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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
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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."
- Print length510 pages
- LanguageEnglish
- PublisherLudwig von Mises Institute
- Publication dateAugust 30, 2002
- ISBN-100945466331
- ISBN-13978-0945466338
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- 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
- Best Sellers Rank: #69,372 in Books (See Top 100 in Books)
- #38 in Banks & Banking (Books)
- #41 in Free Enterprise & Capitalism
- Customer Reviews:
About the author

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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Customers find the book informative and interesting, providing a comprehensive history of money and banking. They describe it as an excellent read that reads like a thriller. Many readers consider the introduction worth the price and say the book makes a strong case for free markets. However, some find the narrative clear and interesting, while others feel it's repetitive or boring at times.
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Customers find the book informative and interesting. They appreciate the detailed information on banking history. The author provides a wealth of content and insights into the interplay between politics and economics. Overall, readers find the book an engaging read that offers food for thought.
"...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
"...excellent introduction, and true to Rothbard's style, it includes innumerable insights that are missed by other historians and economists alike...." 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 provides a plethora of content and specifics on the fraudulent and deceptive acts of public officials, but most importantly, you will..." Read more
Customers find the book easy to read and engaging. They appreciate the good content and history. The writing is first-class and understandable for all levels of economic understanding.
"...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
"...was capable of providing very detailed analysis, this volume was written in a style that is very readable, even for beginners...." Read more
"Perfect !" 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
Customers find the book provides a refreshing analysis of money and banking in the United States. They consider it worth the price, with an introduction that's worth reading. The case for free markets is made through the history of banking.
"...Rothbard offers a refreshing analysis of money and banking in the United States that cuts through the political doublespeak and propaganda..." 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
"The perfect case made for free markets through telling the history of banking." Read more
"the introduction alone is worth the price of the book..." Read more
Customers find the book very dry but detailed about American finance.
"...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
"pretty dry stuff..." Read more
Customers have mixed views on the narrative quality. Some find the history interesting and lucid, with a clear and interesting story of the people involved in banking during World War II. Others feel the writing is repetitive and boring at times, making it hard to follow.
"...reads as well as any thriller, proving again that fact is far more interesting than fiction...." Read more
"...So, it can be hard to follow and boring at times...." Read more
"This excellent history provides the real story of what money is and what banking systems do with it...." Read more
"...it was a compilation of articles and scholarly papers there was a lot of redundancy and repetition that could have been edited out...." Read more
Top reviews from the United States
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- Reviewed in the United States on November 30, 2009For 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.
- Reviewed in the United States on October 19, 2010This 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.
- Reviewed in the United States on January 10, 2012Although this 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. As many times as I have told my children about "how much more that thing costs than when I was a kid", I can now replace that saying with "how much less my money is worth than when I was a kid." The missing lynchpin in my wide study of American History was here within this book: that moneyed interests has always aligned themselves with government, and the two have conspired to "rob" the common citizen through monetary inflation and devaluation of the currency. You can pick any period of American history, and overlay the currency / credit / monetary factors over our current time, and not be able to tell the difference. More than any book I have read, this explains the current loss of personal liberty in our country.
Top reviews from other countries
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Dr. Werner EndeReviewed in Germany on March 7, 20165.0 out of 5 stars Ein unverzichtbarer Klassiker der Geschichte des US-Dollars und der Amerikanischen Banken
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 MarcognetReviewed in France on July 17, 20105.0 out of 5 stars Analyse économique, théorie monétaire
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.


