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Murray N. Rothbard
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A History of Money and Banking in the United States: The Colonial Era to World War II Hardcover – August 30, 2002

by Murray N. Rothbard (Author)
4.6 4.6 out of 5 stars 185 ratings
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In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the Colonial Period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history.

Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume.

From the introduction by Joseph Salerno:

"Rothbard employs the Misesian approach to economic history consistently and dazzlingly throughout the volume to unravel the causes and consequences of events and institutions ranging over the course of U.S. monetary history, from the colonial times through the New Deal era. One of the important benefits of Rothbard's unique approach is that it naturally leads to an account of the development of the U.S. monetary system in terms of a compelling narrative linking human motives and plans that often-times are hidden, and devious, leading to outcomes that sometimes are tragic. And one will learn much more about monetary history from reading this exciting story than from poring over reams of statistical analysis. Although its five parts were written separately, this volume presents a relative integrated narrative, with very little overlap, that sweeps across three hundreds years of U.S. monetary history."

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  1. Print length
    510 pages
  2. Language
    English
  3. Publisher
    Ludwig von Mises Institute
  4. Publication date
    August 30, 2002
  5. ISBN-10
    0945466331
  6. ISBN-13
    978-0945466338
  7. See all details
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Editorial Reviews

About the Author

Murray N. Rothbard (1926-1995) distinguished himself as an economist, writing a major treatise on theory, several important economic histories, and a highly praised history of economic thought. But he was also known as the pioneer thinker of libertarianism, the political philosophy that roots freedom in private property ownership and decries the state as inherently contrary to the ethics of a free society. Writing from this perspective, he gained a reputation as the most provocative and influential contributor to the anarchist tradition in our century.

Product details

  • Publisher ‏ : ‎ Ludwig von Mises Institute; First Edition (August 30, 2002)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 510 pages
  • ISBN-10 ‏ : ‎ 0945466331
  • ISBN-13 ‏ : ‎ 978-0945466338
  • Item Weight ‏ : ‎ 1.95 pounds
  • Customer Reviews:
    4.6 4.6 out of 5 stars 185 ratings

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Murray N. Rothbard

Murray N. Rothbard

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Murray Newton Rothbard (/ˈmʌri ˈrɑːθbɑːrd/; March 2, 1926 – January 7, 1995) was an American heterodox economist of the Austrian School, a revisionist historian, and a political theorist(pp11, 286, 380) whose writings and personal influence played a seminal role in the development of modern libertarianism. Rothbard was the founder and leading theoretician of anarcho-capitalism, a staunch advocate of historical revisionism, and a central figure in the twentieth-century American libertarian movement. He wrote over twenty books on political theory, revisionist history, economics, and other subjects. Rothbard asserted that all services provided by the "monopoly system of the corporate state" could be provided more efficiently by the private sector and wrote that the state is "the organization of robbery systematized and writ large." He called fractional reserve banking a form of fraud and opposed central banking. He categorically opposed all military, political, and economic interventionism in the affairs of other nations.(pp4–5, 129) According to his protégé Hans-Hermann Hoppe, "There would be no anarcho-capitalist movement to speak of without Rothbard."

Rothbard was a heterodox economist. Economist Jeff Herbener, who calls Rothbard his friend and "intellectual mentor", wrote that Rothbard received "only ostracism" from mainstream academia. Rothbard rejected mainstream economic methodologies and instead embraced the praxeology of his most important intellectual precursor, Ludwig von Mises. To promote his economic and political ideas, Rothbard joined Llewellyn H. "Lew" Rockwell, Jr. and Burton Blumert in 1982 to establish the Ludwig von Mises Institute in Alabama.

Bio from Wikipedia, the free encyclopedia. Photo by Ludwig von Mises Institute [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons.

Customer reviews

4.6 out of 5 stars
185 global ratings

Customers say

Customers find the book insightful, informative, and interesting. They describe the pacing as very readable, concise, and lively. Readers also describe the book as excellent, a masterpiece, and perfect.

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33 customers mention "Insight"33 positive0 negative

Customers find the book insightful and informative. They say it explains not only the history of money but also why things happen in history. Readers also appreciate learning about the history of banking.

"...as I await the bust, this book of Murray's is lively reading and food for thought. You really can't ask more from any book." Read more

"...than some of his other works, it nevertheless makes a significant contribution to our understanding of the American financial system, without which..." Read more

"...It is an intriguing documentation of the intermixture of politics and economics that have, and continue to, shaped this Nation's history; and, by..." Read more

"...Rothbard offers a refreshing analysis of money and banking in the United States that cuts through the political doublespeak and propaganda..." Read more

21 customers mention "Pacing"16 positive5 negative

Customers find the pacing of the book very readable, concise, and lively. They also appreciate the first-class writing and research. Readers mention the narrative is lucid, clear, and refreshing.

"...Meanwhile, as I await the bust, this book of Murray's is lively reading and food for thought. You really can't ask more from any book." Read more

"...very detailed analysis, this volume was written in a style that is very readable, even for beginners...." Read more

"...is a technically written book, the narrative it produces reads as well as any thriller, proving again that fact is far more interesting than fiction...." Read more

"...This was all very good and easy to read. In Part II, addressing the creation of the Federal Reserve, he gets stuck around the period 1896-1900...." Read more

14 customers mention "Readability"14 positive0 negative

Customers find the book excellent, a masterpiece, and perfect.

"Perfect !" Read more

"...This was all very good and easy to read. In Part II, addressing the creation of the Federal Reserve, he gets stuck around the period 1896-1900...." Read more

"This was a good book, but because it was a compilation of articles and scholarly papers there was a lot of redundancy and repetition that could have..." Read more

"...A masterpiece. Prerequisites are few: basic knowledge of macro-economics should be more than enough." Read more

Top reviews from the United States

Linksman
5.0 out of 5 stars the introduction alone is worth the price of the book
Reviewed in the United States on November 30, 2009
Verified Purchase
For someone who has wasted a lifetime trying to understand economics, money, credit and banking, this book clarifies a good deal. If you suspect Larry Summers and Tim Geithner and Ben Bernanke and Hank Paulson and Barney Frank and Chris Dodd and others of their ilk talk mostly nonsense, are at best not be trusted and at worst conspirators in a grand scam to preserve the power of their corporate masters, Murry Rothbard would not only agree with you completely but could probably explain in a couple of paragraphs exactly what is going on every time any of them opens his mouth. Unfortunately, Murry is no longer with us. We have to do the best we can with the method he championed for fifty odd years: ignore what they say and consider who stands to benefit from what they are doing and proposing, and how. What I cannot understand after reading this book, is how or why Rothbard ever got himself involved with Richard Nixon? But don't let that stop you from reading the book.

Is Rothbard right about the need for a gold standard? There isn't enough gold to support the unrepayable and largely unserviceable public debt balloon our Wall Street masters of the universe and their academic and bureaucratic apologists have been inflating over the past ninety-six years, and doubling over the past twelve months. Only truly heroic inflation can now bail out the State, and it's hard to see how the inflationists can now make the bubble inflate fast enough to prevent a gigantic bust. History suggests that a real collapse may be coming, one in which the bankers will remain standing because their toxic waste has all been absorbed by the friendly taxpayer. Other major players may end up more like GM than GE.

Meanwhile, as I await the bust, this book of Murray's is lively reading and food for thought. You really can't ask more from any book.
12 people found this helpful
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Alan Pyeatt
5.0 out of 5 stars Excellent Source of Information
Reviewed in the United States on October 19, 2010
Verified Purchase
This is an excellent overview of monetary history in the United States. Although the late Murray Rothbard was capable of providing very detailed analysis, this volume was written in a style that is very readable, even for beginners. Even so, it provides a wealth of information, and plenty of resources for further study, if desired.

Economic historians and others who are already familiar with the subject may want to read one of Rothbard's more detailed studies, such as "Conceived in Liberty," "America's Great Depression," or "The Case Against the Fed." However, this is an excellent introduction, and true to Rothbard's style, it includes innumerable insights that are missed by other historians and economists alike.

One of the reasons Rothbard was able to gain insights that other writers missed is that he analyzed historical events using methodology from the "Austrian school" of economics. In fact, Rothbard did much to develop the Austrian school's methodology, especially in regard to researching economic history. This methodology differs from that of other economic historians in that it attempts to understand the motives of economic actors and policymakers. Joseph T. Salerno provides a thorough description of this methodology in his Introduction, and that is reason enough to buy this edition.

Overall, this is an excellent overview of how (and why) our financial system developed, starting with the early Colonial period. Less imposing than some of his other works, it nevertheless makes a significant contribution to our understanding of the American financial system, without which any study of the subject would be incomplete.
6 people found this helpful
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Guillaume Horne
5.0 out of 5 stars Perfect
Reviewed in the United States on November 7, 2023
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Perfect !
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Robert D. Read
4.0 out of 5 stars A History of American Economic Activities
Reviewed in the United States on September 6, 2010
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In this latest release of Murray Rothbard's epic volume detailing the history and economics of the United States; Mises Institute (2005) has again made available his writings that spans the time-frame from Colonial times up to the beginnings of World War II. It is an intriguing documentation of the intermixture of politics and economics that have, and continue to, shaped this Nation's history; and, by extension the state of commerce throughout the World.

It must be noted that this 509-page tome is not suggested for a novice reader that does not have any more than a rudimentary knowledge of economics. For those embarking on a study of economic history, Rothbard's early work, "What Has the Government Done to Our Money" might prove to be a more suitable introductory vehicle. With that disclaimer in mind, those readers with an interest in how politics and economics intertwine this volume is indeed illuminating. And, of course, (as history tells us over and over again) politics, diplomacy, and warfare are almost always, and inevitably, shaped by economics.

With alacrity, Rothbard weaves a tale of intrigue and exposes the often overlooked players that sought to impose their opposing economic and political viewpoints. These include those early Americans who espoused a strong Federal government and favored a Central Banking system as to those who favored "free banking". Also included are the various political opponents who fed the turmoil surrounding bimetallism who, in turn, vigorously debated and fanned the flames of gold versus silver parity rates.

Moving on to an America with Imperialistic notions, the Spanish-American War provided an opportunity to impose American economic principles on the previously Spanish occupied countries that America now found in its orb. The new American Colonies were induced into accepting monetary and currency provisions that reflected their new-found ruler's principles. Not content with merely meddling in the affairs of Cuba, Puerto Rico, and the Philippines, the US tried via coercion to force the Sovereign States of Mexico, several Central American countries, and China to hunker down to the American concepts with regard to money (value) and currency exchanges. If coercion and threats failed to bring about compliance, America was not above sending in the Marines.

Not surprisingly, Rothbard expends a goodly amount of ink in discussing the often turbulent events that led to the formation of the US Federal Reserve Bank. Also discussed are the post World War I gyrations that destroyed the previous world-wide gold standard and the wholesale introduction of fiat currencies. All of which ultimately led to the Great Depression of the 1930's.

As the title suggests, he winds up his volume with a detailed inquisition into the causes and effects that precipitated, and prolonged, that dire episode in history when the world's economies were wrought with economic havoc. [Note: diehard Keynesians might be prompted to knash their teeth; however, if they are not too hidebound they might learn something].

The book is profusely documented with detailed footnote references and anecdotal information.

Word count: 494

--30--
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Top reviews from other countries

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Dr. Werner Ende
5.0 out of 5 stars Ein unverzichtbarer Klassiker der Geschichte des US-Dollars und der Amerikanischen Banken
Reviewed in Germany on March 7, 2016
Verified Purchase
Es gab nur wenige Zeitgenossen des 1995 verstorbenen Ökonomen und Philosophen Murray N. Rothbard , die derart kritisch und fundiert über diese für die Weltfinanz fundamental wichtigen Dinge berichtet haben.
Murray N. Rothbard hat mit diesem und anderen Büchern entscheidend zur Renaissance der Austrian School, hier bekannt unter Österreichische Schule der Ökonomie beigetragen.
Wer frei von doktrinären, staatlichen Einflüssen erfahren will, wie die Weltwirtschaft heute in eine derart verheerende Lage geraten konnte, kommt
an diesem Buch nicht vorbei.
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Mr. Francois Marcognet
5.0 out of 5 stars Analyse économique, théorie monétaire
Reviewed in France on July 17, 2010
Verified Purchase
Très bonne étude de Murray. N. Rothbard sur le système américain.
Travail très important pour le courant Autrichien. A comparer avec l'Histoire monétaire des Etats-Unis de Milton Friedman.
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