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Monetary Central Planning and the State Kindle Edition
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The recession of 2008–2009 had its origin in years of monetary mismanagement by the Federal Reserve System and misguided economic policies emanating from Washington, DC. For the five years between 2003 and 2008, the Federal Reserve flooded the financial markets with a huge amount of money, increasing the total amount in the economy by 50 percent or more by some measures.
Many of the rationales for this “activist” monetary and fiscal policy emerged and took form under the cover of the emerging Keynesian revolution as first presented by British economist John Maynard Keynes. Monetary Central Planning and the State offers a detailed critique of the fundamental premises of Keynesian economics, and why its policy prescriptions in fact lead to the very boom-bust cycle the Keynesians claim to want to prevent.
This book also explains a powerful alternative theory of money and the business cycle, called "Austrian economics."
This is the pathway to finally ending the cycles of booms and busts, and creating a market-based institutional framework for sustainable economic growth and betterment.
It is time for monetary freedom to replace the out-of-date belief in government monetary central planning.
- LanguageEnglish
- Publication dateSeptember 29, 2015
- File size833 KB
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Product details
- ASIN : B01608MZ1M
- Publisher : The Future of Freedom Foundation (September 29, 2015)
- Publication date : September 29, 2015
- Language : English
- File size : 833 KB
- Simultaneous device usage : Unlimited
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 228 pages
- Best Sellers Rank: #1,542,637 in Kindle Store (See Top 100 in Kindle Store)
- #621 in Political Freedom (Kindle Store)
- #857 in Economic Theory (Kindle Store)
- #1,761 in Political Freedom (Books)
- Customer Reviews:
About the author

Dr. Richard Ebeling is the BB&T Distinguished Professor of Ethics and Free Enterprise Leadership at The Citadel in Charleston, South Carolina. He is the author of "Austrian Economics and Public Policy: Restoring Freedom and Prosperity" (Future of Freedom Foundation, 2016); "Monetary Central Planning and the State" (Future of Freedom Foundation, 2015); "Political Economy, Public Policy and Monetary Economics: Ludwig von Mises and the Austrian Tradition" (Routledge, 2010); and "Austrian Economics and the Political Economy of Freedom" (Edward Elgar, 2003).
He is also editor of the three-volume work, "Selected Essays of Ludwig von Mises" (Liberty Fund, 2000; 2003; 2013), the co-editor of the anthology, "When We are Free," 6th ed. (Northwood University Press, 2014), and the co-author and co-editor of the five-volume, "In Defense of Capitalism" (Northwood University Press, 2009-2014)
Dr. Ebeling writes a regular column that appears weekly on the website of the Future of Freedom Foundation (FFF.org), and he has a 9-part video "Introduction to Austrian Economics," sponsored by FFF: http://www.fff.org/explore-freedom/article/introduction-austrian-economics-part-1/.
The author of hundreds of articles, his writings have appeared in the "Washington Times," the "Boston Globe," "Investor's Business Daily," "Detroit News," "National Review Online," "Reason," "The Freeman: Ideas on Liberty," "Freedom Daily," "American Journal of Economics and Sociology," "Political Studies," "International Journal of World Peace," "Advances in Austrian Economics," and numerous other publications. His articles received wide international recognition and have been published in Argentina, Austria, Brazil, China, Czech Republic, Germany, Great Britain, Guatemala, Hungary, Lithuania, Mexico, Panama, Poland, Russia, Spain, Sweden, Switzerland and Ukraine.
Dr. Ebeling appears frequently on radio talk shows around the United States, discussing government policy and the American economy. He is regularly interviewed by Radio Liberty on American and Russian political and economic affairs, which are then translated and broadcast into Russia. He has appeared on Fox News, CNBC and on Fox Business News with Neil Cavuto, and RT-America.
In 1990-1991, Richard Ebeling frequently traveled to the former Soviet Union consulting with the government of Lithuania and with members of the Russian Parliament and the city of Moscow on free-market reform and privatization of the socialist economy. In January 1991 he witnessed firsthand the Soviet military crackdown in Vilnius, Lithuania, during which 13 people were killed. While in Moscow in August 1991 he joined the defenders of freedom and democracy at the barricades surrounding the Russian Parliament during the failed Soviet hard-line Communist coup attempt.
In October 1996, Richard Ebeling traveled to Moscow, Russia, once again, this time uncovering the "lost papers" of the famous Austrian economist and leading advocate of free enterprise, Ludwig von Mises. Looted by the Nazis from his Vienna apartment in 1938, Mises' papers were captured by the Soviet Army at the end of the Second World War. Dr. Ebeling was able to obtain photocopies of virtually the entire collection of documents numbering about 10,000 items, which had been kept in a formerly secret KGB archive in Moscow for 50 years.
He has also edited, "Money, Method and the Market Process: Essays by Ludwig von Mises" (1990), "Austrian Economics: A Reader" (1991), and "Austrian Economics: Perspectives on the Past and Prospects for the Future" (1991).
In addition, he is the co-editor of "The Dangers of Socialized Medicine" (1994), "The Case for Free Trade and Open Immigration" (1995), "The Failure of America's Foreign Wars" (1996), "The Tyranny of Gun Control" (1998), and "Liberty, Security, and the War on Terrorism" (2003).
Prior to his appointment at The Citadel, Dr. Ebeling was professor of economics at Northwood University, in Midland, Michigan (2009-2014), and was the Shelby C. Davis Visiting Professor in American Economic History and Entrepreneurship at Trinity College in Hartford, Connecticut (2008-2009), and a senior fellow at the American Institute for Economic Research in Great Barrington, Massachusetts (2008-2009). He served as the president of the Foundation for Economic Education in Irvington, New York (2003-2008), and was the Ludwig von Mises Professor of Economics at Hillsdale College in Hillsdale, Michigan (1988-2003). Dr. Ebeling also taught economics at the University of Dallas in Dallas, Texas (1984-1988), and at the National University of Ireland at Cork (1981-1983).
Richard Ebeling received his Ph.D. in Economics from Middlesex University in London, England, his M.A. in Economics from Rutgers University, and his B.A. in Economics from California State University, Sacramento.
He received the "Franz Cuhel Award for Excellence in Free Market Education," presented by the Liberalni Institute at the annual Prague Conference on Political Economy (Prague, April 2007) and the "Liberty in Theory: Lifetime Award" for contributions advancing the case for classical liberalism, presented by Libertarian Alliance/Libertarian International (London, November 2005). He has also twice been a Hayek Fellow at the Institute for Humane Studies.
Richard Ebeling and his wife, Anna, live in Mt. Pleasant, South Carolina, with their standard royal Poodle, "Fritzie." They have a daughter and three grandchildren.
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I'll begin with the style, which is very clear and direct, while demanding full attention to chains of reasoning that can be complex and lengthy. In this respect, he follows in the footsteps of Frank Taussig, who prefaced his 1911 text with "I have done my best to be clear ... but have made no vain pretense of simplifying all things." There are no equations, but occasional numerical examples are helpful.
Prof. Ebeling shows extensive knowledge of all the major schools of thought in monetary economics and their principal proponents. His is the best brief dissection of Keynes that I have ever read. He rightly praises Milton Friedman for advancing the cause of liberty while regretting Friedman's blindness to market-based money. He compares Friedman's analysis of the Great Depression (allowing the M2 money supply to fall too far) with the Austrian analysis that blames government interference with downward adjustment of wages and prices. He explains why a stable price level is not always a good thing, as in the 1920s when prices should have fallen due to soaring levels of innovation and productivity but were instead propped up by Fed policies that distorted markets and produced an unsustainable financial boom. He addresses the dispute within the Austrian community as to whether fractional-reserve banking is fraud. He sensibly concludes that it is not, so long as there is full disclosure.
There is a great deal more I could add, but I will summarize: readers of almost any background from economics novice to expert should be rewarded handsomely for their reading. Because money is the heart of economics, mastery of this topic is the necessary foundation for understanding where we are now and where we could go. (Will someone please get a copy to Janet Yellin?)
The text was published in installments online, which is probably the reason for occasional repetitions. But this is a very minor quibble. I would compare this book favorably with Rothbard's "What Has Government Done to Out Money?" which was my favorite introductory money book until now.
Ebeling calls for ending the government monopoly of issuing currency, repealing the Federal Reserve Act and all national banking regulations. He does not mention that no power was ever granted the Congress for these laws in the first place, but such details matter little today. What would replace today's monetary chaos? Free banking, with some sort of gold standard. The problem is, that's where we started from.
Richard Ebeling does an amazing job of compiling and distilling an explanation of the primary issues surrounding monetary central planning and the business cycle. He attacks the issue at a high enough level to help the reader understand the big picture, and gives enough context to facilitate further reading for those wanting to dig deeper.
If you're wanting an introduction to Austrian economics, look no further; this is it!

