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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)

195 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."

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
Publication date ‏ : ‎ August 30, 2002
Edition ‏ : ‎ First Edition
Language ‏ : ‎ English
Print length ‏ : ‎ 510 pages
ISBN-10 ‏ : ‎ 0945466331
ISBN-13 ‏ : ‎ 978-0945466338
Item Weight ‏ : ‎ 1.95 pounds
Dimensions ‏ : ‎ 9.37 x 6.38 x 1.34 inches
Best Sellers Rank: #86,719 in Books (See Top 100 in Books)
- #16 in Free Enterprise & Capitalism
- #18 in Banks & Banking (Books)
Customer Reviews:
195 ratings

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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.

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Customer reviews

195 global ratings

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Customers say

Customers find this book to be an excellent read with tremendous research and fascinating insights into the history of money and banking. The writing style is first-class, and customers describe it as very dry. They appreciate its eye-opening content, with one customer noting its broad scope, and find it worth the price, with one mentioning it's the only non-fiction financial history book available.

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Readability Information quality History Value for money Eye opening Money analysis Writing style Dryness

32 customers mention "Readability"29 positive3 negative

Customers find the book highly readable, describing it as the best banking and history book, with one customer noting it reads like a thriller.

"...Part I of Rothbard's study is very good, takes you thru the formative years of America, the so-called "Continental" and the inflationary period of..." Read more

"So very interesting. I noticed how the economic situations around all the US history is sort of glossed over or forgotten entirely...." Read more

"...of Money and Banking in the United States is probably the best history book that I have ever read...." Read more

"...The author is very informative and concise. Excellent book!" Read more

22 customers mention "Information quality"19 positive3 negative

Customers praise the book's thorough research and detailed content, with one customer highlighting its precise banking information and extensive footnote references.

"Statistical book showing how the world bankers have manipulated our banking system for their own gain...." Read more

"Reads like a thriller which is most unusual for such a detailed and well documented expose. A masterpiece...." Read more

"Filled with facts and insights. It is impossible to read this book and not understand how recessions are created or prevented." Read more

"...Even so, it provides a wealth of information, and plenty of resources for further study, if desired...." Read more

20 customers mention "History"20 positive0 negative

Customers appreciate the book's historical content, particularly its coverage of money and banking history, with one customer noting how it interweaves politics and economics.

"This excellent history provides the real story of what money is and what banking systems do with it...." Read more

"This is an excellent overview of monetary history in the United States...." Read more

"Murray Rothbard has written a great book that expands on the history greatly on his "What has Gov't Done to Our Money" book...." 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

9 customers mention "Value for money"8 positive1 negative

Customers find the book to be a great history book on money, with one customer noting it's worth the price, and another mentioning it's the THE book on Austrian economics.

"...familiar with Austrian economics you should check out this great history book on money." Read more

"...to understand economics, money, credit and banking, this book clarifies a good deal...." Read more

"It's worth it just for Salerno's introduction! Other than that, it provides a very unique perspective on U.S. economic history...." Read more

"Good reading characters and printing of a great classic about money and bankimg. I have waited to fill up my library with excellent readings." Read more

7 customers mention "Eye opening"7 positive0 negative

Customers find the book eye-opening, with one noting its broad scope and another appreciating its unique perspective.

"...Other than that, it provides a very unique perspective on U.S. economic history...." Read more

"What an eye-opening book!..." Read more

"This is among my favorite works by a man who left us a large body of thinking and scholarship. Want to read a history of money & banking in the US?..." Read more

"This book is very eye opening in many levels. The author is very informative and concise. Excellent book!" Read more

5 customers mention "Money analysis"4 positive1 negative

Customers appreciate the book's analysis of money and banking, with one customer noting how it helps understand the financial system's development, while another mentions learning about taxation through inflation.

"...Overall, this is an excellent overview of how (and why) our financial system developed, starting with the early Colonial period...." 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

"...world, be a good means of trade and would probably keep extremes of wealth in check. The logistics of changing to this system seem overwhelming...." Read more

"...My only complaint is that he stayed on the topic of money and banking and did not venture into other areas of economic history...." Read more

5 customers mention "Writing style"5 positive0 negative

Customers appreciate the writing style of the book.

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

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

"...Despite not being an economics major in college, I found this prose interesting and understandable to read." Read more

"...Absolutely first class writing and research." Read more

4 customers mention "Dryness"3 positive1 negative

Customers find the book very dry.

"...reading for the novice, yet the language is readable and not dry like a textbook...." Read more

"Very dry but unimaginably detailed analysis of American finance." Read more

"...It is (by a non-economist's standards) perhaps dry, but if you're interested in finance and banking, you won't be able to put this book down." Read more

"pretty dry stuff..." Read more

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Alan Pyeatt
Excellent Source of Information
Reviewed in the United States on October 19, 2010
Format: HardcoverVerified 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.

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7 people found this helpful

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Kindle Customer
Great Book on Monetary History
Reviewed in the United States on October 9, 2009
Format: HardcoverVerified Purchase
Murray Rothbard has written a great book that expands on the history greatly on his "What has Gov't Done to Our Money" book. Rothbard is very detailed and has great insight on the policies and their effects. Rothbard approaches the history in the framework of the Austrian perspective. It is not light reading for the novice, yet the language is readable and not dry like a textbook. Bottom line, if you are interested in the history of money or you are familiar with Austrian economics you should check out this great history book on money.

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3 people found this helpful

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Rob Kirk
Deep and thoughtful analysis
Reviewed in the United States on May 21, 2012
Format: KindleVerified Purchase
This is one fantastic look behind the economic curtains. Rothbard obviously spent a great effort diving into the facts (supported by pages of thoughtful stats, not just numbers)to try to break down the "history" of financial calamities that scarred our nation. After reading this book you will understand the set ups for three of the most interesting debt explosions of our history. Rothbard investigates the American Revolution and the start of the first national bank, the explosion of debt after the Civil War and also the growth of deficits after FDR's presidential changes to society. In all, this book simply is an amazing and honest look at the way the country has been a puppet to many different characters over the ages and if Rothbard was to see what is happening today, he would roll in his grave.

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6 people found this helpful

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Robert D. Read
A History of American Economic Activities
Reviewed in the United States on September 6, 2010
Format: HardcoverVerified Purchase
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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Salguod
Interesting
Reviewed in the United States on July 27, 2025
Format: HardcoverVerified Purchase
Delivered in a timely manner and product was exactly as advertised.

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Stephen D. Wilson
Austrian Economics View of US Banking
Reviewed in the United States on April 13, 2025
Format: HardcoverVerified Purchase
I've been a student of monetary economics for over half a century but still learned much from Rothbard's history of American banking, especially the political maneuvering that existed long before the Federal Reserve Act to put a central bank in place. I recommend this work for anyone who wishes to learn more, even if already convinced that the consensus views of banking history and monetary theory are correct.

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Dr. Werner Ende
Ein unverzichtbarer Klassiker der Geschichte des US-Dollars und der Amerikanischen Banken
Reviewed in Germany on March 7, 2016
Format: KindleVerified 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
Analyse économique, théorie monétaire
Reviewed in France on July 17, 2010
Format: HardcoverVerified 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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5.0 out of 5 stars Excellent Source of Information

5.0 out of 5 stars Great Book on Monetary History

5.0 out of 5 stars Deep and thoughtful analysis

4.0 out of 5 stars A History of American Economic Activities

5.0 out of 5 stars Interesting

5.0 out of 5 stars Austrian Economics View of US Banking

Top reviews from other countries

5.0 out of 5 stars Ein unverzichtbarer Klassiker der Geschichte des US-Dollars und der Amerikanischen Banken

5.0 out of 5 stars Analyse économique, théorie monétaire

Excellent Source of Information

Great Book on Monetary History

Deep and thoughtful analysis

A History of American Economic Activities

Interesting

Austrian Economics View of US Banking

Ein unverzichtbarer Klassiker der Geschichte des US-Dollars und der Amerikanischen Banken

Analyse économique, théorie monétaire