Murray Rothbard

Murray Rothbard
On the free market, everyone earns according to his productive value in satisfying
consumer desires. Under statist distribution, everyone earns in proportion to the amount
he can plunder from the producers.
Murray N. Rothbard, Power and Market
Murray Newton Rothbard (March 2, 1926 January 7, 1995) was an economist, scholar,
intellectual and polymath who made major contributions in economics, political philosophy
(libertarianism in particular), economic history and legal theory. He developed and extended the
Austrian School of economics based on the earlier pioneering work of Ludwig von Mises. Rothbard
eventually established himself as the principal Austrian theorist in the latter half of the twentieth
century and applied Austrian analysis to historical topics such as the Great Depression of 1929 and
the history of American banking.
Rothbard combined Austrian economics with a fervent commitment to individual liberty. He
developed a unique synthesis that combined themes from nineteenth-century American
individualist-anarchists such as Lysander Spooner[1] and Benjamin Tucker with Austrian
economics. A new political philosophy was the result, and Rothbard devoted his remarkable
intellectual energy, over a period of some forty-five years, to developing and promoting his style of
libertarianism. In doing so, he became a major American public intellectual.
Building on the Austrian School's concept of spontaneous order, support for a free market in money
production and condemnation of central planning,[2] Rothbard advocated abolition of coercive
government control of the economy. He considered the monopoly force of government the greatest
danger to liberty and the long-term well-being of the populace, labeling the State as nothing but a "a
bandit gang writ large"the locus of the most immoral, grasping and unscrupulous individuals in
any society.[3][4][5][6]
Rothbard concluded that all services provided by monopoly governments could be provided more
efficiently by the private sector. He viewed many regulations and laws ostensibly promulgated for
the "public interest" as self-interested power grabs by scheming government bureaucrats engaging
in dangerously unfettered self-aggrandizement, as they were not subject to competitive pressures
that would temper greed and self-interest with the need to produce goods and services that people
actually wanted to pay for. Rothbard held that there were inefficiencies involved with government
services and asserted that market disciplines would eliminate them, if the services could be
provided by competition in the private sector.[7][8][9]
Rothbard was equally condemning of state corporatism. He criticized many instances where
business elites co-opted government's monopoly power so as to influence laws and regulatory
policy in a manner benefiting them at the expense of their competitive rivals.[10]
He argued that taxation represents coercive theft on a grand scale, and "a compulsory monopoly of
force" prohibiting the more efficient voluntary procurement of defense and judicial services from

competing suppliers.[4][11] He also considered central banking and fractional reserve banking
under a monopoly fiat money system a form of state-sponsored, legalized financial fraud,
antithetical to libertarian principles and ethics.[12][13][14][15] Rothbard opposed military, political,
and economic interventionism in the affairs of other nations.[16][17]

Contents
1 Life and career
1.1 Economist
2 Austrian School writings
2.1 Self-ownership
2.2 Egalitarianism
2.3 Anarcho-capitalism
2.4 Free market money
3 Other pursuits
3.1 Noninterventionism
3.2 Political views
4 Curriculum Vitae
4.1 Academic Degrees
4.2 Academic Appointments
4.3 Other Positions
5 See also
6 References
7 Links

Life and career

Murray Rothbard was born March 2, 1926, the son of David and Rae Rothbard. He was a brilliant
student even as a young child; and his academic record at Columbia University, where he majored
in mathematics and economics, was stellar. In the Columbia economics department, Rothbard did
not receive any instruction in Austrian economics, and Mises was no more than a name to him. In a
course on price theory given by George Stigler, however, he encountered arguments against such
then popular measures as price and rent control. These arguments greatly appealed to him; and he
wrote to the publisher of a pamphlet that Stigler and Milton Friedman had written on rent control.

Economist
The publisher in question was the Foundation for Economic Education; and visits to this groups
headquarters led Rothbard to a meeting with Ludwig von Mises. Rothbard was at once attracted to
Misess laissez-faire economics, and when Misess masterwork Human Action appeared in 1949, it
made a great impression on him. He was henceforward a praxeologist: here in Misess treatise was
the consistent and rigorous defense of a free economy for which he had long been in search. He

soon became an active member of Misess seminar at New York University. Meanwhile, he
continued his graduate studies at Columbia, working toward his Ph.D. His mentor was the eminent
economic historian Joseph Dorfman, and Rothbard received the degree in 1956, with a thesis on
The Panic of 1819 that remains a standard work (The Panic of 1819: Reactions and Policies is
based on it).
As he deepened his understanding of laissez-faire economics, he confronted a dilemma. The
arguments for market provision of goods and services applied across the board. If so, should not
even protection and defense be offered on the market rather than supplied by a coercive monopoly?
Rothbard realized that he would either have to abandon laissez-faire or embrace individualist
anarchy. The choice, arrived at in the winter of 1949, was not difficult.
Rothbard soon attracted the attention of the William Volker Fund, the main group that supported
classical liberal scholars in the 1950s and early 1960s. He began a project to write a textbook to
explain Human Action in a fashion suitable for college students; a sample chapter he wrote on
money and credit won Misess approval. As Rothbard continued his work, he transformed the
project. The result, Man, Economy, and State (1962), was a central work of Austrian economics.
Rothbard was entirely in accord with Misess endeavor to deduce the whole of economics from the
axiom of action, combined with a few subsidiary postulates. In much more detail than Mises had
done, he carried out the deduction; and in the process, he contributed major theoretical innovations
to praxeology. He showed that the socialist calculation argument applies, not only to a
governmentally controlled economy, but to a single private firm owning the entire economy as well.
It too could not calculate. He also integrated Frank Fetters[18] theory of rent with Austrian capital
theory; and argued that a monopoly price could not exist on the free market. Further, he offered a
brilliant criticism of Keynesian economics, and he anticipated much of the "rational expectations"
revolution for which Robert Lucas, Jr. later won a Nobel Prize.
As Rothbard originally planned Man, Economy, and State, it was to include a final part that
presented a comprehensive classification and analysis of types of government intervention. The
section also subjected to withering criticism the standard canons of justice in taxation; a brief but
brilliant passage refuted in advance the anti-market arguments based on "luck" that were to prove so
influential in the later work of John Rawls and his many successors. Unfortunately, the part
appeared in the original edition only in a severely truncated form. Its full publication came only in
1972, under the title Power and Market. The complete version of Man, Economy, and State, as
Rothbard originally intended it to appear, is now available from the Mises Institute.
This masterly work was far from exhausting Rothbards contributions to economic theory. In a
major paper, "Toward a Reconstruction of Utility and Welfare Economics" (1956), he showed that if
one takes seriously the fact that utility is ordinal and not cardinal, then the anti-market views of
most modern welfare economists must be abandoned. Strict application of demonstrated preference
allows one to say that the participants to a voluntary exchange expect ex ante to benefit. Further
than this, the economist, so long as he remains value-free, cannot go. His main papers on economic
theory are available in the posthumously published two-volume collection The Logic of Action
(1997).
Rothbard devoted close attention to monetary theory. Here he emphasized the virtues of the

classical gold standard and supported 100% reserve banking. This system, he held, would prevent
the credit expansion that, according to the Austrian theory of the business cycle developed by Mises
and Friedrich Hayek, led to inevitable depression. He summarized his views for the general public
in the often-reprinted pamphlet What Has Government Done to Our Money? (1964) and also wrote
a textbook, The Mystery of Banking (1983).
Rothbard showed the illumination that Austrian theory could bring to economic history in
Americas Great Depression. Far from being a proof of the failures of unregulated capitalism, the
1929 Depression illustrates rather the dangers of government interference with the economy. The
economic collapse came as a necessary correction to the artificial boom induced by the Federal
Reserve Systems monetary expansion during the 1920s. The attempts by the government to "cure"
the downturn served only to make matters worse.
In making this argument, Rothbard became a pioneer in "Hoover revisionism". Contrary to the
myths promoted by Herbert Hoover himself and his acolytes, Hoover was not an opponent of big
government. Quite the contrary, the economic policies of the "Engineer in Politics" prefigured the
New Deal. Rothbards view of Hoover is now widely accepted.
For Rothbard, banking policy was a key to American economic history. Like Michelet, he believed
that history is a resurrection of the flesh; and his discussions are no dry-as-dust presentations of
statistics. He was always concerned to identify the particular actors and interests behind historical
decisions. The struggle between the competing J. P. Morgan and John D. Rockefeller banking
circles figures again and again in his articles in this field, collected in his A History of Money and
Banking in the United States (1999).

Austrian School writings

The Austrian School attempts to discover axioms of human action (called "praxeology" in the
Austrian tradition). It supports free market economics and criticizes command economies.
Influential advocates were Eugen von Bhm-Bawerk, Friedrich Hayek, and Ludwig von Mises.
Rothbard argued that the entire Austrian economic theory is the working out of the logical
implications of the fact that humans engage in purposeful action.[19] In working out these axioms
he came to the position that a monopoly price could not exist on the free market. He also anticipated
much of the rational expectations viewpoint in economics.
In accordance with his free market views Rothbard argued that individual protection and national
defense also should be offered on the market, rather than supplied by governments coercive
monopoly. Rothbard was an ardent critic of Keynesian economic thought[20] as well as the
utilitarian theory of philosopher Jeremy Bentham.[21]
In Man, Economy, and State Rothbard divides the various kinds of state intervention in three
categories: "autistic intervention", which is interference with private non-exchange activities;
"binary intervention", which is forced exchange between individuals and the state; and "triangular
intervention", which is state-mandated exchange between individuals. According to Sanford Ikeda,
Rothbard's typology "eliminates the gaps and inconsistencies that appear in Mises's original
formulation."[22][23]
Rothbard also was knowledgeable in history and political philosophy. Rothbard's books, such as

Man, Economy, and State, Power and Market, The Ethics of Liberty, and For a New Liberty, are
considered by some to be classics of natural law and libertarian thought, combining libertarian
natural rights philosophy, anti-government anarchism and a free market perspective in analyzing a
range of contemporary social and economic issues. He also possessed extensive knowledge of the
history of economic thought, studying the pre-Adam Smith free market economic schools, such as
the Scholastics and the Physiocrats and discussed them in his unfinished, multi-volume work, An
Austrian Perspective on the History of Economic Thought.
Rothbard writes in Power and Market that the role of the economist in a free market is limited, but
the role and power of the economist in a government which continually intervenes in the market
expands, as the interventions trigger problems which require further diagnosis and the need for
further policy recommendations. Rothbard argues that this simple self-interest prejudices the views
of many economists in favor of increased government intervention.[24][25]
Rothbard also created "Rothbard's law" that "people tend to specialize in what they are worst at.
Henry George, for example, is great on everything but land, so therefore he writes about land 90%
of the time. Friedman is great except on money, so he concentrates on money."[26]

Self-ownership
In The Ethics of Liberty, Rothbard asserts the right of total self-ownership, as the only principle
compatible with a moral code that applies to every persona "universal ethic"and that it is a
natural law by being what is naturally best for man.[27] He believed that, as a result, individuals
owned the fruits of their labor. Accordingly, each person had the right to exchange his property with
others. He believed that if an individual mixes his labor with unowned land then he is the proper
owner, and from that point on it is private property that may only exchange hands by trade or gift.
He also argued that such land would tend not to remain unused unless it makes economic sense to
not put it to use.[28]

Egalitarianism
The title essay of Murray Rothbards 1974 book Egalitarianism as a Revolt Against Nature and
Other Essays held that Equality is not in the natural order of things, and the crusade to make
everyone equal in every respect (except before the law) is certain to have disastrous consequences.
In it Rothbard wrote, At the heart of the egalitarian left is the pathological belief that there is no
structure of reality; that all the world is a tabula rasa that can be changed at any moment in any
desired direction by the mere exercise of human will.[29][30] Rothbard also expressed his views
that statists suppressed academic research on race in order to support their goal of using the state to
enforce egalitarian goals.[31]
In a 1963 article called the Negro revolution Rothbard wrote that the Negro Revolution has
some elements that a libertarian must favor, others that he must oppose. Thus, the libertarian
opposes compulsory segregation and police brutality, but also opposes compulsory integration and
such absurdities as ethnic quota systems in jobs.[32] According to Rothbard biographer Justin
Raimondo, Rothbard considered Malcolm X to be a great black leader and Martin Luther King to
be favored by whites because he was the major restraining force on the developing Negro
revolution. Rothbard also compared U.S. President Lyndon Baines Johnsons use of troops to

crush urban rioters in 1968 after Kings assassination to Johnsons use of American troops against
the Vietnamese.[33]

Anarcho-capitalism
Rothbard began to consider himself a private property anarchist in the 1950s and later began to use
"anarcho-capitalist".[34][35] He wrote: "Capitalism is the fullest expression of anarchism, and
anarchism is the fullest expression of capitalism."[36] In his anarcho-capitalist model, a system of
protection agencies compete in a free market and are voluntarily supported by consumers who
choose to use their protective and judicial services. Anarcho-capitalism would mean the end of the
state monopoly on force.[34]
Rothbard was equally condemning of relationships he perceived between big business and big
government. He cited many instances where business elites co-opted government's monopoly power
so as to influence laws and regulatory policy in a manner benefiting them at the expense of their
competitive rivals. He wrote in criticism of Ayn Rand's "misty devotion to the Big Businessman"
that she: "is too committed emotionally to worship of the Big Businessman-as-Hero to concede that
it is precisely Big Business that is largely responsible for the twentieth-century march into
aggressive statism..."[37] According to Rothbard, one example of such cronyism included grants of
monopolistic privilege the railroads derived from sponsoring so-called conservation laws.[38]

Free market money

See also: Free banking, Gold standard, and Criticism of fractional reserve banking
Rothbard believed the monopoly power of government over the issuance and distribution of money
was inherently destructive and unethical. The belief derived from Ludwig von Mises and Friedrich
Hayek's Austrian theory of the business cycle, which holds that undue credit expansion inevitably
leads to a gross misallocation of capital resources, triggering unsustainable credit bubbles and,
eventually, economic depressions. He therefore strongly opposed central banking and fractional
reserve banking under a fiat money system, labeling it as "legalized counterfeiting"[39] or a form of
institutionalized embezzlement and therefore inherently fraudulent.[40][41] He characterized the
government-enforced prohibition on citizens using commodity currencies as legal tender a
compulsory Ponzi scheme, a Ponzi scheme from which no citizen could escape.[41][42]
He strongly advocated full reserve banking ("100 percent banking")[43] and a voluntary,
nongovernmental gold standard[44] or, as a second best solution, free banking (which he also called
"free market money").[45]
In relation to the current central bank-managed fractional reserve fiat currency system, he stated the
following:[46]
Given this dismal monetary and banking situation, given a 39:1 pyramiding of
checkable deposits and currency on top of gold, given a Fed unchecked and out of
control, given a world of fiat moneys, how can we possibly return to a sound
noninflationary market money? The objectives, after the discussion in this work, should
be clear: (a) to return to a gold standard, a commodity standard unhampered by
government intervention; (b) to abolish the Federal Reserve System and return to a
system of free and competitive banking; (c) to separate the government from money;

and (d) either to enforce 100 percent reserve banking on the commercial banks, or at
least to arrive at a system where any bank, at the slightest hint of nonpayment of its
demand liabilities, is forced quickly into bankruptcy and liquidation. While the
outlawing of fractional reserve as fraud would be preferable if it could be enforced, the
problems of enforcement, especially where banks can continually innovate in forms of
credit, make free banking an attractive alternative.

Other pursuits
Rothbard ranged far beyond economics in his historical work. In a four-volume series, Conceived in
Liberty (1975-1979), he presented a detailed account of American colonial history that stressed the
libertarian antecedents of the American Revolution. As usual, he challenged mainstream opinion.
He had little use for New England Puritanism, and the virtues and military leadership of George
Washington did not impress him. For Rothbard, the Articles of Confederation were not an overly
weak arrangement that needed to be replaced by the more centrally focused Constitution. Quite the
contrary, the Articles themselves allowed too much central control.
Although Rothbard usually found himself in close agreement with Mises, in one area he maintained
that Mises was mistaken. Mises contended that ethical judgments were subjective: ultimate ends are
not subject to rational assessment. Rothbard dissented, maintaining that an objective ethics could be
founded on the requirements of human nature. His approach, based on his study of Aristotelian and
Thomist philosophy, is presented in his major work The Ethics of Liberty (1982), his major study of
political philosophy.
In his system of political ethics, self-ownership is the basic principle. Given a robust conception of
self-ownership, a compulsory government monopoly of protective services is illegitimate; and
Rothbard endeavors to refute the arguments to the contrary of supporters of a minimal state, Robert
Nozick chief among them. He contributes important clarifications to problems of libertarian legal
theory, such as the nature of contracts and the appropriate standard of punishment. He explains why
Misess instrumental argument for the market does not fully succeed, though he finds much of value
in it; and he criticizes in careful detail Hayeks view of the rule of law.

Noninterventionism
Believing like Randolph Bourne that "war is the health of the state" Rothbard opposed aggressive
foreign policy. He criticized imperialism and the rise of the American empire which needed war to
sustain itself and to expand its global control. His dislike of U.S. imperialism even led him to
eulogize and lament the CIA-assisted execution of Marxist revolutionary Che Guevara in 1967,
proclaiming that "his enemy was our enemy".[47] Rothbard believed that stopping new wars was
necessary and knowledge of how government had seduced citizens into earlier wars was important.
Two essays expanded on these views "War, Peace, and the State" and "The Anatomy of the State".
Rothbard used insights of the elitism theorists Vilfredo Pareto, Gaetano Mosca, and Robert Michels
to build a model of state personnel, goals, and ideology.[48][49] In an obituary for historian Harry
Elmer Barnes Rothbard explained why historical knowledge is important:[50]
Our entry into World War II was the crucial act in foisting a permanent militarization
upon the economy and society, in bringing to the country a permanent garrison state, an

overweening military-industrial complex, a permanent system of conscription. It was

the crucial act in creating a mixed economy run by Big Government, a system of statemonopoly capitalism run by the central government in collaboration with Big Business
and Big Unionism.
Rothbard discussed his views on the principles of a libertarian foreign policy in a 1973 interview:
"minimize State power as much as possible, down to zero, and isolationism is the full expression in
foreign affairs of the domestic objective of whittling down State power." He further called for
"abstinence from any kind of American military intervention and political and economic
intervention."[16] In For a New Liberty he writes: "In a purely libertarian world, therefore, there
would be no 'foreign policy' because there would be no States, no governments with a monopoly of
coercion over particular territorial areas."[17]
In "War Guilt in the Middle East" Rothbard details Israel's "aggression against Middle East Arabs,"
confiscatory policies and its "refusal to let these refugees return and reclaim the property taken from
them."[51] Rothbard also criticized the organized Anti-Anti-Semitism that critics of the state of
Israel have to suffer.[52] Rothbard criticized as terrorism the actions of the United States, Israel, and
any nation that "retaliates" against innocents because they cannot pinpoint actual perpetrators. He
held that no retaliation that injures or kills innocent people is justified, writing "Anything else is an
apologia for unremitting and unending mass murder."[53]

Political views
Rothbard modified the famous dictum of Marx: he wished both to understand and change the world.
He endeavored to apply the ideas he had developed in his theoretical work to current politics and to
bring libertarian views to the attention of the general public. One issue for him stood foremost. Like
Randolph Bourne, he maintained that "war is the health of the state"; he accordingly opposed an
aggressive foreign policy.
His support for nonintervention in foreign policy led him to champion the Old Right. John T.
Flynn[54], Garet Garrett[55] and other pre-World War II "isolationists" shared Rothbards belief in
the close connection between state power and bellicose foreign policy.
The situation was quite otherwise with postwar conservatism. Although Rothbard was an early
contributor to William Buckleys National Review, he rejected the aggressive pursuit of the Cold
War advocated by Buckley and such members of his editorial staff as James Burnham and Frank S.
Meyer. He broke with these self-styled conservatives and thereafter became one of their strongest
opponents. For similar reasons, he condemned their neoconservative successors. He followed a
pragmatic policy of temporary alliances with whatever groups were, at a given time, opposed to
militarism and foreign adventures. He set forward the basis for his political stance in a key essay,
"Left and Right: The Prospects for Liberty". This appeared in an important scholarly journal, Left
and Right (main page), which he established. This contained major essays on revisionist history and
foreign policy, but unfortunately lasted only from 1965-1968.
In an effort to widen the influence of libertarian thought in the academic world, Rothbard founded
the Journal of Libertarian Studies (main page) in 1977. The journal began auspiciously with a
symposium on Robert Nozicks Anarchy, State, and Utopia. Down to the present, it has remained
the most important journal hospitable to libertarian ideas.

Rothbard established in 1987 another journal, the Review of Austrian Economics (main page), to
provide a scholarly venue for economists and others interested in Austrian theory. It too is the key
journal in its area of specialty. It has continued to the present, after 1997 under the new name
Quarterly Journal of Austrian Economics (main page).
In his comments on current events, Rothbard displayed an ability to digest vast quantities of
information on whatever subject interested him. Whether, e.g., the question was competing factions
in Afghanistan or the sources of investment in oil in the Middle East, he would always have the
relevant data at his command. A sample of his columns, taken from the Rockwell Rothbard Report,
is available in The Irrepressible Rothbard (2000; review). Another journal that he founded, The
Libertarian Forum (main page), provides his topical comments for the period 1969-1984. He
presented a comprehensive popular account of libertarianism in For A New Liberty (1973; text,
pdf).
One last academic triumph remained for Rothbard, though sadly it appeared only after his death. In
two massive volumes, Economic Thought Before Adam Smith and Classical Economics (1995;
volume I. and II. pdf), he presented a minutely detailed and erudite account of the history of
economic theory. Adam Smith[56], contrary to general belief, was not the founder of modern
economics. His defense of a labor theory of value, modified and continued by his Ricardian
successors, shunted economics onto the wrong path. The heroes of Rothbards study were the
Spanish scholastics, who long before Smith had developed a subjective theory of value, and such
later figures as Cantillon, Turgot, and Say. He dissects the heretical religious thought that prefigured
Marxism and gives a mordant portrayal of the personality and thought of John Stuart Mill.
Rothbard was closely associated with the Ludwig von Mises Institute from its founding in 1982 by
Llewellyn H. Rockwell, Jr. This organization became the main vehicle for the promotion of his
ideas, and he served as its Academic Vice-President.
He taught at Brooklyn Polytechnic Institute from the mid 1960s to the mid 1980s; from 1986 to his
death on January 7, 1995, he was S.J. Hall Distinguished Professor of Economics at the University
of Nevada, Las Vegas.
The "indispensable framework" for the life and work of this creative genius and polymath was his
beloved wife, JoAnn Rothbard. His combination of scholarly achievement and engaged advocacy
on behalf of freedom is unmatched.

Original text written by David Gordon, used with generous permission of the Mises Institute.

Curriculum Vitae
Academic Degrees[edit]

B.A. Mathematics, Columbia University (1945)

M.A. Economics, Columbia University (1946)
Ph.D. Economics, Columbia University (1956)

Academic Appointments[edit]

Instructor, City College of New York (1948-1949)

Professor of Economics, Polytechnic Institute of Brooklyn (1963-1985)
Vice President for Academic Affairs, Ludwig von Mises Institute (1982-1995)
S.J. Hall Distinguished Professor of Economics, University of Nevada, Las Vegas (19861995)

Other Positions[edit]

Senior Analyst, William Volker Fund (1951-1962)

Editor, Left and Right (1965-1968)
Founder, Center for Libertarian Studies (1976)
Resident Scholar, The Cato Institute (1977)
Founder, Journal of Libertarian Studies (1977)
Editor, Journal of Libertarian Studies (1977-1995)
Consultant, U.S. Commission on Gold (1981-1982)
Founder, The Review of Austrian Economics (1987)
Editor, The Review of Austrian Economics (1987-1995)

See also
Category:Writings of Murray N. Rothbard

References
1. Murray N. Rothbard. "Introduction by
Murray N. Rothbard", Mises Institute,
referenced 2009-05-27.
2. Free Market Money System by F.A.
Hayek
3. The Ethics of Liberty, Murray Rothbard
4. 4.0 4.1 Hans-Hermann Hoppe. "The
Ethics of Liberty". Ludwig von Mises
Institute.
http://mises.org/rothbard/ethics/hoppeintr
o.asp.
5. Repudiating the National Debt, Murray
Rothbard
6. To Save Our Economy From
Destruction, Murray Rothbard
7. The Great Society: A Libertarian
Critique, Murray Rothbard
8. The Noble Task of Revisionism,
Murray Rothbard
9. The Fallacy of the 'Public Sector',

Murray Rothbard
10. For a New Liberty, Chapter 3
11. Tax Day, Murray Rothbard
12. Rothbard, Murray. The Mystery of
Banking Ludwig von Mises Institute.
2008. p. 111
13. "Has fractional-reserve banking really
passed the market test? (Controversy).".
Independent Review. January 2003.
14. The Case for the 100% Gold Dollar,
Murray Rothbard
15. See also Murray Rothbard articles:
Private Coinage; Repudiate the National
Debt; and Taking Money Back
16. 16.0 16.1 Rothbard on War, excerpts
from a 1973 Reason Magazine article and
other materials, published at
Antiwar.com, undated.
17. 17.0 17.1 Murray N. Rothbard For a

New Liberty, p. 265.

18. Jeffrey Herbener. "Frank A. Fetter
(1863-1949): A Forgotten Giant", Mises
Institute, referenced 2009-05-27.
19. Grimm, Curtis M.; Hunn, Lee; Smith,
Ken G. Strategy as Action: Competitive
Dynamics and Competitive Advantage.
New York Oxford University Press (US).
2006. p. 43
20. See Robthbard's essay "Keynes the
Man", originally published in Dissent on
Keynes: A Critical Appraisal of
Keynesian Economics, Edited by Mark
Skousen. New York: Praeger, 1992, 171
198; Online edition at The Ludwig von
Mises Institute.
21. See Rothbard's essay, "Jeremy
Bentham: The Utilitarian as Big Brother"
published in his work, Classical
Economics.
22. Ikeda, Sanford, Dyamics of the Mixed
Economy: Toward a Theory of
Interventionism, Routledge UK, 1997,
245.
23. Murray Rothbard, Chapter 2
"Fundamentals of Intervention" from
Man, Economy and State, Ludwig von
Mises Institute.
24. Peter G. Klein, Why Intellectuals Still
Support Socialism, Ludwig von Mises
Institute, November 15, 2006
25. Man, Economy, and State, Chapter 7Conclusion: Economics and Public
Policy, Ludwig Von Mises Institute.
26. Interview with Murray N. Rothbard,
Ludwig von Mises Institute, Summer
1990.
27. Rothbard, Murray Newton. The Ethics
of Liberty. NYU Press. 2003. pp. 45 - 45
28. Kyriazi, Harold. Reckoning With
Rothbard (2004). American Journal of
Economics and Sociology 63 (2), 451
29. George C. Leef, Book Review of
Egalitarianism as a Revolt Against Nature

and Other Essays by Murray Rothbard,

edited by David Gordon (2000 edition),
The Freeman, July 2001.
30. Murray Rothbard, Egalitarianism as a
Revolt Against Nature and Other Essays,
essay published in full at
Lewrockwell.com, 2003. See also
Rothbards essay The Struggle Over
Egalitarianism Continues, the 1991
introduction to republication of
"Freedom, Inequality, Primitivism, and
the Division of Labor", Ludwig Von
Mises Institute, 2008.
31. Murary Rothbard, Race! That Murray
Book, LewRockwell.com, December
1994.
32. Murray N. Rothbard, The Negro
Revolution, New Individualist Review,
Volume 3, Number 1, Summer 1963.
33. Justin Raimondo, An Enemy of the
State, p. 167-168, Prometheus Books,
2000.
34. 34.0 34.1 Roberta Modugno Crocetta,
Murray Rothbard's anarcho-capitalism in
the contemporary debate. A critical
defense, Ludwig Von Mises Institute.
35. Michael Oliver, 'Exclusive Interview
With Murray Rothbard, originally
published in "The New Banner: A
Fortnightly Libertarian Journal",
February 25, 1972.
36. "Exclusive Interview With Murray
Rothbard" The New Banner: A
Fortnightly Libertarian Journal
(February 25, 1972)
37. For A New Liberty (1973), p. 17
38. For A New Liberty (1973), Power and
Market ch. 3
39. The Case for a 100% Gold Dollar,
Murray Rothbard
40. "It should be clear that modern
fractional reserve banking is a shell
game, a Ponzi scheme, a fraud in which
fake warehouse receipts are issued and

circulate as equivalent to the cash

supposedly represented by the receipt."
Rothbard, Murray. The Mystery of
Banking, pp. 96-97, 89-94

published 1974, both at

LewRockwell.com.
50. Murray N. Rothbard, Harry Elmer
Barnes, RIP, from "Left and Right" final
issue, 1968, republished at
LewRockwell.com.
51. Murray Rothbard, War Guilt in the
Middle East, "Left and Right", Vol. 3 No.
3 (Autumn 1967) (cited here.)
52. Murray N. Rothbard, Pat Buchanan and
the Menace of Anti-anti-semitism,
December 1990, from The Irrepressible
Rothbard, published at
LewRockwell.com.
53. Murray N. Rothbard, Who Are the
Terrorists?, first published in the
Libertarian Party News, March/April
1986, reproduced at LewRockwell.com.
54. Justin Raimondo. "Who is John T.
Flynn?", Mises Institute, referenced
2009-05-27.
55. Jeffrey A. Tucker. "Who Is Garet
Garrett?", Mises Institute, referenced
2009-05-27.
56. Murray N. Rothbard. "The Adam Smith
Myth", Mises Institute, referenced 200905-27.

41. 41.0 41.1 What is Money?, Gary North

42. Rothbard, Murray. The Mystery of
Banking, pp. 96-97, 89-94
43. The Case Against the Fed, Murray
Rothbard: 'A gold-coin standard, coupled
with instant liquidation for any bank that
fails to meet its contractual obligations,
would bring about a free banking system
so hard and sound, that any problem of
inflationary credit or counterfeiting
would be minimal. It is perhaps a
second-best solution to the ideal of
treating fractional-reserve bankers as
embezzlers, but it would suffice at least
as an excellent solution for the time
being, that is, until people are ready to
press on to full 100 percent banking.'
44. See also these Rothbard articles: What
Has Government Done to Our Money?,
The Case for the 100% Gold Dollar; The
Fed as Cartel, Private Coinage, Repudiate
the National Debt; Taking Money Back,
Anatomy of the Bank Run, Money and
the Individual
45. Rothbard, Murray. The Mystery of
Links
Banking, Ludwig von Mises Institute.
40x40px Wikiquote has a collection of quotations related to:
2008. p. 111, 278
Biography
46. Rothbard, Murray. The Mystery of
MurrayRothbard.com
Banking, p. 261
Biography of Murray N. Rothbard
47. Ernesto Che Guevara R.I.P. by Murray
at Mises.org
Rothbard, Left and Right: A Journal of
Media archive
Libertarian Thought, Volume 3, Number
Literature archive
3 (Spring-Autumn 1967)
Daily Article archive
48. Joseph R. Stromberg, Murray Rothbard
The complete Rothbard
on States, War, and Peace: Part I (also see
Part II), Antiwar.com, originally
bibliography
published June 2000.
A Scholar in Defense of Freedom,
49. See both essays, Murray N. Rothbard,
a bibliographic essay
War, Peace, and the State, first published
Reflections on Murray Rothbard
1963; Anatomy of the State, first

 Tributes and Essays to

Rothbard by Walter Block,
Hans Hoppe, Lew
Rockwell, Jeffrey A.
Tucker, and Joseph
Salerno
"Rothbard the Teacher" by
Doug French, May 1995
"Murray N. Rothbard: In
Memoriam" by Robert
Higgs, June 2007
Murray N. Rothbard: In
Memoriam (PDF) Ed.
Llewellyn H. Rockwell, Jr.
1995
"Murray N. Rothbard: Mr.
Libertarian" by Wendy McElroy
July 2000
Interviews and debates
"Interview with Murray N.

Rothbard" The Austrian

Economics Newsletter, Summer
1990
"Friedman Contra Rothbard" by
David Gordon, June 2006
"Murray Rothbard on Me and
Vice Versa" by David Friedman,
June 2011
"Murray Rothbard on Chomsky,
Left Anarchists" (from The
Libertarian Forum, June 1971
(PDF)
Other media
The Mises Circle: "Rothbard's
Intellectual Entrepreneurship"
lecture by Doug French, August
2006 (published as Mises Daily here)
Rothbard's Audio Economics
Course
Short Clips