Rothbard shows how money must originate from a commodity. In an ideal system, a dollar would be a unit of weight, and paper money would operate strictly as warehouse receipts for the stock of the monetary metal. There would be no fractional reserve banking. Rothbard offers a rebuttal to the objections to a 100 percent gold dollar raised by Professor Leland Yeager.
Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
Rothbard introduces Molinari's essay as a pioneering work that took free-market principles to their logical conclusion by questioning the state's monopoly on defense.
Just as, for them, liberty must be the highest political end, peace must be the highest end of foreign policy.
"It is legitimate to use violence against criminals in defense of one's rights of person and property; it is completely impermissible to violate the rights of other innocent people."
Mises Institute, 2001
