Where did this thing called the Fed come from? Murray Rothbard has the answer here — in phenomenal detail that will make your head spin. In one extended essay, one that reads like a detective story, he has put together the most comprehensive and fascinating account based on a century’s accumulation of scholarship.
The conclusion is that the Fed did not originate as a policy response to national need. It wasn’t erected for any of its stated purposes. It was founded by two groups of elites: government officials and large financial and banking interests. Rothbard adds a third critical element: economists hired to give the scheme a scientific patina.
This excerpted chapter from Rothbard’s History of Money and Banking is as scholarly as it is hair raising. This is one economic historian who fears not naming names and assigning blame.
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머레이 뉴턴 라스바드 는 매우 지적이고 박학다식한 학자였으며, 주로 경제학, 정치철학—특히 ‘자유주의(libertarianism)’—, 경제사, 그리고 법률 이론에 중대한 공헌을 남겼다. 그는 루트비히 폰 미제스 의 저술을 바탕으로 ‘오스트리아학파 경제학’을 개발하고 확장하였다.
Mises Institute, 2009
