Quarterly Journal of Austrian Economics
Review of A History of the Federal Reserve, Vol. 2: Book 1 (1951–1969), Book 2 (1970–1986), by Allan Meltzer
Volume 15, No.3 (Fall 2012)
This volume brings together highly important and relevant essays from distinguished authors, all of which are firmly anchored in the tradition of the Austrian School of Economics. The authors not only explain theoretically the causes of the current European economic and political crisis, but also point out, on the basis of sound economic theory and illustrative empirical data, what has to be changed economically and politically to get Europe off the road of capital consumption, impoverishment and misery and return it back on track for freedom and prosperity. What is more, to put forward the correct diagnosis of the root cause of the European crisis is indispensable because most of the bitter consequences of today’s interventionism will only show up at some point in the future—and this will make it all the more difficult for the superficial observer and layman to discern their true origin. The detailed explanations of the European policy failures analyzed in this book must therefore be seen as intellectually powerful contributions to help redirecting the European project to what most people presumably expect it to achieve: freedom and prosperity.
Cite This Article
Kaza, Greg. Review of A History of the Federal Reserve, Vol. 2: Book 1 (1951–1969), Book 2 (1970–1986), by Allan Meltzer. The Quarterly Journal of Austrian Economics 15, No. 3 (2012): 383–389.