Ludwig von Mises once wrote that all of economics can be neatly summed up in one of two studies: Either you are studying how prices come into being, or you are studying how markets allocate goods. All economic problems can
mises
Could Bitcoin Be the Money of the Future?
Reprinted from DetlevSchlichter.com The crypto-currency Bitcoin is still merely a speck on the global monetary landscape. It is young, experimental, and for all we know, it may ultimately fail to break into the monetary mainstream. However, on a conceptual level
Austrians Don’t Blow Bubbles
Reprinted from The American Conservative Remember the golden days of 2007, when we were all investment prodigies? Though I couldn’t balance a checkbook or drive a car, I had raked in 25 percent increases each year on my 401k since
The Aggresssion of Soviet Russia
Excerpted from Planned Chaos The German, Italian and Japanese nationalists justified their aggressive policies by their lack of Lebensraum. Their countries are comparatively over populated. They are poorly endowed by nature and depend on the import of foodstuffs and raw
The Character of Interventionism
Reprinted from “Planned Chaos“ 2 The Dictatorial, Anti-Democratic and Socialist Character of Interventionism Many advocates of interventionism are bewildered when one tells them that in recommending interventionism they themselves are fostering anti-democratic and dictatorial tendencies and the establishment of totalitarian
The Failure of Interventionism
Reprinted from “Planned Chaos“ 1 The Failure of Interventionism Nothing is more unpopular today than the free market economy, i.e., capitalism. Everything that is considered unsatisfactory in present-day conditions is charged to capitalism. The atheists make capitalism responsible for the
The Future of Liberalism
[This article is excerpted from Liberalism, Chapter 4] Editor’s Note- This is the last chapter of Liberalism. If you have been keeping up with our reprinting of chapters, you have read the whole of the wonderful text! The Future of
Liberalism as a Party
[This article is excerpted from Liberalism, Chapter 4] 5. Party Propaganda and Party Organization When liberal ideas began to spread to central and eastern Europe from their homeland in western Europe, the traditional powers?the monarchy, the nobility, and the clergy?trusting
Parliamentarism, Special Interests, and Classical Liberalism
[This article is excerpted from Liberalism, Chapter 4] 3. The Crisis of Parliamentarism and the Idea of a Diet Representing Special Groups Parliamentarism, as it has slowly developed in England and in some of her colonies since the seventeenth century,
Cannibalism and Calculation in North Korea
When state predation reaches a high degree of oppressiveness, there is no telling what the tyrannized will resort to in order to survive. A widespread lack of material sustenance or nourishment turns craven behavior into the norm. Society turns on
How Liberals Can Win
[This article is excerpted from Liberalism, Chapter 4] 1. The “Doctrinairism” of the Liberals Classical liberalism has been reproached with being too obstinate and not ready enough to compromise. It was because of its inflexibility that it was defeated in
The Problem with the League of Nations
[This article is excerpted from Liberalism, Chapter 3] 10. The League of Nations Just as, in the eyes of the liberal, the state is not the highest ideal, so it is also not the best apparatus of compulsion. The metaphysical
On the Freedom Of Movement
[This article is excerpted from Liberalism, Chapter 3] 8. Freedom of Movement Liberalism has sometimes been reproached on the ground that its program is predominantly negative. This follows necessarily, it is asserted, from the very nature of freedom, which can
Why Free Trade Matters
[This article is excerpted from Liberalism, Chapter 3] 7. Free Trade The theoretical demonstration of the consequences of the protective tariff and of free trade is the keystone of classical economics. It is so clear, so obvious, so indisputable, that
Nationalism and Imperialism
[This article is excerpted from Liberalism, Chapter 3] 4. Nationalism As long as nations were ruled by monarchical despots, the idea of adjusting the boundaries of the state to coincide with the boundaries between nationalities could not find acceptance. If
Thank You to the Mises Institute!
There are few in this world that dramatically change the way one views society and its functionality. Their work creates a dynamic shift in perspective which in turn leads to new attitudes about humanity and civilization. In sum, their message
Boundaries and the Right of Self-Determination
[This article is excerpted from Liberalism, Chapter 3] 1. The Boundaries of the State For the liberal, there is no opposition between domestic policy and foreign policy, and the question so often raised and exhaustively discussed, whether considerations of foreign
Bureaucratization and the State
[This article is excerpted from Liberalism, Chapter 2] 8. Bureaucratization There is yet another sense in which it is commonly said that the necessary conditions for the realization of the liberal ideal of society no longer obtain today. In the
The Absurdity of Socialism and Interventionism
[This article is excerpted from Liberalism, Chapter 2] 4. The Impracticability of Socialism People are wont to consider socialism impracticable because they think that men lack the moral qualities demanded by a socialist society. It is feared that under socialism
Democracy and Force
[This article is excerpted from Liberalism, Chapter 1] 9. Critique of the Doctrine of Force The champions of democracy in the eighteenth century argued that only monarchs and their ministers are morally depraved, injudicious, and evil. The people, however, are
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