Home

Crises and Power
   Civil Liberties
   Constitution
   Corporate Welfare
   Culture
   Defense
   Economy
   Government Power
   Politics
   Property Rights
History
U.S. Foreign Policy

Quotes on Power

About the book Crisis and Leviathan

Contents:

• Introduction
• Defense Economics
• Free Market Economics
• History of U.S. Government Economic Intervention

Introduction:

An economy is often described as if it were a machine or a vehicle. It “overheats” and “cools down.” It “stalls” and “accelerates.” The machine metaphor encourages a mindset accepting of coercive government controls over economic activities—especially to alleviate economic and war crises. But an economy is not a machine. It is individual people engaging in actions such as investment, production, exchange, and consumption. Thus regulatory control of an economy is control of people freely choosing and performing peaceful actions intended to improve the material conditions of their lives. (Redress of force and fraud are not economic regulation but rather matters of criminal or civil justice.)

As the economists Ludwig von Mises and Friedrich A. Hayek have noted, an economy is far greater than the sum of its parts. Countless individuals set out to improve their situations through labor, investment, entrepreneurship, and exchange. They enter into trades (goods for goods, goods for money, labor for money) only when they expect to receive something they value more than what they give up. In game-theory terminology, voluntary exchange is always a positive-sum at the moment it occurs. (Being fallible, people often err, learn, and make new choices.) But these discrete activities, the “trees” so to speak, generate a “forest”: a complex, spontaneous social order whose details and design are beyond the grasp of any single mind. As the Scottish Enlightenment philosopher Adam Ferguson described it, this order is “the product of human action, not human design.” This economic order—free-market capitalism—is the unintended product of the cooperative, mutually beneficial, and goal-directed, individual behavior of millions of human beings. It promotes their welfare. Although orderly (i.e., bread appears in the stores every day), it is neither “perfect” nor “efficient” in the rarefied sense that economists use those terms, because people are neither “perfect” nor “efficient.” (No alternative arrangement could be either.) But free-market capitalism leaves people free to grapple peaceably with omnipresent uncertainty and scarcity in the pursuit of well-being as no other system could ever hope to.

The unschooled can easily fail to appreciate the idea of undersigned order and mistake the orderliness of the marketplace for the product of someone’s blueprint. This view in turn leads to a belief that the overall “plan” can be improved on. The results of such a belief are the welfare-warfare state (mixed economy), fascism, and communism. All to some degree seek to replace the spontaneous results of peaceful, mutual welfare-enhancing activities with coercive regimentation—the substitution of the macro-plans of a political authority for the freely coordinated micro-plans of individuals. All alternatives to the free economy impede the production of wealth and the raising of living standards as the narrow visions and ambitions of the few replace the compex integration and coordination of society at large.

Even economies that today are regarded as substantially free are yet unfree at their core: money and banking. All ostensibly free economies today are governed by state central banks, which manipulate the supply of money and interest rates. Since the price system is the critical source of information for all participants in the marketplace, government control of money inevitably distorts those signals, misleads entrepreneurs, fuels artificial cyclic booms, and produces the corollary busts. The biggest bust of all was the Great Depression, which occurred less than two decades after the U.S. established its own central bank, the Federal Reserve System. Far from being a natural part of the market process, the so-called “business cycle” is a product of political and bureaucratic manipulation and cartellization of the banking system. Central planning of money and banking has fared no better than government central planning generally. Yet the crises it has produced have furnished the excuses for new economic interventions, which bring on new crises and then new interventions as ever more political-economic cycles are created. In the process, enormous amounts of wealth are redistributed through the banking system from the public to special private and government interest groups.

Viewing the economy as a machine has facilitated increasing control by government. Expansion of power during crises has been easier because people have come to believe that government leaders are capable of adjusting the “knobs and levers” that allegedly control economic variables, such as unemployment and price levels, that affect their well-being. By shifting the public’s focus from the activities of real people with personal aspirations to an inanimate mechanism mysteriously controlled by “experts,” expansion of political power over the economy has been accomplished with minimum resistance.

Also, click here for Bibliography for Crisis and Leviathan.

Defense Economics:

Bartlett, Bruce. “Why We Still Have a War Economy,” Reason, April 1977.

Brandes, Stuart D. Warhogs: A History of War Profits in America. Lexington, KY: University Press of Kentucky, 1997.

Eland, Ivan. “Review of the book The Political Economy of NATO: Past, Present and into the 21st Century by Todd Sandler and Keith Hartley,” The Independent Review, Vol. V, No. 2 (Fall 2000), pp. 303-306.

Garvy, George. “Keynes and the Economic Activists of Pre-Hitler Germany,” Journal of Political Economy, Vol. 83, No. 2 (April 1975), pp. 391-405.

Grinder, Walter E. and John Hagel III. “Toward a Theory of State Capitalism: Ultimate Decision-Making and Class Structure,” Journal of Libertarian Studies, Vol. 1 No. 1.

Higgs, Robert, ed. Arms, Politics, and the Economy: Historical and Contemporary Perspectives. New York: Holmes & Meier for The Independent Institute, 1990.

—. “Beware the Pork-Hawk: In Pursuit of Reelection, Congress Sells Out the Nation’s Defense,” Reason, June 1989.

—. “The Cold War Economy: Opportunity Costs, Ideology, and the Politics of Crisis,” Explorations in Economic History, July 1994.

—. “The Cold War is Over, but U.S. Preparation for It Continues,” The Independent Review, Vol. VI, No. 2 (Fall 2001), pp. 287-305.

—. “The Cold War: Too Good a Deal to Give Up.” Oakland, Calif.: The Independent Institute, 2002.

—. “The Government Needs to Get Its Own Accounting House in Order.” Oakland, Calif.: The Independent Institute, July 9, 2002.

—. “Hard Coals Make Bad Law: Congressional Parochialism Versus National Defense,” Cato Journal, Spring/Summer 1988.

—. “How War Amplified Federal Power in the Twentieth Century,” The Freeman, July 1999.

—. “The Myth of U.S. Prosperity during World War II,” The Freeman, January 2003.

—. “Regime Uncertainty: Why the Great Depression Lasted So Long and Why Prosperity Resumed after the War,” The Independent Review, Vol. I, No. 4 (Spring 1997), pp. 561-590.

—. “U.S. National Security: Illusions versus Realities.” Oakland, Calif.: The Independent Institute, June 30, 2002.

—. “War and Leviathan in Twentieth-Century America: Conscription as the Keystone,” from The Costs of War: America’s Pyrrhic Victories, edited by John V. Denson. Auburn, AL: Ludwig von Mises Institute, 1999.

—. “Wartime Prosperity? A Reassessment of the U.S. Economy in the 1940s,” The Journal of Economic History, Vol. 52, No. 1 (March 1992).

—. “Wartime Socialization of Investment: A Reassessment of U.S. Capital Formation in the 1940s,” Working Paper No. 45. Oakland, Calif.: The Independent Institute, February 2003.

—. “World War II and the Military-Industrial-Congressional Complex,” Freedom Daily, May 1995.

Higgs, Robert and Anthony Kilduff. “Public Opinion: A Powerful Predictor of U.S. Defense Spending,” Defence Economics, Vol. 4 (1993).

Mayer, Kenneth R. The Political Economy of Defense Contracting. New Haven, Conn.: Yale University Press, 1991

Mintz, Alex, ed. The Political Economy of Military Spending in the United States. New York: Routledge, 1992.

Pilisuk, Marc and Thomas Hayden. “Is There a Military-Industrial Complex Which Prevents Peace?”, Journal of Social Issues, Vol. 21, No. 3, pp. 67-117.

Robbins, Lionel. The Economic Causes of War. New York: Howard Fertig, 1968.

Sandler, Todd and Keith Hartley. The Economics of Defense. New York: Cambridge University Press, 1995.

Staley, Eugene. Foreign Investment and War. Chicago: University of Chicago Press, 1935.

—. War and the Private Investor: A Study in the Relations of International Politics and International Private Investment. Garden City, N.Y.: Doubleday, Doran & Company, 1935.[Online Book]

Silberner, Edmund. The Problem of War in Nineteenth Century Economic Thought. New York: Garland, 1972.

Stromberg, Joseph R. “The Role of State Monopoly Capitalism in the American Empire,” Journal of Libertarian Studies, Vol. 15, No. 3.

Sulzbach, Walter. “Capitalistic Warmongers”: A Modern Superstition. Chicago: University of Chicago Press, 1942.

Trevino, Ruben and Robert Higgs. “Profits of U.S. Defense Contractors,” Defence Economics, Vol. 3 (1992).

Yergin, Daniel. “The Arms Zealots,” Harper’s, June 1977.

Free Market Economics:

Alchian, Armen A. and William R. Allen. University Economics: Elements of Inquiry. Belmont, Calif.: Wadsworth Publishing Co., 1972.

Bastiat, Frederic. The Law. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1998.

—. Economic Harmonies. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1997. [Online Book]

—. Economic Sophisms. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1996. [Online Book]

—. Selected Essays in Political Economy. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1968. [Online Book]

Baudin, Louis. Free Trade and Peace. Paris: International Institute of Intellectual Co-Operation, 1939.

Bethell, Tom. The Noblest Triumph: Property and Prosperity Through the Ages. New York: St. Martin’s Press, 1999.

Böhm-Bawerk, Eugen von. The Exploitation Theory of Socialism-Communism: The Idea That All Unearned Income (Rent, Interest and Profit) Involves Economic Injustice. Wilmington, Del.: Intercollegiate Studies Institute, 1975.

Boettke, Peter J. Calculation and Coordination: Essays on Socialism and Transnational Political Economy. New York: Routledge, 2001.

—. , ed. The Elgar Companion to Austrian Economics. Northampton, Mass.: Edward Elgar Publishing, 1998.

Buchanan, James M. Cost and Choice: An Inquiry in Economic Theory. Indianapolis, IN: Liberty Fund, 2000.

Buchanan, James M. and Richard E. Wagner. Democracy in Deficit: The Political Legacy of Lord Keynes. New York: Academic Press, 1977.

Callahan, Gene. Economics for Real People: An Introduction to the Austrian School. Auburn, AL: Ludwig Von Mises Institute, 2002.

Chafuen, Alejandro A. Faith and Liberty: The Economic Thought of the Late Scholastics. Lexington, Mass.: Lexington Books, 2003.

Clark, Henry C. Commerce, Culture & Liberty: Readings on Capitalism Before Adam Smith. Indianapolis, IN: Liberty Fund, 2003.

Cowen, Tyler and Eric Crampton, ed. Market Failure or Success: The New Debate. Northampton, Mass.: Edward Elgar Publishing, 2002.

de Tracy, Destutt. A Treatise on Political Economy. New York: Augustus M. Kelley, 1970.

Friedman, David. Hidden Order: The Economics of Everyday Life. New York: HarperCollins, 1997.

—. Price Theory: An Intermediate Text. Cincinnati: South-Western Publishing Co., 1989.

Friedman, Milton. Capitalism and Freedom. Chicago: University of Chicago Press, 2002.

Friedman, Milton and Rose. Free to Choose: A Personal Statement. New York: Harvest Books, 1990.

Gamble, Andrew. Hayek: The Iron Cage of Liberty. Boulder, Colo.: Westview Press, 1996.

Garrison, Roger W. Time and Money: The Marcroeconomics of Capital Structure. New York: Routledge, 2000.

Gloria-Palermo, Sandye, Peter Boettke and Stephan Boehm, eds. Modern Austrian Economics (3 vol.). London: Pickering & Chatto Ltd, 2002.

Hayek, F. A. The Fatal Conceit: The Errors of Socialism. Chicago: University of Chicago Press, 1991.

—. Individualism and the Economic Order. Chicago: University of Chicago Press, 1996.

—. Monetary Nationalism and International Stability. New York: Augustus Kelley, 1975.

—. Prices and Production. New York: Augustus Kelley, 1967.

—. Profits, Interest and Investment, and Other Essays on the Theory of Industrial Fluctuations. New York: Augustus Kelley, 1975.

—. Unemployment and Monetary Policy: Government as Generator of the “Business Cycle”. Washington, D.C.: Cato Institute, 1979.

—. “The Use of Knowledge in Society,” American Economic Review, Vol. XXXV, No. 4 (September, 1945), pp. 519-530.

Hazlitt, Henry. Economics in One Lesson. New York: Three Rivers Press, 1983.

—. The Failure of the “New Economics”. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1995.

—. Man vs. the Welfare State. New York: Crown Publishers, 1969.

Henderson, David R. The Joy of Freedom: An Economist’s Odyssey. New York: Financial Times Prentice Hall, 2001.

Heyne, Paul. The Economic Way of Thinking. New York: Macmillan, 1991.

Hoff, Trygve J. B. Economic Calculation in the Socialist Society. Indianapolis, IN: Liberty Press, 1981.

Hollander, Samuel. “Economics and Ideology: Aspects of the Post-Ricardian Literature,” Literature of Liberty, Vol. II, No. 3 (July-September 1979).

Horwitz, Steven. Microfoundations and Macroeconomics. New York: Routledge, Kegan Paul, 2001.

Jevons, William Stanley. Money and the Mechanism of Exchange. New York: D. Appleton and Company, 1876. [Online Book]

Kirzner, Israel M. Competition and Entrepreneurship. Chicago: University of Chicago Press, 1978.

—. The Driving Force of the Market: Essays in Austrian Economics. New York: Routledge, Kegan Paul, 2000.

—. Essays on Capital and Interest: An Austrian Perspective. Northampton, Mass.: Edward Elgar Publisher, 1996.

—. The Meaning of Market Process: Essays in the Development of Modern Austrian Economics. New York: Routledge, Kegan Paul, 1992.

—. Perception, Opportunity, and Profit: Studies in the Theory of Entrepreneurship. Chicago: University of Chicago Press, 1983.

Knight, Frank H. Risk, Uncertainty and Profit. Beard Group, 2002. [Online Book]

—. Selected Essays: Laissez-Faire: Pro and Con. Chicago: University of Chicago Press, 2000.

Littlechild, Stephen. The Fallacy of the Mixed Economy: An Austrian Critique of Conventional Mainstream Economics and of Economic Policy. London: Institute of Economic Affairs, 1986.

Menger, Carl. Principles of Economics. Grove City, Penn.: Libertarian Press, 1994.

Meynell, Laurence Walter, ed. The Long Debate on Poverty: Eight Essays on Industrialization and ”The Condition of England.” London: Institute of Economic Affairs, 1974.

Mitchell, William C. and Randy T. Simmons. Beyond Politics: Markets, Welfare and the Failure of Bureaucracy. Boulder, Colo.: Westview Press for The Independent Institute Book, 1994.

Mueller, Dennis C. Public Choice III. New York: Cambridge University Press, 2003.

O’Driscoll, Gerald P., Jr. Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek. Kansas City: Sheed Andrews & McMeel, 1977.

Olson, Mancur. The Logic of Collective Action. Cambridge, Mass.: Harvard Univ Press, 1971.

—. Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships. New York: Basic Books, 2000.

Osterfeld, David. “Class Analysis and Economic Systems,” Libertarian Forum, October 1975, pp. 5-7.

Pasour, E. C., Jr. “The Free Rider as a Basis for Government Intervention,” Journal of Libertarian Studies, Vol. 5, No. 4 (Fall 1981), pp. 453-464.

Reisman, George. Capitalism: A Treatise on Economics. Ottawa, Ill.: Jameson Books, 1996.

Rogge, Benjamin A. Can Capitalism Survive? Indianaplois, IN: Liberty Fund, 1979. [Online Book]

Rothbard, Muray N. Classical Economics: An Austrian Perspective on the History of Economic Thought. Northampton, Mass.: Edward Elgar Publisher, 1995.

—. Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought. Northampton, Mass.: Edward Elgar Publisher, 1995.

—. The Logic of Action I: Method, Money, and the Austrian School. Northampton, Mass.: Edward Elgar Publisher, 1997.

—. The Logic of Action II: Applications and Criticism from the Austrian School. Northampton, Mass.: Edward Elgar Publisher, 1997.

—. Making Economic Sense. Auburn, AL: Ludwig Von Mises Institute, 1995. [Online Book]

—. Man, Economy and State: A Treatise on Economic Principles. Auburn, AL: Ludwig von Mises Institute, 1993.

—. Power and Market: Government and the Economy. New York: Columbia University Press, 1977. [Online Book]

—. Toward a Reconstruction of Utility and Welfare Economics. New York: Center for Libertarian Studies, 1977.

Say, Jean-Baptiste. A Treatise on Political Economy. New York: Augustus M. Kelley, 1971. The classic treatise of the great French economist, including Say’s Law which shows that no general “overproduction” can exist in a market economy with free prices. [Online Book]

Schumpeter, Joseph A. History of Economic Analysis. New York: Oxford University Press, 1986.

Seldon, Arthur. Capitalism. Cambridge, Mass.: Basil Blackwell, 1990.

Selgin, George A. The Theory of Free Banking: Money Supply Under Competitive Note Issue. Totowa, N.J.: Rowman and Littlefield, 1988.

Senior, Nassau W. Political Economy. Thoemmes Press, 2003. [Online Book]

Skousen, Mark. The Making of Modern Economics: The Lives and Ideas of the Great Thinkers. Armonk, N.Y.: M.E.Sharpe, 2001.

Smith, Adam. An Inquiry Into the Nature and Causes of the Wealth of Nations. New York: Modern Library, 1994. [Online Book]

Smith, Vera. The Rationale of Central Banking: And the Free Banking Alternative. Indianapolis: Liberty Press, 1990.

Sowell, Thomas. Basic Economics: A Citizen's Guide to the Economy. New York: Basic Books, 2000.

—. Classical Economics Reconsidered. Princeton: Princeton University Press, 1977.

—. Knowledge and Decisions. New York: Basic Books, 1996.

Steele, G. R. The Economics of Friedrich Hayek. New York: Palgrave Macmillan, 1997.

Stigler, George J. The Citizen and the State: Essays on Regulation. Chicago: University of Chicago Press, 1975.

Sugden, Robert. The Economics of Rights, Co-operation and Welfare. New York: Basil Blackwell, 1986. Introduction to game theory and the spontaneous emergence of cooperation, in which order occurs without coercion.

Tabarrok, Alexander, ed. Entrepreneurial Economics: Bright Ideas from the Dismal Science. New York: Oxford University Press, 2002.

Timberlake, Richard H. Monetary Policy of the United States: An Intellectual and Institutional History. Chicago: University of Chicago Press, 1993.

von Mises, Ludwig. Bureaucracy. Grove City, Penn.: Libertarian Press, 1962.

—. A Critique of Interventionism. New York: Crown Publishers, 1977.

—. “Economic Calculation in the Socialist Commonwealth,” from the book, Collectivist Economic Planning: Critical Studies, F.A. Hayek, ed. London: George Routledge & Sons, 1935, pp. 87-130.

—. Economic Freedom and Interventionism. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1990. [Online Book]

—. Human Action: A Treatise on Economics. Auburn, AL: Ludwig Von Mises Institute, 1998. [Online Book]

—. Interventionism: An Economic Analysis. Irvington-on-Hudson, N.Y.: Foundation for Economic Education, 1998.

—. Socialism: An Economic and Sociological Analysis. Indianapolis, IN: Liberty Fund, 1981. [Online Book]

—. Theory and History: An Interpretation of Social and Economic Evolution. New Haven, Conn.: Yale University Press, 1957.

—. The Theory of Money and Credit. Indianapolis, IN: Liberty Fund, 1980. [Online Book]

White, Lawrence H. Competition and Currency: Essays on Free Banking and Money. New York: New York University Press, 1992.

—. , ed. Free Banking. Northampton, Mass.: Edward Elgar Publisher, 1993.

—. Free Banking in Britain: Theory, Experience, and Debate, 1800-1845. New York: Cambridge University Press, 1984.

—. Hayek, Currency Competition and European Monetary Union. London: Institute of Economic Affairs, 2000.

—. , ed. The History of Gold and Silver. London: Pickering & Chatto, 2000.

—. The Theory of Monetary Institutions. London: Basil Blackwell, 1999.

Wicksteed, Philip H. The Common Sense of Political Economy: And Selected Papers and Reviews in Economic Theory. London: Routledge, 2003. [Online Book]

Yeager, Leland B. The Fluttering Veil: Essays on Monetary Disequilibrium. Indianapolis, IN: Liberty Fund, 1997.

History of U.S. Government Economic Intervention:

Anderson, Benjamin M. Economics and the Public Welfare: Financial and Economic History of the United States, 1914-1946. New York: Van Nostrand, 1949.

Armentano, Dominick T. Antitrust and Monopoly: Anatomy of a Government Failure. Oakland, Calif.: The Independent Institute, 1990.

—. Antitrust Policy: The Case for Repeal. Washington, D.C.: Cato Institute, 1986.

Asher, Robert. “Business and Workers’ Welfare in the Progressive Era: Workmen’s Compensation Reform in Massachusetts, 1880-1911,” Business History Review, Vol. XLIII, No. 4 (Winter 1969).

Ashton, Thomas S. The Industrial Revolution, 1760-1830. New York: Oxford University Press, 1948. The renowned historian refutes the myth of “immiseration” during the industrial revolution.

Beito, David T. and Linda Royster. “Gold Democrats and the Decline of Classical Liberalism, 1896-1900,” The Independent Review, Vol. IV, No. 4 (Spring 2000), pp. 555-575.

Best, Gary Dean. Pride, Prejudice and Politics: Roosevelt versus Recovery, 1933-1938. New York: Praeger, 1991.

Blackford, Mansel Griffiths. “Businessmen and the Regulation of Railroads and Public Utilities in California During the Progressive Era,” Business History Review, Vol. XLIV, No. 3 (August 1970).

Boudreaux, Donald J. and Thomas DiLorenzo. “The Protectionist Roots of Antitrust,” Review of Austrian Economics, 1993, Vol. 6, No. 2, pp. 81-98.

Brady, Robert A. Business as a System of Power. New Brunswick, N.J.: Transaction Publishers, 2001.

Brozen, Yale. Concentration, Mergers, and Public Policy. New York: Free Press, 1982.

—. Is Government the Source of Monopoly? And Other Essays. Washington, D.C.: Cato Institute, 1980.

Chandler, Alfred D., Jr. “The Beginnings of Big Business in Amercian Industry,” Business History Review, Spring 1959.

—. Giant Enterprise. Ayer Company Publishers, 1980.

Couch, Jim F. and William F. Shughart II. The Political Economy of the New Deal. Northampton, Mass.: Edward Elgar Publishers, 1998.

Davis, Lance E. and Robert A. Huttenback. Mammon and the Pursuit of Empire: The Economics of British Imperialism. New York: Cambridge University Press, 1988. Refuting Marxian claims that free trade leads to imperialism, this important book proves the arguments of classical liberals such as Richard Cobden and John Bright that imperialism is against the interests of the taxpaying and productive sectors of society.

Denson, John V., ed. Reassessing the Presidency: The Rise of the Executive State and the Decline of Freedom. Auburn, AL: Ludwig von Mises Institute, 2001.

Dewing, Arthur S. Corporate Promotions and Reorganizations. William S. Hein & Company, 1986.

—. Financial Policy of Corporations, 2 Vol. New York: John Wiley & Sons, 1953.

Dowd, Kevin and Richard Timberlake, Jr., ed. Money and the Nation State: The Financial Revolution, Government and World Monetary System. New Brunswick, N.J: Transaction Publishers for The Independent Institute, 1997.

Elzinga, Kenneth G. “Predatory Pricing: the Case of the Gunpowder Trust,” Journal of Law and Economics, April 1970.

Fitzgerald, Randall. When Government Goes Private: Successful Alternatives to Public Services. New York: Universe Books, 1988.

Flynn, John T. As We Go Marching. New York: Free Life Editions.

Folsom, Burton W. The Myth of the Robber Barons. Vienna, VA: Young America’s Foundation, 1993.

Friedman, Milton and Anna J. Schwartz. A Monetary History of the United States, 1867-1960. Princeton, N.J.: Princeton University Press, 1971.

Garrity, John A. “The New Deal, National Socialism, and the Great Depression,” American Historical Review, Vol. 78 (October 1973). The New Deal in the U.S. was very similar to European fascist economic policies.

Gouge, William M. A Short History of Paper Money: The Story of the Federal Reserve. New York: Augustus Kelley, 1968.

Hamowy, Ronald. “Early Development of Medical Licensing Laws in the United States, 1875-1900,” Journal of Libertarian Studies, Vol. 2, No. 1, pp. 73-119.

Hartwell, Ronald Max. The Causes of the Industrial Revolution in England. London: Methuen, 1967.

Hayek, F. A., ed. Capitalism and the Historians. Chicago: University of Chicago Press, 1963.

Hays, Samuel P. Conservation and the Gospel of Efficiency: The Progressive Conservation Movement, 1890-1929. Cambridge, Mass.: Harvard University Press, 1959.

—. “The Mythology of Conservation,” in H. Jarrett, ed., Perspectives on Conservation. Baltimore, Johns Hopkins University Press, 1958.

—. “The Politics of Reform in Municipal Government in the Progressive Era,” Pacific Northwest Quarterly, October 1964.

—. “The Social Analysis of American Political History, 1880-1920,” Political Science Quarterly, September 1965.

Hidy, Ralph W. and Muriel E. History of Standard Oil Company (N.J.): Pioneering in Big Business, 1882-1911. New York: Arno Press, 1976.

Higgs, Robert. “Carter’s Wage-Price Guidelines: A Review of the First Year.” Policy Review 11 (Winter 1980).

—. Crisis and Leviathan: Critical Episodes in the Growth of American Government. New York: Oxford University Press, 1987).

—. “Crisis and Quasi-Corporatist Policy-Making: The U.S. Case in Historical Perspective,” The World & I, November 1988.

—. “Crisis, Bigger Government, and Ideological Change: Two Hypotheses on the Ratchet Phenomenon,” Explorations in Economic History, Vol. 22 (1985).

—. “Free Enterprise and War, a Dangerous Liaison.” Oakland, Calif.: The Independent Institute, January 22, 2003.

—. “From Central Planning to the Market: The American Transition, 1945-1947,” The Journal of Economic History, Vol. 59, No. 3 (September 1999).

—. “How FDR Made the Depression Worse,” The Free Market, March 1995.

—. “In the Name of Emergency,” Reason, July 1987.

—. “Inflation and the Destruction of the Free Market Economy,” The Intercollegiate Review (Spring 1979).

—. “The Myth of ‘Failed’ Policies,” The Free Market, March 1995.

—. “The Mythology of Roosevelt and the New Deal,” The Freeman, September 1998.

—. “Nineteen Neglected Consequences of Income Redistribution,” The Freeman, December 1994.

—. “Some Other Costs of War,” The Free Market, March 1991.

—. “To Deal with a Crisis: Government Program or Free Market?”, Ideas on Liberty, September 1986.

—. “Where Figures Fail: Measuring the Growth of Big Government,” Ideas on Liberty, March 1983.

Higgs, Robert and Charlotte Twight. “Economic Warfare and Private Property Rights: Recent Episodes and Their Constitutionality,” Journal of Private Enterprise, Fall 1987.

—. “National Emergency and the Erosion of Private Property Rights,” Cato Journal, Winter 1987.

—. “National Emergency and Private Property Rights: Historical Relations and Present Conditions,” Journal of Private Enterprise, Fall 1996.

Hummel, Jeffrey Rogers. “Monetary History of America to 1789: A Historiographical Essay,” Journal of Libertarian Studies, Vol. 2 No. 4.

Jones, Carolyn C. “Class Tax to Mass Tax: The Role of Propaganda in the Expansion of the Income Tax During World War II,” Buffalo Law Review, Vol. 37 (Fall 1988-89), pp. 685-737.

Keller, Roland H., II. “The Myth of Predatory Pricing: An Empirical Study,” Antitrust Law and Economics Review, Summer, 1971.

Kerr, K. Austin. American Railroads Politics, 1914-1920: Rates, Wages, Efficiency. Pittsburgh: Pittsburgh University Press, 1969.

Kirkland, Edward C. Industry Comes of Age: Business, Labor and Public Policy, 1860-1897. New York: Quadrangle, 1967.

Kolko, Gabriel. Railroads and Regulation, 1877-1916. New York: W W Norton & Company, 1970.

—. The Triumph of Conservatism: A Re-Interpretation of American History, 1900-1916. New York: Free Press, 1985.

McGee, John S. In Defense of Industrial Concentration. New York: Praeger, 1971.

—. “Predatory Price Cutting: The Standard Oil (N.J.) Case,” Journal of Law and Economics, Vol. 1 (October 1958), pp. 137-69.

McKendrick, Neil, John Brewer, and J. H. Plumb. The Birth of a Consumer Society: The Commercialization of Eighteenth-Century England. Bloomington: Indiana University Press, 1982. The growth of a market society with its elimination of privileges and increase in choices and mobility.

Morris, Stuart. “The Wisconsin Idea and Business Progressivism,” Journal of American Studies, July 1970.

Moss, Laurence S. “Robber Barons and Entrepreneur—. Promoters,” in Advances in Austrian Economics, vol. 2(a), Peter Boettke and Mario J. Rizzo, eds. Greenwich, Conn.: JAI Press, 1995, pp. 95-108.

Nardinelli, Clark. Child Labor and the Industrial Revolution. Bloomington, IN: Indiana University Press, 1990. Economic liberalization and growth of the market, rather than child labor laws, diminished child labor.

Nevins, Allan. Study in Power: John D. Rockefeller, Industrialist and Philanthropist, 2 Vol. New York: Scribner and Sons, 1953.

Passer, Harold. The Electrical Manufacturers, 1875-1900: A Study of Competition Entrepreneurship, Technical Change and Economic Growth. New York: Arno Press, 1972.

Phillips, C. A., T. F. McManus, and R. W. Nelson. Banking and the Business Cycle: A Study of the Great Depression in the United States. New York: Arno Press, 1972.

Poulson, Barry. Economic History of the United States. New York: Macmillan Publishing Company, 1981.

Remini, Robert. Andrew Jackson and the Bank War: A Study in the Growth of Presidential Power. New York: W.W. Norton & Company, 1967.

Rosenberg, Nathan and L. E. Birdzell, Jr.. How the West Grew Rich: The Economic Transformation of the Industrial World. New York: Basic Books, 1985.

Rothbard, Murray N. America’s Great Depression. Auburn, AL: Ludwig von Mises Institute, 2000.

—. “Herbert Hoover and the Myth of Laissez-Faire,” in Ronald Radosh and Murray Rothbard, eds., A New History of Leviathan: Essays on the Rise of the American Corporate State. New York: E. P. Dutton, 1972.

—. History of Money and Banking in the United States: The Colonial Era to World War II. Auburn, AL: Ludwig Von Mises Institute, 2002.

—. “The Origins of the Federal Reserve,” Quarterly Journal of Austrian Economics, Vol. 2, No. 3.

Saul, S. B. The Myth of the Great Depression, 1873-1896. London: Macmillan, 1985.

Sears, Marian V. “The American Businessman at the Turn of the Century,” Business History Review, December 1956.

Smiley, Gene. Rethinking the Great Depression. Chicago: Ivan R. Dee, 2002.

—. “Review of the book The Political Economy of the New Deal by Jim F. Couch and William F. Shughart II,” The Independent Review, Vol. IV, No. 3 (Winter 2000), pp. 449-452.

Taussig, Frank. The Tariff History of the United States. New York: Putnam, 1931.

Vedder, Richard K. and Lowell Gallaway. Out of Work: Unemployment and Government in Twentieth-Century America, Revised Edition. New York: New York University Press for The Independent Institute, 1997.

von Mises, Ludwig. Nation, State and Economy: Contributions to the Politics and History of Our Times. New York: New York University Press, 1983. [Online Book]

—. Omipotent Government: The Rise of the Total State and Total War. Grove City, Penn.: Libertarian Press, 1985.

Wallis, John Joseph. “Review of the book State and Party in America’s New Deal: Industry and Agriculture in America's New Deal by Kenneth Finegold and Theda Skocpol,” The Independent Review, Vol. I, No. 2 (Fall 1996), pp. 295-297.

White, Lawrence H. The Crisis in American Banking. New York: New York University Press, 1993.

—. “Review of the book The Defining Moment: The Great Depression and the American Economy in the Twentieth Century edited by Michael D. Bordo, Claudia Goldin, and Eugene N. White,” The Independent Review, Vol. IV, No. 3 (Winter 2000), pp. 456-461.

Williamson, H.F. and A.R. Dam. The American Petroleum Industry: The Age of Illumination, 1859-1899. Westport, Conn.: Greenwood Publishing Group, 1981.

Williamson, Jeffrey G. “Why Was British Growth So Slow Before the 1820’s?”, in Did British Capitalism Breed Inequality? Boston: Allen & Unwin, 1985.

Yeager, Leland B. “From Gold to the Ecu: The International Monetary System in Retrospect,” The Independent Review, Vol. I, No. 1 (Spring 1996), pp. 75-99.

Zerbe, Richard O. “The American Sugar Refining Company, 1887-1914: The Story of a Monopoly,” Journal of Law and Economics, October 1969.