the act is done. 2. Of a sentence beyond the law; where the judge, of his own authority, appoints a punishment which the legislator had not appointed. VIII. 2. Where the penal provision, though... 22. § 3. Cases where punishment is unprofitable. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-3-cases-where-punishment-is-unprofitable/ XIII. 1. Where, on the one hand, the nature of the offense, on the other hand, that of the punishment, are, in the ordinary state of things, such, that when compared together, the evil of the latter will turn out to be greater than that of the former. XIV. Now the evil of the punishment divides itself into four branches, by which so many different sets of persons are affected. 1. The evil of... 23. § 3. Cases where punishment is needless. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-3-cases-where-punishment-is-needless/ XVII. 1. Where the purpose of putting an end to the practice may be attained as effectually at a cheaper rate: by instruction, is for instance, as well as by terror: by informing the understanding, as well as by exercising an immediate influence on the will. This seems to be the case with respect to all those offenses which consist in the disseminating pernicious principles in matters of duty; of... 24. Chapter XIV: OF THE PROPORTION BETWEEN PUNISHMENTS AND OFFENCES -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-xiv-of-the-proportion-between-punishments-and/ I. We have seen that the general object of all laws is to prevent mischief; that is to say, when it is worth while; but that, where there are no other means of doing this than punishment, there are four cases in which it is not worth while. II. When it is worth while, there are four subordinate designs or objects, which, in the course of his endeavours to compass, as far as may be, that one... 25. Chapter XV: OF THE PROPERTIES TO BE GIVEN TO A LOT OF PUNISHMENT -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/chapter-xv-of-the-properties-to-be-given-to-a-lot-of/ I. It has been shown what the rules are, which ought to be observed in adjusting the proportion between the punishments and the offense. The properties to be given to a lot of punishment, in every instance, will of course be such as it stands in need of, in order to be capable of being applied, in conformity to those rules: the quality will be regulated by the quantity. II. The first of those... 26. §1. Classes of Offences. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-1-classes-of-offences/ I. It is necessary, at the outset, to make a distinction between such acts as are or may be, and such as ought to be offences. Any act may be an offence, which they whom the community are in the habit of obeying shall be pleased to make one: that is, any act which they shall be pleased to prohibit or to punish. But, upon the principle of utility, such acts alone ought to be made offences, as the... 27. § 2. Divisions and sub-divisions. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-2-divisions-and-sub-divisions/ XI. Let us see by what method these classes may be farther subdivided. First, then, with regard to offences against individuals. In the present period of existence, a man's being and wellbeing, his happiness and his security; in a word, his pleasures and his immunity from pains, are all dependent, more or less, in the first place, upon his own person; in the next place, upon the exterior objects... 28. § 3. Genera of Class I. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-3-genera-of-class-i/ XXXI. Returning now to class the first, let us pursue the distribution a step farther, and branch out the several divisions of that class, as above exhibited, into their respective genera, that is, into such minuter divisions as are capable of being characterised by denominations of which a great part are already current among the people.45 In this place the analysis must stop. To apply it in the... 29. § 4. Advantages of the present method. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-4-advantages-of-the-present-method/ LVI. A few words, for the purpose of giving a general view of the method of division here pursued, and of the advantages which it possesses, may have their use. The whole system of offences, we may observe, is branched out into five classes. In the three first, the subordinate divisions are taken from the same source; viz. from the consideration of the different points, in respect whereof the... 30. § 5. Characters of the five classes -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-5-characters-of-the-five-classes/ LXI. It has been mentioned102 as an advantage possessed by this method, and not possessed by any other, that the objects comprised under it are cast into groups, to which a variety of propositions may be applied in common. A collection of these propositions, as applied to the several classes, may be considered as exhibiting the distinctive characters of each class. So many of these propositions... 31. § 1. Limits between Private Ethics and the Art of Legislation. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-1-limits-between-private-ethics-and-the-art-of/ I. So much for the division of offenses in general. Now an offense is an act prohibited, or (what comes to the same thing) an act of which the contrary is commanded, by the law: and what is it that the law can be employed in doing, besides prohibiting and commanding? It should seem then, according to this view of the matter, that were we to have settled what may be proper to be done with relation... 32. § 2. Jurisprudence, its branches. -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/sect-2-jurisprudence-its-branches/ XXI. Jurisprudence is a fictitious entity: nor can any meaning be found for the word, but by placing it in company with some word that shall be significative of a real entity. To know what is meant by jurisprudence, we must know, for example, what is meant by a book of jurisprudence. A book of jurisprudence can have but one or the other of two objects: 1. To ascertain what the law141 is: 2. to... 33. About Liberty Fund -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/about-liberty-fund/ Liberty Fund, Inc. is a private, educational foundation established in 1960 to encourage the study of the ideal of a society of free and responsible individuals. The Foundation develops, supervises, and finances its own educational activities to foster thought and encourage discourse on enduring intellectual issues pertaining to liberty. This is done through the implementation of different... 34. The Online Library of Liberty -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/the-online-library-of-liberty/ The text you are currently reading comes from Liberty Fund’s Online Library of Liberty (OLL) . Additional titles in ePub format can be downloaded from the main OLL website from each title’s Table of Contents page or from this list . One convenient way to load titles directly into your iPad is to email yourself this link, click... 35. Copyright Information -- https://freecapitalists.org/books/an-introduction-to-the-principles-of-morals-and-legislation/read/copyright-information/ There are four different types of texts which Liberty Fund has made available as part of the Online Library of Liberty website: For titles in the first three categories listed above, no special permission from Liberty Fund is required for quoting material in papers and essays, or for limited photocopying and distribution for academic or other educational or non-profit purposes. The only... ### An Introduction to the Theory of Value William Smart. NY: McMillan, 1931 (1910, 1891). first published 1891. 118 pages. ISBN 9781610160438. Page: https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/ Rights: public-domain-by-age (evidence: high) Download: PDF https://library.freecapitalists.org/books/William%20Smart/An%20Introduction%20to%20the%20Theory%20of%20Value.pdf (4.3 MB); EPUB https://library.freecapitalists.org/books/William%20Smart/An%20Introduction%20to%20the%20Theory%20of%20Value.epub (534 KB) Topics: austrian It is astonishing that a book of this quality would have been completely lost to history. It was the first to introduce the core ideas of the Menger branch of Marginalist thought to English readers. The first edition appeared in 1891. It appeared in many reprints until 1931. Professor William Smart had a gift for clear exposition that was typical of English academics of his time. His gifts here are employed in the defense of the Austrian contribution to value theory. Its lesson concerning subjectivism, value and price, causation and cost, utility, and the whole microeconomic foundation of the Austrian School, continue to be relevant - and still unabsorbed by the profession at large. Exactly as the title indicates, as an introduction to value theory, this book has never been superseded by any other. It is an outstanding statement of the first and second generations of the Austrian School, and essential for every student of economics in our times. Full text: https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/ -- 19 chapters, 27,991 words. 1. Dedication -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/dedication/ THIS little book was written in 1891, when I was fresh from my translations of Böhm-Bawerk and somewhat overborne, perhaps, by the ideas of his school. It has been out of print for many years, and, although often pressed to republish it, I refrained, for the reason that a busy life had prevented me returning to the later developments of that school. But I still feel, as I did when I wrote it... 2. CHAPTER I INTRODUCTORY -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-i-introductory/ THERE is an understanding among economists, dating at least as far back as Adam Smith, that, in economic science and discussion, the ordinary terms of the industrial world are to be used in the sense generally attached to them in that industrial world. In many respects this has been unfortunate: the science is bound for ever to a loose nomenclature. It is particularly unfortunate for English... 3. CHAPTER II THE ANALYSIS OF VALUE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-ii-the-analysis-of-value/ POLITICAL Economy is based on the analysis of economic conduct. As has been said, we are not at liberty to lay down new categories or even to give new names to economic phenomena. We have to take our categories and our vocabulary alike from the industrial and commercial world, and our most original work in this department is no more than the interpretation of a life which is, for the most part... 4. CHAPTER III THE DIFFERENCE BETWEEN UTILITY AND VALUE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-iii-the-difference-between-utility-and-value/ UTILITY and not Value, says Wieser, is “the supreme principle of all economy; where value and utility come into conflict, utility must conquer.” The statement is suggestive. The economic goal of civilisation is to turn the whole natural environment of man from a relation of hostility or indifference into a relation of utility. Certain goods we have from nature without money and without price, and... 5. CHAPTER IV THE SCALE OF VALUE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-iv-the-scale-of-value/ IF the cause of any good having value is that the satisfaction of some want is dependent upon it, the degree or amount of value must, one would imagine, be measured by the importance of the dependent want; that is to say, by the amount of wellbeing its satisfaction conditions. But here most people will hesitate. They would, probably, be willing to admit that utility is, in a general way, the... 6. CHAPTER V THE MARGINAL UTILITY -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-v-the-marginal-utility/ THUS far we have seen that, utility being the general relation in which all goods, by their very definition, stand to human wellbeing, value is that higher, more intimate, more limited relation in which some particular importance to human wellbeing is conditioned by the having or losing of some particular good, and a relation of actual dependence is established between the want and the good. We... 7. CHAPTER VI DIFFICULTIES AND EXPLANATIONS -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-vi-difficulties-and-explanations/ A CHAPTER may be devoted to answering certain doubts which naturally arise in the reader’s mind, and to disentangling some complications which hide the working of our fundamental law. I. Some goods are perishable, some durable; some are single goods, some are groups of separable elements; and, of these groups again, some are composed of homogeneous, some of very heterogeneous elements.... 8. CHAPTER VII COMPLEMENTARY GOODS -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-vii-complementary-goods/ As the ultimate goal of economic effort is not the obtaining of goods but the satisfaction of human want, we are not finished with our subject till we have traced the finished good to its end and raison d’être in affording this satisfaction. In the present chapter, we have to consider cases where several goods contribute to one satisfaction, and to find what influence this satisfaction has upon... 9. CHAPTER VIII SUBJECTIVE EXCHANGE VALUE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-viii-subjective-exchange-value/ BEFORE passing from subjective or personal value, there remains for consideration one point, which is at once important in itself, and decisive against the old division of the total phenomena under discussion into value in use and value in exchange. To the subtle analysis of Böhm-Bawerk and Wieser we owe the recognition of subjective exchange value, as distinct from the purely objective exchange... 10. CHAPTER IX FROM SUBJECTIVE TO OBJECTIVE VALUE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-ix-from-subjective-to-objective-value/ THUS far we have considered each man’s wants as ranged on a scale; in correspondence with these wants, each man attaches degrees of importance to the goods that come within his knowledge and control, and ranges goods also on a similar scale. We have seen that, owing to the infinite subjective differences in men on the one hand, and the effect of provision on the dependence of want on the other... 11. CHAPTER X PRICE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-x-price/ IN an early chapter, it was said that the one class of objective values which had an interest for economic science was the (purely objective) value in exchange or purchasing power. We escape using this cumbrous expression if we substitute the word Price. The two terms are of course not equivalent: power in exchange is a different thing from the quantum of goods obtained by that power and... 12. CHAPTER XI SUBJECTIVE VALUATIONS THE BASIS OF PRICE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-xi-subjective-valuations-the-basis-of-price/ IT was said in the introductory chapter that we should find Objective Exchange Value to be a superstructure on Subjective Value. The typical scheme in last chapter will abundantly prove this. It is the valuations with which the parties on both sides enter the market that decide;—first, what parties will take part in the competition; second, what is the degree of each party’s “capability of... 13. CHAPTER XII COST OF PRODUCTION -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-xii-cost-of-production/ WE have now to compare the law of Value at which we have arrived with that most dwelt on by English economists. It is a matter of common experience that, in the case of articles manufactured on a large scale—“freely produced,” or reproducible at will—the price always tends towards equality with the cost of their production. On this experience is founded the familiar statement that the value of a... 14. CHAPTER XIII FROM MARGINAL PRODUCTS TO COST OF PRODUCTION -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-xiii-from-marginal-products-to-cost-of-production/ THUS far the matter has been comparatively simple. We have looked at a concatenation of successive groups with one final product, and with, of course, one marginal utility and one value. But we have now to face the fact that productive groups may pass into a great number of final products, each with a different marginal utility and value. The more industry is divided, the more is this the case.... 15. CHAPTER XIV FROM COST OF PRODUCTION TO PRODUCT -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-xiv-from-cost-of-production-to-product/ IF, finally, we take the case of those most many-sided productive goods, Iron and Labour, the proof of our theory may be considered fully tested. Leaving out complementary factors, which do not disturb the action of the law and would complicate our statement, suppose that iron is the sole productive good in the making of those various iron wares we find selling at different prices in the... 16. CHAPTER XV CONCLUSION -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/chapter-xv-conclusion/ THUS we have found that what determines the value of productive goods where the product is one single good directly connected with them, and what determines it in the most complicated cases, where the conduction of value is, first, to means of production, and, then, back again to product, is always the marginal utility, the utility of the marginal product. As the vineyards of Tokay get their... 17. Appendix I -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/appendix-i/ WIESER’S chapter on the paradox of value (Natürlicher Werth, i. §§ 7 and 10) deserves more space than could appropriately be given it in the text. I therefore give the substance of it here. Suppose, he says, that I have a certain good the employment of which yields me a utility represented by 10, and that I add successively 10 similar goods to my stock, the marginal utility, at each addition... 18. APPENDIX II THEORY OF VALUE: THE DEMAND SIDE -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/appendix-ii-theory-of-value-the-demand-side/ MANY of the difficulties in the Theory of Value arise from not keeping clearly before us that it is a Theory of Human Valuation; of the values which men do—not of what they should—put on things. The idea of “intrinsic value” dies hard. Connection with Wealth.—“Wealth consists of useful things.” “Wealth consists of valuable things.” Both statements reflect current views, and both are true, the one... 19. Index -- https://freecapitalists.org/books/an-introduction-to-the-theory-of-value/read/index/ Böhm-Bawerk, 7, 32, 37, 40, 45, 47, 55, 60, 61. Cost of production, 67; conduction of value from marginal products to, 74; from, to products, 78. Demand Side of the Theory of Value, Appendix II., 91. Exchange, 56; motives of, 56; isolated, 57; no one-sided competition, 58; ordinary, 58. Goods, 11, 16; economic, 17; classification of, 21; complementary, 42; stand midway between production and... ### An Investigation of Inverted Yield Curves and Economic Downturns Paul Cwik. Dissertation, Auburn University, 2004. Roger Garrison, chair. first published 2004. 224 pages. Page: https://freecapitalists.org/books/an-investigation-of-inverted-yield-curves-and-economic-downturns/ Rights: in-copyright (evidence: high) Download: PDF https://library.freecapitalists.org/books/Paul%20Cwik/An%20Investigation%20of%20Inverted%20Yield%20Curves%20and%20Economic%20Downturns.pdf (1.6 MB) Topics: austrian ### An Outline of International Price Theory Chi-Yuen Wu. London: George Routledge and Sons, 1939. first published 1939. 385 pages. ISBN 9781610160452. Page: https://freecapitalists.org/books/an-outline-of-international-price-theory/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Chi-Yuen%20Wu/An%20Outline%20of%20International%20Price%20Theory.pdf (20.2 MB); EPUB https://library.freecapitalists.org/books/Chi-Yuen%20Wu/An%20Outline%20of%20International%20Price%20Theory.epub (673 KB); MOBI https://library.freecapitalists.org/books/Chi-Yuen%20Wu/An%20Outline%20of%20International%20Price%20Theory.mobi (4.7 MB) Topics: austrian Chi-Yuen Wu from China was an Austrian price theorist writing during Mises's own time. His great contribution was this 1939 treatise written while studying at the London School of Economics, under the guidance of Lionel Robbins. Though the author deals primarily with the history of thought, Murray Rothbard considered it to be a seminal contribution to the theory of price and international trade. ### An Outline of the Science of Political Economy Nassau W. Senior. Augustus M. Kelley, New York, 1965. first published 1965. 258 pages. Page: https://freecapitalists.org/books/an-outline-of-the-science-of-political-economy/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Nassau%20W%20Senior/An%20Outline%20of%20the%20Science%20of%20Political%20Economy.pdf (21.1 MB) Topics: austrian ### Anatomy of the Crash Tho Bishop. Mises Institute, 2020. first published 2020. 164 pages. Page: https://freecapitalists.org/books/anatomy-of-the-crash/ Rights: undetermined (evidence: n/a) Download: PDF https://library.freecapitalists.org/books/Tho%20Bishop/anatomy_of_the_crash.pdf (2.3 MB) From the preface:"End the Fed!" Three small words became one of the most improbable and powerful political chants in modern politics thanks to the presidential campaigns of Dr. Ron Paul. With the backdrop of a global financial crisis, the congressman from Texas was able to use the microphone of modern politics, forever changed by the internet and social media, to wake up a generation of Americans to the threat posed by central banks and fiat money. Ideological gatekeepers in Washington and the corporate press found themselves forced to recognize and attack a previously obscure school of economic thought that was now being talked about by college students, activists, and even the odd politician. Of course, no such movements ever truly happen overnight. The seeds of the international Austrian revival were planted when Ludwig von Mises escaped World War II Europe and made a home for himself in America. With positions at New York University and the Foundation for Economic Education, Mises was able to develop a legion of followers in both academia and the public at large. Several students of his NYU seminar, such as Israel Kirzner, Hans Sennholz, and Ralph Raico, became important Austrian scholars in their own right. It was, however, Murray Rothbard who was perhaps Mises’s most significant mentee, with not only significant contributions to economics, history, and political philosophy, but popular writings aimed at energizing a grassroots Austro-libertarian movement far outside the restraints of the ivory tower. Rothbard’s potent blend of serious scholarship and dynamic popularism became a model for the Mises Institute, which he helped found with Lew Rockwell in 1982. ### Anatomy of the State Murray N. Rothbard.