More than any other single period, World War I was the critical watershed for the American business system. It was a “war collectivism,” a totally planned economy run largely by big-business interest through the instrumentality of the central government, which served as the model, the precedent, and the inspiration for state corporate capitalism for the remainder of the century.
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.
The Fed was a government-sanctioned cartel engineered by the Morgan, Rockefeller, and Kuhn, Loeb interests to enable coordinated inflation.
The Panic of 1907 becomes the catalyst. Rothbard traces the response.
Rothbard shows how Conant’s claim that mature economies must export capital abroad linked banking reform to economic imperialism.
