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"It is impossible to grasp the meaning of the idea of sound money
if one does not realize that it was devised as an instrument for
the protection of civil liberties against despotic inroads on the
part of governments." - from "The Theory of Money and Credit"
Originally published in 1912, Ludwig von Mises's "The Theory of
Money and Credit" remains today one of economic theory's most
influential and controversial treatises. Von Mises's examination
into monetary theory changed forever the world of economic thought
when he successfully integrated "macroeconomics" into
"microeconomics" --previously deemed an impossible task --as well
as offering explanations into the origin, value and future of
money.
One hundred years later, von Mises and the Austrian school of
economic theory are still fiercely debated by world economists in
their search for the solution to America's current financial
crisis. His theorems continue to inspire politicians and market
experts who aim to raise up the common man and reduce the financial
power of governments. In a preface added in 1952, von Mises urges
the people of the world to see economic truth:
"The great inflations of our age are not acts of God. They are
man-made or, to say it bluntly, government-made. They are the
off-shoots of doctrines that ascribe to governments the magic power
of creating wealth out of nothing and of making people happy by
raising the 'national income.'"
"The best book on money ever written." --Murray Rothbard, economist
and historian
"The greatest economist of the twentieth century." --Sandeep
Jaitly, economist
LARGE PRINT EDITION More at LargePrintLiberty.com
In 1956, the Mont Pelerin Society was entering a difficult period
in which its intellectual lights were drifting away from liberalism
of the old school. Ludwig von Mises used his speech that year to
explain why this was a terrible trend. He didn't rebuke anyone.
What he did was back away from the events of the day to provide a
sweeping reconstruction of economic history from the ancient world
to the present. He provided a model of how to think outside one's
own generation to understand the really big issues and the moral
and practical urgency of embracing total freedom. The result is an
essay for the ages. It is profound, visionary, and compelling
beyond belief. Would that every undergraduate, or even citizen,
read this piece. In here, Mises describes the revolutionary meaning
of capitalism in human history, and how it was responsible for the
most spectacular increases in the standard of living of the common
man ever. It was mass production that lead people to live longer,
healthier, and happier lives. Contemporary reports from the event
in which he delivered this paper suggest that the people there were
uninterested in Mises's point of view, but this is much to their
shame. For what he left us with remains one of the most dazzling
presentations of the case for economic liberty ever written. It is
the perfect combination of high intelligence, vast historical
understanding, and moral passion.
OMNIPOTENT GOVERNMENT The Rise of the Total State and Total War BY
Ludwig von Mises NEW HAVEN Tale University Press COPYRIGHT, 1944,
BY YALE UNIVERSITY PRESS Printed in the United States of America
First published, May, 1944 Second printing, February, 1945 Third
printing, May, 1945 All rights reserved. This book may not be
reproduced, in whole or in part, in any form except by reviewers
for the public press, without written permission from the
publishers. A WARTIME BOOK THIS COMPLETE EDITION IS PRODUCED IN
FULL COMPLIANCE WITH THE GOVERN MENTS REGULATIONS FOR CONSERVING
PAPER AND OTHER ESSENTIAL MATERIALS. Preface IN dealing with the
problems of social and economic policies, the social sciences
consider only one question whether the measures suggested are
really suited to bringing about the effects sought by their
authors, or whether they result in a state of affairs which from
the viewpoint of their supporters is even more undesirable than the
previous state which it was in tended to alter. The economist does
not substitute his own judg ment about the desirability of ultimate
ends for that of his fellow citizens. He merely asks whether the
ends sought by nations, gov ernments, political parties, and
pressure groups can indeed be at tained by the methods actually
chosen for their realization. It is, to be sure, a thankless task.
Most people are intolerant of any criticism of their social and
economic tenets. They do not understand that the objections raised
refer only to unsuitable methods and do not dispute the ultimate
ends of their efforts. They are not prepared to admit the
possibility that they might attain their ends more easily by
following the economists advice than bydisregarding it. They call
an enemy of their nation, race, or group anyone who ventures to
criticize their cherished policies. This stubborn dogmatism is
pernicious and one of the root causes of the present state of world
affairs. An economist who as serts that minimum wage rates are not
the appropriate means of raising the wage earners standard of
living is neither a labor baiter nor an enemy of the workers. On
the contrary, in suggesting more suitable methods for the
improvement of the wage earners material well-being, he contributes
as much as he can to a genuine promotion of their prosperity. To
point out the advantages which everybody derives from the working
of capitalism is not tantamount to defending the vested interests
of the capitalists. An economist who forty or fifty years ago
advocated the preservation of the system of private property and
free enterprise did not fight for the selfish class interests of
the then rich. He wanted a free hand left to those unknown among
his penniless contemporaries who had the ingenuity to develop all
those new industries which today render the life of the common man
more pleasant. Many pioneers of these industrial changes, it is
true, became rich. But they acquired their wealth by supplying the
public with motor cars, airplanes, radio sets, refrigerators,
moving and talking pictures, and a variety of less spectacular but
iv Omnipotent Government no less useful innovations. These new
products were certainly not an achievement of offices and
bureaucrats. Not a single technical improvement can be credited to
the Soviets. The best that the Russians have achieved was to copy
some of the improvements of the capitalists whom they continue
todisparage. Mankind has not reached the stage of ultimate
technological perfection. There is ample room for further progress
and for further improvement of the standards of living. The
creative and inventive spirit subsists notwithstanding all
assertions to the contrary. But it flourishes only where there is
economic freedom. Neither is an economist who demonstrates that a
nation let us call it Thule hurts its own essential interests in
its conduct of foreign-trade policies and in its dealing with
domestic minority groups, a foe of Thule and its people...
This is a new release of the original 1960 edition.
This is a new release of the original 1951 edition.
This is a new release of the original 1962 edition.
This is a new release of the original 1949 edition.
This is a new release of the original 1956 edition.
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