Tag Archives: Rothbard

In the passage below: “Indeed, a ‘free market’ necessarily implies total respect for and protection of private property. But this means that rights of private property must always be preserved. This implies not only a cracking down on assault and murder, but also on all forms of theft and fraud, including counterfeiting. Counterfeiting must be prosecuted fully by the law and, more than that, must be scorned and condemned by public opinion. As an advocate of 100 percent reserve banking, of...

And I mean the anti-capitalist mentality of the Austrian libertarian cult and certainly in its Rothbardian form, because – make no mistake – these people are anti-capitalist in their core ideological beliefs, no matter how much we have to hear of their blustering nonsense.Let us take the crucial points which make Austrian libertarianism anti-capitalist: (1) Opposition to fractional reserve banking Rothbardians and many other Austrian libertarians oppose even private capitalist fractional...

It doesn’t matter how many times Rothbard’s view of the 1870s is refuted, Austrians and libertarians simply continue to shun reality and repeat Rothbard’s errors (such as here and here).It can’t hurt to review the data.First, industrial production. The best and most recent index of US industrial production in this era is Davis (2004) (see Hanes 2013: 121), which draws on many more industrial products and services than other, older indices.The data from Davis shows that US industrial...