Journal of Libertarian Studies

The Role of State Monopoly Capitalism in the American Empire

The Journal of Libertarian Studies

In 1792, Thomas Paine sounded a cautionary note about the economics of empire:

The most unprofitable of all commerce is that connected with foreign dominion. To a few individuals it may be beneficial, merely because it is commerce; but to the nation it is a loss. The expense of maintaining dominion more than absorbs the profit of any trade.

Had Americans consistently heeded Paine’s advice, the United States might have avoided much of the overseas bloodshed, as well as domestic bureaucratization, which have accompanied the creation of the American empire.

Volume 15, Number 3 (2001)


Stromberg, Joseph R. "The Role of State Monopoly Capitalism in the American Empire." Journal of Libertarian Studies 15, No. 3 (2001): 57–93.

All Rights Reserved ©
Support Liberty

The Mises Institute exists solely on voluntary contributions from readers like you. Support our students and faculty in their work for Austrian economics, freedom, and peace.

Donate today
Group photo of Mises staff and fellows