Available: QJAE vol. 16, no. 1 (Armentano, McSherry and Wilson, Carden, Fisher, Méra, Thornton, Bagus)

The Hoover-Roosevelt Depression Revisited

This year is the fiftieth anniversary of Murray Rothbard’s America’s Great Depression. In that work, Rothbard masterfully achieves three objectives.

1. He provides a restatement and extension of the Austrian theory of the business cycle (ABCT) while expertly defending the theory against critics;

2. He applies the theory to the inflationary boom of the 1920s and subsequent bust of 1929-30; and

Vulnerable Before the Jealous State

The real conflict in modern political history has not been, as is so often stated, between State and individual, but between State and social group. What Maitland once called the “pulverizing... tendency of modern history” has been one of the most vivid aspects of the social history of the modern West, and it has been inseparable from the momentous conflicts of jurisdiction between the political State and the social associations intermediate to it and the individual.