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Rothbard also wrote more generally that Keynesian-style governmental regulation of money and credit created a "dismal monetary and banking situation". He called John Stuart Mill a "wooly man of mush" and speculated that Mill's "soft" personality led his economic thought astray. [100] Rothbard was critical of monetarist economist Milton Friedman.
During the late 1950s, Rothbard was an associate of Ayn Rand and Nathaniel Branden, a relationship later lampooned in his unpublished play Mozart Was a Red. In the late 1960s, Rothbard advocated an alliance with the New Left anti-war movement on the grounds that the conservative movement had been completely subsumed by the statist establishment.
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In the 1960s, Rothbard began questioning the alliance between libertarians and conservatives, especially given the vast difference of opinion on such issues as the Vietnam War. Rothbard concluded that libertarianism had its roots in the political left, and therefore that libertarians of the Old Right would be better suited in alliance with the ...
The Ethics of Liberty is a 1982 book by American philosopher and economist Murray N. Rothbard, [1] in which the author expounds a libertarian political position. [2] Rothbard's argument is based on a form of natural law ethics, [ 3 ] and makes a case for anarcho-capitalism .
According to Rothbard, increasing the supply of money confuses society's ability to calculate relative costs during the time of monetary expansion. This is because the money is not injected into all areas of the economy at once, resulting in what Rothbard describes as deceiving investors with "wasteful booms" and subsequent readjustments ...
Instead, Rothbard states that he views this period as a time of libertarian radicalism. Rothbard stated that American Revolutionaries fell into two camps: The first camp was those who wanted to demolish the British Empire's state apparatus in the colonies. The other camp wanted to keep the empire, but have Americans run it.
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.”