Mises’s Review of Keynes’s End of Laissez-Faire

This is Mises’s 1927 review of J. M. Keynes, The End of Laissez-Faire, Ideas on the Unification of Private and Social Economy (Munich and Leipzig: Duncker and Humblot, 1926), 40 pages, translated for the first time here (by Joseph Stromberg). It originally appeared as Mises, “Das Ende des Laissez-Faire, Ideen zur Verbindung von Privat- und Gemeinwirtschaft”. Zeitschrift für die gesamte Staatswissenschaft. 82(1927) 190-91. A review of a lecture given by John M. Keynes in Berlin.

Observations on Professor Hayek’s Plan

     In the last sixty or eighty years in every country eminent citizens have become alarmed about the rising tide of totalitarianism. They wanted to preserve freedom and Western civilization and to organize an ideological and political movement to stop the progress on the road to serfdom.

     All these endeavors failed utterly; the parties and groups dedicated to their realization very soon disappeared from the public scene. Even their names fell into oblivion.

National Economy and Rotary

In 1931, the International Rotary held its annual convention in Vienna, Austria. For the meeting, Rotary issued a tabloid. It contained information about Rotary’s agenda for that convention, its international activities, and articles by Rotary members in Vienna. One of these short articles was “by Rotarian Dr. Ludwig Mises, professor at the University of Vienna.”

Slavery, Profitability, and the Market Process

The most significant recent development in the study of economic history has been the investigation of the profitability of American slavery made famous in Robert Fogel and Stanley Engerman’s Time on the Cross. Their book not only rewrote the history of antebellum slavery, it ushered in a completely new methodology of economic history: the cliometric revolution. The book was also very well received by the media, something extremely rare in an academic study.