20th Century American Economic History

8. The Future of Libertarianism

Lecture by Murray N. Rothbard

Rothbard explains why he is optimistic. The norm of civilization has been despotism and statism. The quantum quality change in history has been the Industrial Revolution from mid-18th Century to mid-19th. Only the free market, libertarian society can expand this viable and moral industrialism. A society without a ruling class results. Peace and a classless society are classical liberal goals.

Some individuals seize control of the state apparatus and use taxes to rob the producers. Class conflicts occur because one group in society are tax eaters and the other group are tax payers.

Industrialism created so much wealth that cartels and Keynesianism have been able to eat away at the fat. Yet, the cause and effect chain is now much shorter. Shortages resulting from price controls now show up quickly. There is a general revulsion against the state.

8 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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20th Century American Economic History

7. The New Deal and the Post War International Monetary System

Lecture by Murray N. Rothbard

The World Economic Conference of 1933 in London met to deal with America's Great Depression, but, without consulting anyone, FDR declared that the U.S. would not agree to the proposal because he wanted to take the U.S. off the gold standard in order to inflate the dollar. The gold-supporting British and French were horrified; Nazi Germany was delighted.

Hitler loved FDR's New Deal. Morgan men continued to hold power positions internationally, creating worldwide inflation. By 1945, Bretton Woods had established the rules for post-war international monetary management. On 15 August 1971, the U.S. brought this system to an end, rendering the dollar a fiat currency.

7 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

6. The Inflationary Boom of the 1920s (continued)

Lecture by Murray N. Rothbard

Republican policy has always been high tariffs, keeping foreign goods out. But, then the US would lend those countries money to be able to pay for our higher-priced exports. This peculiar foreign-lending scheme included farm goods. Until 1928 there was an enormous foreign lending boom. The stock market collapsed in October 1929.

The Federal Reserve Act of 1913 was for inflationary purposes. The banks endorsed acceptance markets for awhile. Morgan men continued to push price stabilization, yet prices in free markets actually fall, benefiting consumers. In 1929 when prices were falling, corporate bigshots wanted prices pushed back up. The entire banking system was toppling by 1933. It should have been allowed to topple, says Rothbard. The European currencies waged war against each other when everybody was off the gold standard.

The League of Nations was to get the US off the gold standard. Morgan men viewed deflation (natural in free markets) with horror. Strangely enough most of the nation's economists were in favor of the gold standard at this time.

6 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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www.readrothbard.com

The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

5 . The Inflationary Boom of the 1920s

Lecture by Murray N. Rothbard

The Industrial Revolution and the development of the modern banking system were the two big things that happened in the Eighteenth Century in Britain. Why does the boom-bust cycle emerge? Is the cycle just a natural part of industry, or is it caused by the banking system?

The Austrian explanation of expanded bank credit not based upon private pools of savings is sound, unlike the Keynesian explanations of overproduction or under consumption. Inflation is an increase in the money supply.

5 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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www.readrothbard.com

The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

4. The Progressive Era Triple Alliance: Government as Cartelizer continued

Lecture by Murray N. Rothbard

The state must invest in human beings the same way you invest in cattle on a farm. This progressive corporatist view was behind the creation of the Rockefeller Foundation. Industrial solutions were to be strictly scientific, e.g. minimum wage laws, public works, and government concentration camps (CCC).

The Federal Reserve system followed the national banking system. The free banking system had had the least inflation. Government has had a long history of bailing out big banks that might fail. Benjamin Strong was the head of the Federal Reserve system throughout his life. He was a Morgan man. The Fed had the monopoly to issue cash.

Puritanism is the haunting fear that somebody somewhere might be happy. Prohibition was just part of the progressive platforms.

4 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person.

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The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

3. The Progressive Era Triple Alliance: Government as Cartelizer

Lecture by Murray N. Rothbard

The progressive period birthed the cancerous growth of the welfare/warfare state, fake capitalism, the middle way, neomercantilism, and the corporate state. Morgan and Rockefeller men warred with each other over many issues and many generations. Effective competition was attacked as government attempted to cartellize business.

3 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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www.readrothbard.com

The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

2. The Rise of Big Business: The Failure of Trusts and Cartels continued

Lecture by Murray N. Rothbard

Despite the drive for monopoly, only oil, sugar and corn products ended up dominated by a particular company. Bigger was not better. Biggest was not best. Smaller and more mobile was more competitive. Major inventions are still coming from small firms.

2 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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20th Century American Economic History

1. The Rise of Big Business: The Failure of Trusts and Cartels

Lecture by Murray N. Rothbard

In the 19th Century and the beginning of the 20th, the rise of big business on the free market could not create monopolies and cartels. Only government could do that. Government tried. Government failed.

1 of 8 from Murray Rothbard's 20th Century American Economic History lecture series.

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The Actual Anarchy Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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The American Economy and the End of Laissez-Faire: 1870 to World War II

13. Politics and the Power Elite

Lecture by Murray N. Rothbard

With WWII, Morgans get their war in Europe; Rockefellers get their war in Asia. Both sides are happy. Rockefellers take over foreign relations and create the Trilateral Commission, while electing Carter President in 1977. Coolidge had an entire Morgan cabinet. More Morgan men under Roosevelt. Central banks were set up in each country. Deliberate inflation prevented the loss of gold from certain countries. Hoover was the first New Dealer. Roosevelt in 1932 simply expanded it. The National Recovery Association was a creation of the Hyde Park group. The Roosevelts were closely connected to the wealthy Astors. Rockefeller men began replacing Morgan men. The Harrimans were connected to these power elites,running banking interests. Kuhn, Loeb & Co., Goldman Sachs and Lehman Brothers took over investment banking. Major differences are now between the Eastern establishment (cultured, old money - Kennedy) and the Southern Rim (cowboy- Reagan).

Lecture 13 of 13 presented in Fall of 1986 at the New York Polytechnic University.

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Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person.

The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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The American Economy and the End of Laissez-Faire: 1870 to World War II

12. The Great Cooperation

Lecture by Murray N. Rothbard

Public housing, planned cities, government power plants, and coerced unionism were all part of the great cooperation between corporations and government through WWI and WWII.  Milton Friedman proposed the withholding tax in WWII. Statistics came into being. Cartels were created to manage many industries, e.g. railroads and food. Unions were pro-war forces. Fascism was considered great. Civil liberties were dropped. Coolidge continued as a Morgan man.

Lecture 12 of 13 presented in Fall of 1986 at the New York Polytechnic University.

This lecture on YouTube: https://youtu.be/VIaOuSt13v0

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The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom.

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