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Mystery of Banking, The

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The best and clearest introduction to the Austrian theory of money and banking. If you follow Rothbard’s step-by-step explanation of money and banking, you will learn the key principles that will enable you to understand the financial economy today.

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Mystery of Banking
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Readers of The Mystery of Banking will find that money and banking are, contrary to what the book’s title might suggest, no longer a mystery to them. Textbooks on money and banking are often prolix, dull, and confusing, but Murray Rothbard explains the essential issues in a step-by-step fashion.

How does Rothbard proceed? The key to the book is that, following his mentor Ludwig von Mises, he integrates monetary theory with the basic principles of value theory that apply to all goods and services. He begins with a discussion of supply and demand. Once you understand how prices are determined in a free market, you are in a position to understand how the same principles apply to the demand and supply of money.

With his characteristic clarity and incisiveness, Rothbard explains the origins of money. Mises’s regression theorem shows that money had to originate as a commodity. Rothbard next shows how banking got started.  He shows the difference between loan banking and deposit banking. Fractional reserve banking allowed credit expansion, but so long as there was no central bank, inflation of the money supply was limited.

Rothbard was not only an outstanding contributor to Austrian monetary theory but a great economic historian as well. He offers a detailed account of how central banking developed in England and Scotland. Central banking made massive inflation possible.

In even greater detail, he discusses the banking history of the United States in the nineteenth and twentieth centuries. Readers who absorb his account will learn how the Federal Reserve System promotes monetary instability and the business cycle. Rothbard concludes by showing how we can return to a sound monetary system, based on the gold standard.

If you follow Rothbard’s step-by-step explanation of money and banking, you will learn the key principles that will enable you to understand the financial economy today.

Reviews

Average Rating:
(based on 10 reviews)

Showing 1 - 5 of 10 Reviews:

by William
on 7/3/2012
Essential Reading
This book is essential reading for any aspiring Austrian economist. This book will help you understand fractional-reserve banking and the history of money like no other. Highly recommended.
by Christian
on 10/28/2010
Excellent
A great follow on from "What Has Government Done to Our Money" that goes into much more depth. While parts of the book were quite difficult to get my head around, I believe this was not due to the author but rather the complex and convoluted topic that is our monetary system. I found that the book did not leave me with open questions, so I can only recommend it.
by William
on 8/13/2010
The Mystery of Banking
The Mystery of Banking is not just another book on banking. It pulls back the curtains that hide the flaws of fractional-reserve banking and explains the differences between loan banks and deposits banks. Further, it discusses why free banking would provide a much more stable banking system without the inflation that is inherent in any system that utilizes a central bank. The Mystery of Banking also discloses how loan banks and deposit banks were married because of poor legal decisions. Read more: http://blog.cmi-gold-silver.com/the-mystery-of-banking/
by RR
on 10/30/2009
buy it
if you want to understand banking, money, and the history of them in the US.. buy this book. this is the best book on the subject by far and is extremely easy to understand.
by Beta Hater
on 5/16/2009
Rothbard's Least Appreciated Book
"The Mystery of Banking" is the best book on banking ever written. It is the most thorough work on banking available from the Austrian Perspective. This book will greatly enhance your understanding of money, fractional reserve banking, central banking, and the whole economic system. Like all of Rothbard's works, this book is a life altering experience. It's amazing how clearly Rothbard writes. He makes difficult topics very easy to understand. Sadly, "The Mystery of Banking" is Rothbard's most under-appreciated book. I think it is one of his best books. Hopefully this beautiful new edition will help this exhilarating book gain the acclaim it deserves.
12
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ISBN 9781933550282
eISBN 9781610163842
UPC B003NSC62G
Publisher Ludwig von Mises Institute
Publication Date 2008
Binding HC
Page Length 298

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