What branch of capitalism was founded by the author of The Mystery of Banking?
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The Mystery of Banking The Mystery of Banking is Murray Rothbard's 1983 book explaining the modern fractional-reserve banking system and its origins. In his June 2008 preface to the 298-page second edition, Douglas E. French suggests the work also lays out the “...devastating effects [of fractional-reserve banking] on the lives of every man, woman, and child.”
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Murray Rothbard Murray Newton Rothbard ( ; March 2, 1926 – January 7, 1995) was an American economist, philosopher, political theorist, and historian. He was a heterodox economist of the Austrian School, a historian, and a political theorist 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. According to his protégé Hans-Hermann Hoppe, "There would be no anarcho-capitalist movement to speak of without Rothbard."
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History of macroeconomic thought Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
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Commanding heights of the economy Commanding heights of the economy refers to existing private industry critical to the economy like large banks, insurance firms and mines. This phrase emerged from a branch of modern political philosophy concerned with organizing society, and can be traced back to Karl Marx's idea on socialism, which stresses the commanding heights and advocates for government control of it. This should not be confused with social democracy or complete socialism.
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The Philosophy of Money The Philosophy of Money (1900) is a book on economic sociology by the German sociologist and social philosopher, Georg Simmel. Probably considered Simmel's greatest work, Simmel saw money as a structuring agent that helps us understand the totality of life.
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The Bankers The Bankers is the 1975 book by the economist-writer Martin Mayer that describes the industry just at the cusp of deregulation. At the time, banks had just been released from the interest rate ceilings of Regulation Q imposed by the Fed. Also, NOW (or negotiable orders of withdrawal) accounts allowed checkable deposits to earn interest. This period, the mid to late 1970s saw an explosion of financial markets innovation with money market mutual fund accounts, call and put options traded first over the counter then on listed exchanges and finally bank deregulation as failed banks were taken over by out of state banks.
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Nomi Prins Nomi Prins is an American author, journalist, and public speaker. She has worked as a managing director at Goldman-Sachs for 2 years and as a Senior Managing Director at Bear Stearns for 7 years, as well as having worked as a senior strategist at Lehman Brothers and analyst at the Chase Manhattan Bank. Prins is known for her book "All the Presidents' Bankers" in which she explores over a century of close relationships between the 19 Presidents from Teddy Roosevelt through Barack Obama and the key bankers of their day based on original archival documents. Prins also received recognition for her whistleblower book, "It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street", for her views on the U.S. economy, for her published spending figures on federal programs and initiatives related to the 2008 bailout, and for her advocacy for the reinstatement of the Glass–Steagall Act and regulatory reform of the financial industry.
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David Hume David Hume ( ; born David Home; 7 May 1711 NS – 25 August 1776) was a Scottish philosopher, historian, economist, and essayist, who is best known today for his highly influential system of philosophical empiricism, skepticism, and naturalism.
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Radicals for Capitalism Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement is a 2007 book about the history of libertarianism in the 20th century by American journalist and "Reason" senior editor Brian Doherty. He traces the evolution of the movement, as well as the life stories of Ayn Rand, Milton Friedman, Ludwig von Mises, F. A. Hayek, and Murray Rothbard, and details how they intertwined.
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Jean Monnet Jean Omer Marie Gabriel Monnet (] ; 9 November 1888 – 16 March 1979) was a French political economist and diplomat. An influential supporter of European unity, he is considered as one of the founding fathers of the European Union. Jean Monnet has been called “The Father of Europe” by those who see his innovative and pioneering efforts in the 1950s as the key to establishing the European Coal and Steel Community, the predecessor of today’s European Union. Never elected to public office, Monnet worked behind the scenes of American and European governments as a well-connected "pragmatic internationalist". He was named patron of the 1980–1981 academic year at the College of Europe, in honour of his accomplishments.
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S. M. von Rothschild S M von Rothschild was a banking enterprise established in 1820 in Vienna, Austria-Hungary by Salomon Mayer Rothschild, the founder of the Rothschild banking family of Austria and a member of the Mayer Amschel Rothschild family of Frankfurt, Germany. The business prospered, financing various Austrian government undertakings where large amounts of capital had to be raised. The bank played a major role in the building of the country's economic infrastructure including the first rail transport networks. Passed down to Salomon Mayer Rothschild's male heirs, the bank would be run by Anselm von Rothschild (President: 1848–1874), Albert Salomon von Rothschild (President: 1874–1911), and Louis Nathaniel von Rothschild (President: 1911-1939).
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James Mill James Mill (born James Milne, 6 April 1773 – 23 June 1836) was a British historian, economist, political theorist, and philosopher. He is counted among the founders of Ricardian school and was the father of John Stuart Mill, the philosopher of liberalism. His influential "History of British India" contains a complete denunciation and rejection of Indian culture and civilisation. He divided Indian history into three parts: Hindu, Muslim and British.
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Eustace Mullins Eustace Clarence Mullins Jr. (March 9, 1923 – February 2, 2010) was an antisemitic American writer, propagandist, Holocaust denier, and disciple of the poet Ezra Pound. His best-known book is "The Secrets of The Federal Reserve", in which he alleged that a group of shadowy organizations had conspired to write the Federal Reserve Act for its own nefarious purposes, and then induced Congress to enact it into law. David Randall called Mullins "one of the world's leading conspiracy theorists." The Southern Poverty Law Center described him as "a one-man organization of hate".
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The Development of Capitalism in Russia The Development of Capitalism in Russia was an early economic work by Lenin written whilst he was in exile in Siberia. It was published in 1899 under the pseudonym of "Vladimir Ilyin It established his reputation as a major Marxist theorist.
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Austrian business cycle theory The Austrian business cycle theory (ABCT) is an economic theory developed by the Austrian School of economics about how business cycles occur. The theory views business cycles as the consequence of excessive growth in bank credit, due to artificially low interest rates set by a central bank or fractional reserve banks. The Austrian business cycle theory originated in the work of Austrian School economists Ludwig von Mises and Friedrich Hayek. Hayek won the Nobel Prize in economics in 1974 (shared with Gunnar Myrdal) in part for his work on this theory.
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Richard T. Ely Richard Theodore Ely (April 13, 1854 – October 4, 1943) was an American economist, author, and leader of the Progressive movement who called for more government intervention in order to reform what they perceived as the injustices of capitalism, especially regarding factory conditions, compulsory education, child labor, and labor unions. Ely is best remembered as a founder and the first Secretary of the American Economic Association, as a founder and secretary of the Christian Social Union, and as the author of a series of widely read books on the organized labor movement, socialism, and other social questions.
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Social ecology Social ecology is a critical social theory founded by American anarchist and libertarian socialist author Murray Bookchin. Conceptualized as a critique of current social, political, and anti-ecological trends, it espouses a reconstructive, ecological, communitarian, and ethical approach to society. This version advocates a reconstructive and transformative outlook on social and environmental issues, and promotes a directly democratic, confederal politics. As a body of ideas, social ecology envisions a moral economy that moves beyond scarcity and hierarchy, toward a world that reharmonizes human communities with the natural world, while celebrating diversity, creativity and freedom. Bookchin suggests that the roots of current ecological and social problems can be traced to hierarchical modes of social organization. Social ecologists claim that the systemic issue of hierarchy cannot be resisted by individual actions alone such as ethical consumerism but must be addressed by more nuanced ethical thinking and collective activity grounded in radically democratic ideals. The complexity of relationships between people and nature is emphasized, along with the importance of establishing more mutualistic social structures that take account of this.
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Bank A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
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Two Treatises of Government Two Treatises of Government (or Two Treatises of Government: In the Former, The False Principles, and Foundation of Sir Robert Filmer, and His Followers, Are Detected and Overthrown. The Latter Is an Essay Concerning The True Original, Extent, and End of Civil Government) is a work of political philosophy published anonymously in 1689 by John Locke. The "First Treatise" attacks patriarchalism in the form of sentence-by-sentence refutation of Robert Filmer's "Patriarcha", while the "Second Treatise" outlines Locke's ideas for a more civilized society based on natural rights and contract theory.
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The Protestant Ethic and the Spirit of Capitalism The Protestant Ethic and the Spirit of Capitalism (German: "Die protestantische Ethik und der Geist des Kapitalismus" ) is a book written by Max Weber, a German sociologist, economist, and politician. Begun as a series of essays, the original German text was composed in 1904 and 1905, and was translated into English for the first time by American sociologist Talcott Parsons in 1930. It is considered a founding text in economic sociology and sociology in general.
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Mikhail Tugan-Baranovsky Mikhail Ivanovich Tugan-Baranovsky ( Михайло Туган-Барановський) (January 20, 1865 – January 21, 1919) was an Ukrainian economist, politician, statesman. He is remembered as a leading exponent of Legal Marxism in the Tsarist Russian Empire and was the author of numerous works dealing with the theory of value, the distribution of a social revenue, history of managerial development, and fundamentals of cooperative managerial activities.
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Fred M. Taylor Fred Manville Taylor (July 11, 1855, Northville, Michigan – August 7, 1932) was a U.S. economist and educator best known for his contribution to the theory of market socialism. He taught mostly history at Albion College from 1879 to 1892. He taught in the department of economics at University of Michigan from 1892 to 1929 after receiving his Ph.D. in political philosophy there in 1888. His "Principles of Economics" (1911) went through 9 editions. Of a libertarian ideology, he was noted as a clear and rigorous expositor of economic theory in the partial-equilibrium lineage of Alfred Marshall.