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Murray N. Rothbard presented this speech at the Michigan Libertarian Party Convention, held in Southfield, Michigan, in May 1989. This selection also includes a question and answer session. Special thanks to Bob Roddis for making this video available.
The panic of 1819 was America’s first great economic crisis. And this is Murray Rothbard’s masterful account, the first full scholarly book on the topic and still the most definitive. It was his dissertation, published in 1962 but nearly impossible to get until this new edition, the first with the high production values associated with Mises Institute publications.
When this gem first appeared in 1963, it took the form of a small paperback designed for mass distribution. Innumerable economists, investors, commentators, and authors have learned from this book through the decades. After fifty years, it remains the best book in print on the topic, a real manifesto of sound money.
The Conservative has long been marked, whether he knows it or not, by long-run pessimism: by the belief that the long-run trend, and therefore Time itself, is against him, and hence the inevitable trend runs toward left-wing statism at home and Communism abroad. It is this long-run despair that accounts for the Conservative’s rather bizarre short-run optimism; for since the long-run is given up as hopeless, the Conservative feels that his only hope of success rests in the current moment.
First published in 1982, The Ethics of Liberty is a masterpiece of argumentation, and shockingly radical in its conclusions. Rothbard says that the very existence of the state - the entity with a monopoly privilege to invade private property – is contrary to the ethics of liberty. A society without a state is not only viable; it is the only one consistent with natural rights.
This book applies Austrian business cycle theory to understanding the onset of the 1929 Great Depression. Rothbard first summarizes the Austrian theory and offers a criticism of competing theories, including the views of Keynes.