Making Economic Sense
Index
Index
Abortion, 149–50, 488–89
Abscam, 182–83
Absolutism, 413
Accountants, 226
ACT-UP, 436
Adams, Ted, 384
Affirmative action, 118, 434, 492–93
Affluent Society, The (Galbraith), 210
AFL-CIO, 135–136
Africa, 86, 152
Afrikaners, 495
Agricultural Labor Relations Act (California), 142
Agriculture, 81–82, 87–88, 108
Air conditioning, 98
Air traffic controllers, 194
Airline Deregulation Act, 193
Airlines, 18, 193ff.
Airports, 193ff.
Albania, 426
Alexander, Lamar, 80
Alexis de Tocqueville Institution, 183
Alinsky, Saul, 141
Allen, George, 164
Altman, Roger, 118
Aluminum industry, 121
American Civil Liberties Union (ACLU), 149
American Eagle (coin), 345
American Enterprise Institute, 483
American Legion, 113
American Medical Association, 76
American Revolution, 161
“American System,” 190–91
Americans with Disabilities Act, 368, 430
Amin, Idi, 222
Andrews, William H., 445
Angell, Wayne, 402–04
Angola, 387–88
Anti-Bank Vigilante Leagues, 291–92
Appalachia, 66
Aquaculture, 88–89
Arabian Peninsula, 392
Aramco, 395–96
ARCO, 389
Arizona, 221
Army, U.S., 395
Asia, 152
Assad, Hafez, 394
Auburn University, 460
Auschwitz, 190
Austrian Economics Newsletter, 460
Austrian Institute for Business Cycle Research, 447
Austrian School, 31, 165, 259
business cycle theory of, 180, 264, 319, 447
definition of money supply held by, 335
Ludwig Lachmann as nominal member, 446
on deficit, 268
on deflation, 400
on government spending cuts, 268
on inflation, 334
on mathematical economics, 28
on taxation, 236, 249, 267
policy during recession, 179, 267
praxeology as method of, 463
promoted by Mises Institute, 458ff.
renaissance of, 499
Reagan administration and, 120
Review of Austrian Economics and, 459–60
statistical analysis and, 246
W.H. Hutt as sympathizer, 446
Automobiles, 202–05
Away From Freedom (Watts), 451
Babbitt, Bruce, 221–22
Babies, 151–52
Bacon, Francis his methodology, 244
Baker, James, 48, 109, 309, 316, 317
Balance of payments, 365–66
Balanced Budget Amendment, 112, 235ff., 437
Baldwin, Henry, 381
Balladur, Eduard, 303
Baltic states, 470
Bancor, 109, 295–96, 301, 315
Bank, banks, banking, 256ff., 277ff., 325ff. as channel for productive investment, 278
assets of, 321–22
cartels, 281
central, 109, 233, 276, 281ff., 296, 369–70
collapse of, 262–63
commercial, 279
corporate takeovers and, 183
credit, 11, 105–06, 172, 179–80, 252, 260–62. See also Inflation
European Community and, 233
fractional-reserve, 261, 263, 280ff., 323–24, 326–27, 329, 333, 343–44, 400
“free,” 280–81
in Poland, 428
in the Renaissance era, 278
loans, 34, 319
of France, 303
of New England 322, 323
100-percent reserve, or “giro,” 279, 333
reserves, 11, 34, 172
run, 321–25, 325–27
taxation on, 328 See also Banking, investment
Banking, investment
as underwriters, 278
as politically-involved, 278–79
Bank of Amsterdam, 279
Bank of England, 281
Bank of Hamburg, 279
Barter, 271
Baruch, Bernard, 318, 429
Bastiat, Frédéric, 359
Beard, Charles A., 375
Bechtel, 396
Becker, Dan, 203
Becker, Gary, 118
Becker, Horace, 200
Beijing, 418
Belsen, 190
Bennett, Pauline, 93
Bennett, William, 482–84
Bentsen, Lloyd, 154–56
Berle, Adolf, 184
Bernstein, Edward M. 301, 315
Black, Angus, 385
Black, Hugo, 115
Black markets, 124, 130, 253, 391–92
Black Monday, 33, 36, 176ff.
Blackstone Group, 118
Blue Cross, 74
Bolshevik Revolution, 431
Bond market, 173–76, 317–18, 428
Bonds, 173ff., 183, 191–92, 332, 343
junk, 183, 260
Treasury, 69, 173–75
Boston, 344
Bosworth, Barry, 127
Boulding, Kenneth E., 152, 447
Boycott. See Grapes
Boyd, Steven R., 164
“Bracket creep,” 24
Bradford, M.E., 166
Bradley, Bill, 434, 493
Brady Bill, 434, 493
Brady, Nicholas, 37, 328
Brazil, 172, 250–252
Brennan, William, 114
Bretton Woods, 42, 109, 296–97, 300–01, 310, 315–16, 403
Brezhnev, Leonid, 119
Bricker Amendment, 374
Bricker, John, 473
Brinkley, David, 370
British Petroleum, 396
Broder, David, 363
Brookings Institution, 426–27
Brown, Jerry, 142
Brown, Kathleen, 483
Browne, Tom, 95
Brussels, 233, 305, 368, 373, 375
See also European Economic Community; Europe
Buchanan, Patrick J., 164–65
on foreign aid, 369
on trade, 367
Budapest Bank, 427
Budget, federal, 22
agreement of 1990, 490
Bill Clinton and, 170
“cuts” as disingenuous, 23
debates over, 234ff.
exclusion of “capital” items from, 238
Buffett, Howard, 173
Buffett, Warren, 173
Bundesbank, 303, 305
Bunton, Lucius, 90
Bureau of Alcohol, Tobacco, and Firearms (BATF), 155
Buridan, Jean, 273
Burns, Arthur F., 117, 246
Burundi, 152
Bush administration, 80, 117, 192, 249
Persian Gulf War and, 389
on S&Ls, 329–30
on trade, 367, 379–80
Bush, George, 20, 30, 93, 471, 478
as Keynesian, 48, 106–107, 254
as “moderate” Republican, 435
as similar to Dukakis, 106ff.
economic policy of, 105, 120
NAFTA and, 374
oil and, 395
on federal budget deficit, 257
on foreign aid, 369
on minimum wage, 134
on prenatal care, 59
on “revenue neutrality,” 257
on saving, 38
on spending, 257
on taxation, 68, 328, 433–34
on trade, 372
Persian Gulf War and, 392, 430
Business, 121
big, 156, 200–01, 375, 428, 476
partnerships with government, 188ff.
small, 200–01
Business cycle, 4, 35
Austrian theory of, 180–81, 264, 293, 319, 446
Establishment view of, 246–47
NBER on, 170, 243ff., 248
proclaimed as over, 264–65
Butcher, Willard C., 302
Butterfly Effect, 26
Byrd, Robert, 439
Cable television, 126
Cadillac, 204
Calculus, 26
Calhoun, John C., 485
California, 82ff., 156ff., 481ff.
Cambodia, 415
Cambridge University, 447
Campaign of 1992, 3
Canada
U.S. trade with, 368
Cannan, Edwin, 443
Cape Town, University of, 443
Capital, 18, 145, 152, 183
gains, 39
market, 35, 122, 145, 175
Capitalism, 147, 293–94
as antidote for racism, 385
effects on culture, 164
falling prices as benefit of, 250
state, 400ff.
Capitalism and the Historians (Hayek), 444
Carey, Henry C., 381
Carey, Matthew, 381
Cargo Cult, 170–71
Carlson, Chester, 200
Carnegie Foundation, 76
Cartel
airline, 193–94, 196ff.
American Medical Association as, 76
as unstable, 386
diamonds, 385ff.
effect on prices, 385–86
gun regulation as creating, 154
NAFTA as, 378
welfare state as promoting, 84
Carter, Jimmy, 22, 98, 108, 124, 126, 196, 210
Cato Institute, 483
Central banks. See Banks, central
Certificate of deposit (CD), 278
Change-NY, 54
Chaos theory, 25ff.
Chase Manhattan, 302, 396
Chase, Salmon P., 191
Chavez, Cesar, 141ff.
Checking accounts as warehouse receipts, 279
Chemical industry, 121
Chevron, 396
Chicago, 65, 125, 344
Chicago Tribune Co., 137
Chicago School 40, 250
on gold, 273
on inflation, 334
on unions, 445
Child care, 54
Child Care Act, 430
Children’s Defense Fund, 60
China, 85, 124, 151, 152, 414, 416, 426
Chodorov, Frank, 226
Christianity, 477
Chronicles, 209
Citibank, 396
Citizen Action, 389
City University of New York, 148
Civil Aeronautics Board, 108, 193ff.
Civil rights, 132, 430, 491
Civil Rights Act, 368
Civil service, 486
Civil War, 15, 88, 163ff., 190–92, 429
Clean Air Act (1990), 368, 430
Cleveland, 267, 344
Clinton administration, 204–05
as campaigner, 3
as ideologue, 435
Brady Bill and, 153
economic policy of, 116ff., 119ff., 169ff.
“economic summit” of, 217
monetary policy of, 313ff.
on Cesar Chavez, 141
on crime, 154
on environmentalism, 91
on exchange rates, 349–50
on free speech, 202
on gasoline tax, 220
on gun control, 154
on health care, 126–27
on lobbying, 202
on NAFTA, 373–74, 376–77, 495
on national service, 153
on price controls, 126–27
on welfare, 56–57
public opposition to, 201, 431, 435, 468, 479
Clinton, Bill, 153, 372, 433, 467–68, 404
See also Clinton administration
Clinton, Hillary, 119
as ideologue, 435, 436, 479
Coast Guard, 409
Coelho, Tony, 416
Cold War, 394
Collective bargaining, 140
Collectivism, 130, 153
war, 429
See also Communism; Socialism
Columbia University, 28, 124, 166
Columbus, Christopher, 160
Commerce, Department of, 380ff.
Communism, Communist, 85, 119, 124, 125, 132, 151, 166, 176
collapse of, 415, 469–70
conservatives on, 420
foreign aid directed against, 369
Frank Chodorov on, 226
Harry Dexter White as, 295
in Poland, 397ff., 419
South African, 445
refugees from, 408
reversibility of, 420
socialism and, 415
transition from, 419ff.
Communist Party, 421, 469
Competitive Enterprise Institute, 376, 483
Computers, 15, 30, 108, 131, 177
Conda, Cesar, 483
Congress, U.S. and constitutional spending power, 439
Conservatives, 164, 485
English, 374
German, 374
on alleged permanence of communism, 420
on education vouchers, 156ff.
“quick fixes” and, 436ff.
Consols, 175
Constitution, U.S., 111ff., 115, 163, 485
Consumers, 37–38, 83, 96ff., 121, 131
effects of tariffs on, 380
under socialism, 144
Consumption, 34–35, 37ff., 179, 211
Contract with America, 433ff.
Cooke, Jay, 191, 278
Corporations, 121
leveraged buyouts of, 183–84
takeovers of, 182–84
Cortney, Philip, 457
Costs as subjective, 363
Council of Economic Advisers, 210, 340
Counterfeiting, 275
See also Inflation as counterfeiting
Credit. See Bank credit
Credit cards, 255–57
Crime, 15, 65–66, 152–53, 430
Criollos, 400ff.
Cuango River, 387
Cuba, 142
Currency
blocs, 298, 300
convertibility, 424
determination of value of, 303–05
fiat, 36, 191, 233, 250, 300–01, 311, 314
Japanese, 297
West European, 297
world paper, 109, 233, 295ff., 315, 317, 368–69, 377
See also Money
Currency and Credit Markets (Richebacher), 72
Czech Republic, 470
Daley, Richard, 65
Dallas, 344
D’Amato, Al, 256
Darman, Richard, 328
DeBeers Consolidated Mines, 385ff.
Debt
corporate, 260–61
federal, 175
in nineteenth-century Britain, 175
of the states, 161
repudiation of, 175–76
Deficit
trade, 36, 178, 320, 367
Deficit, federal, 24–25
as alleged cause of 1987 stock market crash, 178
Balanced Budget Amendment and, 437ff.
effects of taxation on, 249, 268
effects on interest rates, 180
Keynesianism on, 255
“off budget” items and, 237–38
privatization as means of reducing, 145
relationship to inflation, 7ff.
tax increases advanced as solution to, 10–11, 38, 220, 222ff., 236
Deflation, 15–16, 250ff., 261–62
Democracy, 42, 472
analogy with taxation, 228
economic freedom and, 415
in Eastern Europe, 417
Democrat-Republican Party, 162
Democrats, 3, 68, 78, 79, 82, 107, 111, 116–17, 119, 152, 340, 471–73, 480, 49
during Civil War, 190
in nineteenth century, 381
on minimum wage, 133–34
on NAFTA, 376
on 1980s, 103
public opposition to, 431ff., 468–69
on recession, 249
Deng Hsiao-ping, 417, 418
Deposit insurance, 284
See also Federal Deposit Insurance Corporation
Depreciation
accelerated, 225
Depression
deflation blamed for, 251
of 1981, 13, 320
of early 1990s, 105
See also Recession
Depression, Great, 262, 307, 317ff.
agricultural policy during, 81–82
collectivist response to, 429
confiscation of gold and, 344–45
in Britain, 230
Mises as predictor of, 447
Deregulation, 193, 330–31, 434, 492
Desocialization, 144, 413–28, 469–70
See also Privatization
Detroit, 358
Dewey, Thomas, 473
Dhahran, 395
Diamonds, 385ff.
Disney Corporation, 164ff.
Disney, Walt, 165
Division of labor, 271
Do We Want Free Enterprise? (Watts), 451
Dole, Robert, 433, 435, 490
Dollar, 35–36, 105, 304, 313
as international reserve currency, 296, 301, 307, 316
as weight of gold, 288, 295, 310–11, 333, 346
confidence in, 238
depreciation of, 297, 299, 381
Federal Reserve and, 313
Group of Seven and, 308
investment in, 178, 308, 320
redefined by Franklin Delano Roosevelt, 288
severed from gold after 1971, 288
Dos Passos, John, 407
Drexel Burnham Lambert, 182, 188
Drug and Hospital Workers Union, 166
Dukakis, Michael, 20, 30, 107ff.
Duke University, 95
“Dumping,” 362ff.
Dutch, 171
Dylan, Bob, 467
Eastern Airlines, 194
Eastman Kodak, 200
Economics of the Colour Bar, The (Hutt), 445
Economist, The, 109
Economists
conservative, 227, 237
liberal, mainstream or Establishment, 24–25, 37, 136, 169–70, 176ff., 209ff., 217, 258ff., 288, 321, 335, 340, 376
Education, 80, 118–19
Department of, 108, 434
egalitarianism and, 159
in suburbs, 159
private, 148, 160
public, 148, 156ff., 437
vouchers, 156ff.,437
Edwards Aquifer, 90
Efron, Bradley, 30
Egalitarianism
education and, 159
insider trading regulations and, 187–88
public transportation and, 221
taxation and, 229
universal health care and, 130, 131
Eisenhower administration, 23, 117, 473
on Bricker Amendment, 374
Eisner, Michael, 165
Election
of 1988, 20, 29–30, 106ff.
of 1992, 103, 478–79
of 1994, 3, 431–32, 467–98
Empower America, 490
Endangered Species Act, 90–91
Energy, Department of, 434
England, 152, 225, 380, 448
Enterprise zones, 66, 80
Entrepreneur, 72, 183, 186, 261
macro function of, 251
Environmentalism, environmentalists, 118, 164
free-market solutions, 87–99
gill netting and, 409
NAFTA and, 374
on the automobile, 203–04
Erhard, Ludwig, 424
Estonia, 415, 417
Ethiopia, 85
Europe, 210, 232–33, 296, 316–17, 368, 472
Eastern, 414–428
Western, 152, 189, 219, 297
European
Central Bank, 232ff., 305
Currency System, 305
currency unit, 109, 232ff., 305, 316
Economic Community, 232, 316, 368, 373
Exchange rates, 109
fixed, 34, 36, 297ff., 309ff., 315–16, 349ff.
fluctuating, 299–300, 310ff., 316, 348–49
Gresham’s Law and, 313
NAFTA and, 314
under gold standard, 295, 311
Export-Import Bank, 395
Exports, 299, 313, 369, 372–73, 377
Ezell, Harold, 481
Fabians, 150
Factory Acts (Britain), 444
Fair Deal, 78
Famine, 84ff.
Farm workers, 141ff.
Farmers, 81ff., 90, 108
Federal Aviation Agency, 193ff.
Federal Communications Commission, 126
Federal Deposit Insurance Corporation, 262–63, 284, 292, 321ff., 326ff., 330, 343
abolition contemplated, 290
Federal Emergency Management Agency, 92–93
Federal Home Loan Banks, 330–31
Federal Home Loan Board, 330–31
Federal Reserve Act, 318
Federal Reserve System, 41–42, 105–06, 107, 254, 277, 281ff., 303, 323, 330, 493
abolition contemplated, 327, 346, 289ff.
as cartel, 192, 283, 343–44
as celebrated, 276
crash of 1988 and, 179ff.
Contract with America and, 435
inflation and, 8, 172–73, 282–83, 327, 332
interest rates and, 11–12, 33ff., 169, 179–80, 334
monopoly of note issue of, 346
propping up dollar, 313–14
“pushing on a string,” 261–62
response to recession, 255ff.
Federal Savings and Loan Insurance Corporation, 284, 321, 324, 326ff., 330–31
Federalists, 162
Feigenbaum’s Number, 26
Feminism, 6
Ferguson, Adam, 31, 32
Fertig, Bertha, 457
Fertig, Larry, 457
Feudalism, 413
Finn, Chester, 80
First Amendment, 113ff., 188
Fish, Lawrence K., 322
Fisher, Irving, 40, 105, 246–47, 250
Flag, U.S., 112ff.
Flew, Antony, 397–98
Flexner, Abraham, 76
Flexner Report, 76
Flexner, Simon, 76
Foley, Thomas, 494
Foner, Eric, 166
Foner, Philip S., 166
Food and Drug Administration, 203–04
Ford, Gerald, 117, 340
Forecasting, 12–13, 21–22, 266–67
Foreign aid, 493
as subsidy to export firms, 369, 372–73, 377
Contract with America on, 434
directed against Communism, 369
Foreign policy, 493
Contract with America on, 434
Forman, Eric, 83
Fort Knox, 346
Foundation for Economic Education, 451
Franc, 302ff.
France, 86, 171, 302ff., 309, 316
Francis, Samuel, 488
Frankfurter, Felix, 139
Free Man’s Library, The (Hazlitt), 443
Free Market, The, 80, 106, 133, 460
Free Markets or Famine? (Watts), 452
Free speech, 114ff., 148, 188, 202, 488
French Revolution, 123, 140
Friedman, Benjamin, 210
Friedman, Jerome H., 30
Friedman, Milton, 40
on “crowding out” effect, 9
on government spending, 437
Friedmanites
Fruits, 81ff.
Fruit dealers, as example of the subjectivity of costs, 364
See also Monetarism
From, Al, 435
Fugger family, 278
Fujimori, Alberto, 399ff.
Fur Workers Union, 166
Galbraith, John Kenneth, 147, 181, 182, 210, 212, 310
Garcia, Hector, 399
Garrett, Garet, 463
Gasoline, 202
conservation of, 218–19
price of, 218–19, 389
taxation of, 17, 217ff., 394
Gebert, Kostek, 421
General Electric, 429
General Theory, The (Keynes), 40, 446, 447
Georgia, 162
Georgia State University, 334
Gerawan, Dan, 84
Gerawan Farming, 82–84
Germany, 25, 303, 313, 325, 337
Gilson, Etienne, 264
Gingrich, Newt, 6, 250, 433ff., 490ff.
Glasnost, 414, 416
Global Agreement on Tariffs and Trade (GATT), 434, 487, 493–95
Goering, Hermann, 119
Gold
as “barbarous relic,” 273
as abundant in “moneyable” qualities, 272
coins, confiscation of, 286, 344–45
coins, minting of, 345
James Baker on, 309
mining of, in South Africa, 384
privatization of, 287
Treasury pricing of, 346
versus government paper, 272ff.
“Gold bugs,” 273, 289
Gold standard, 36, 109, 307
absence of inflation under, 171, 250, 299
as only sound monetary system, 295
as only successful fixing of exchange rates, 348
Balance of Payments under, 365
during Civil War, 191
exchange rates under, 295, 311
inflationary recession and, 266
recommended for Soviet Union, 402ff.
Goldman Sachs International, 118, 188, 314, 350
Goldwater, Barry, 473
Gorbachev, Mikhail, 253, 254, 404ff.
Gore, Albert, 91, 435
Gordon, David, 486
Gosbank (Soviet Union), 402ff.
Government as supplier of money, 273–74
partnerships with business, 189ff.
revenue, 274–75
See also Spending, government
Graham, George, 61
Gramm-Rudman Deficit Reduction Act, 70, 112, 332
Grapes boycott of, 142ff., 385
Grayson, C. Jackson, 126–27
Great Britain, 86, 161–62, 171, 175, 190, 227ff., 230ff., 300, 302, 307ff., 317
Great Society, 65, 78–79
Greed, 293
Greenbacks, 381
Greenspan, Alan, 68, 70, 106, 107, 117, 179, 181, 267, 334, 339ff., 343
Gresham’s Law, 301, 307, 310, 313, 349
Gross National Product, 243
Group of Seven, 309
Gulag, 415
Gulf Oil, 396
Gun control, 4, 154ff., 434, 492–93
Gutfreund, John, 173
Gyoten, Toyo, 302
Haloid Co., 200
Hamilton, Alexander, 161ff.
Harding, Harry, 426
Harper’s, 481
Harvard University, 55, 117, 210, 451
Hayashi, Dennis W., 409
Hayek, F.A., 31, 33, 417, 444, 446ff., 457, 461
Hazlitt, Frances, 457
Hazlitt, Henry, 436, 443, 457
Head Start, 54
Health and Human Services, Department of, 58, 59
Health care, 20, 57, 74ff., 126ff.
tax deductions for, 225, 437
See also Medicine
Helms, Jesse, 434
Heritage Foundation, 479, 483
Hicks, John R., 447
Highways, 220, 430
Hilary, Sir Edmond, 342
Himmler, Heinrich, 119
Hirst, Francis W., 443
Historians, Establishment, 293
History, 165–66
HMO (Health Maintenance Organization), 130
Hoffman, Matt, 376
Holland, 152
Homeless, 20, 62ff., 137, 202, 214
Homestead strike, 137
Hong Kong, 152, 178
Hoover, Herbert, 103, 179, 429
Hopkins, Harry, 81
Hoppe, Hans-Hermann, 133
Hormats, Robert D., 314, 350
Hotelling, Harold, 28
Housing, 20, 54, 105–06, 337
public, 57, 63, 66, 80, 202
Housing and Urban Development, Department of, 202
Human capital, 118
Hungary, 414, 417, 427
Hurricane Hazel, 95
Hurricane Hugo, 94ff.
Hutt, W.H., 44, 443ff.
Hyperinflation in Asia, 320
in Brazil, 172, 252
in Germany, 25, 325, 358
in Latin America, 320
in Poland, 172
in Russia, 172
in Third World, 105, 404
under world paper currency, 296, 317
IBM, 200
Ibn Saud, 395ff.
Idaho, 89
Immigration, 4
Contract with America and, 434
of Vietnamese, 408ff.
proposition 187 and, 481ff.
Imperialism, 86
Imports, 18–19, 109, 299, 309, 313, 320
Incas, 401
Income, 5–6
India, 394
Industrial policy, 118
Industrial Revolution, 15, 251, 359, 413, 444
Infant mortality, 58ff.
Inflation, 10, 45, 169, 172, 231, 247, 261, 274, 312, 323, 331ff., 333ff., 336ff., 493
absence of, under gold standard, 171, 299
as counterfeiting, 275, 318–19
as crucially different from deflation, 292
as encouraging spending and debt, 277
as wealth redistribution, 276, 319
as taxation, 277, 319
as vanquished, 265
benefits to government of, 304
as central to Keynesianism, 254
bank run as check on, 327
business cycle and, 105, 180–81, 335–36
Cantillon effect and, 276–77
confusion regarding, 423
considered an antidote for recession, 179–80
during nineteenth century, 191, 381
during Reagan administration, 180, 317ff.
during war, 15
exchange rates and, 299
expectations of, 12, 35, 320
Federal Reserve as cause of, 343
in Brazil, 250, 252
in China, 124
in France, 316
in Germany, 305–06
in Great Britain, 229
in Italy, 316
in Japan, 309
in Mexico, 314
in Soviet Union, 250, 403–04
in West Germany, 309, 316–17
interest rates and, 34ff., 320, 334
premium, 12, 35
price controls viewed as antidote for, 124ff.
purchasing power and, 304
unemployment trade-off, 13–15, 172, 181
world coordination of, 109, 233, 296, 301, 307, 310, 369–70, 377
See also Hyperinflation
Inflationary recession, 43, 171–72, 181, 231, 246ff., 260, 265–66, 336
“Information superhighway,” 6
Insider trading, 108, 185ff., 427
Institute of Economic Affairs (London), 230, 495
Institutional Revolutionary Party (Mexico), 375
Insurance, 71ff., 329
deposit, 262
health, 127–28
Intellectuals, government and, 476–77
war and, 429
See also Conservatives; Liberals
Interest rates, 33ff.
effects of deficit on, 9–10
during Reagan administration, 180,
effects of credit expansion on, 172
Federal Reserve and, 169, 179
in Japan, 309
in West Germany, 309
inflation and, 320, 334
inflation premium on, 12
long-term, 169
of S&Ls, 331
short-term, 169, 172
Interior, Department of (South Africa), 445
Internal Revenue Service, 233
privatization contemplated 190, 439
International Monetary Fund, 309, 316, 434
International Trade Commission, 380 Inventory, 260
Investment, 120ff., 257
business cycles and, 35, 44, 172, 179, 180, 319
“crowding out” of, 9–10, 122, 175
effects of taxation on, 225
foreign, 427
government spending equated with, 118, 122, 211
in United States, 37ff.
in Third World, 153
Iowa, 221
Iran, 394
Iraq, 389ff., 392ff.
IRAs, 39
Iron
protectionism and, 379
Israel, 394
Italy, 309, 316
Izvestia, 402
Jackson, Andrew, 429, 489
Jackson, Jesse, 436
Jacobins, 140–41
Jamaica, 61
Japan, 200, 302, 309, 313, 361
central banking in, 233, 316
infant mortality in, 59
saving in, 37
U.S. trade with, 108, 355, 356, 367, 372
Japanese in Peru, 401
Jarai, Szigmond, 427–28
Jaruzelski, Wojciech, 416
Javits, Jacob, 357
Jefferson, Thomas, 46, 162, 175
Job training, 54
Johannesburg Stock Exchange, 388
Johns Hopkins Medical School, 61
Johnson, Lyndon, 472, 473
Johnson, Skip, 95
Jones Act, 408
Jones, John W., 91
Jordan, Jerry, 310
Joseph, Keith, 146
Journal of Political Economy, 246
J.P. Morgan & Co., 341
Jubail, 396
Justice, Department of, 185
Kahn, Alfred E., 193
Kaldor, Nicholas, 447
Kantor, Mickey, 373
Kashmir, 394
Katuna, Michael, 94
Kauffman, Bill, 209
Kemp, Jack, 299, 310, 483–84, 491
on foreign aid, 370
on housing, 80
on Los Angeles riots, 66
Kennedy, Edward, 133
Kennedy, Robert, 141
Kentucky, 162
Kessler, David, 203–04
Keynes, John Maynard, 40, 254
Hayek on, 447–48
misrepresentation of J.B. Say, 446
on gold, 273
on world currency, 109, 301, 315
Keynesian Episode, A Reassessment, The (Hutt), 446
Keynesianism, 13–14, 25, 43–49, 172, 181, 340, 369–70
“acceleration principle” of, 446
as rationalization for statism, 448
during Bush administration, 106, 120
economic “fine-tuning” and, 247ff.
idle resources and, 445
NAFTA and, 377
Nobel Prize and, 461
on deficits, 41, 46ff., 80, 255
on deflation, 250
on “excess capacity,” 43
on gold, 273
on inflation, 43, 117, 315ff.
on recession, 46, 121–22, 179, 254–55
on taxation, 117, 178–79, 236, 257
on unemployment, 43–44
W.H. Hutt on, 494ff.
world paper currency and, 109, 233, 295, 301, 305, 310, 315ff., 377
Keynesianism, Retrospect and Prospect (Hutt), 446
KGB, 417
Kidder Peabody, 188
Kissinger, Henry, 376
Klaus, Vaclav, 470
Knight, Frank, 40
Koch, Edward, 98
Kondratieff cycle, 263–64
Korean War, 429, 430
Koreans, 66–67
Kourouma, Michelle, 384
Kozuki, Tad, 83
Kristol, Irving, 79, 484
Kristol, William, 483–84, 490
Krona, 302
Krugerrands, 345, 383ff.
Kuwait, 389ff., 392ff., 396
Labor, 18
demand for, 134, 152
Philip Foner as historian of, 166
Labour Party (Britain), 227, 230, 231
Lachmann, Ludwig, 116, 446
Laffer, Arthur, 17
Laffer curve, 17–18, 41, 42
Lange, Oskar, 371
Lasch, Christopher, 481
Latin America, 320
Lauter, David, 132
Law of the Sea Treaty, 89
Lawyers, 72, 226
Layton, Christine, 60
Lazard Freres, 118
Lenin, V.I., 123, 258, 419, 431
Lennon, Gered, 95
Lerner, Abba, 447
Liberalism, 77–78, 148–49, 156, 184, 212–13, 220–21, 485
classical, 413–14
Libertarian Party (California), 482
Libertarians, 451
in Poland, 398
left-, 66, 165
on education vouchers, 128, 156ff.
on privatization, 148ff., 439
on Proposition 187, 482
Libraries, 148–49
Licenses, 66
for diamond mining, 386
gun, 154ff.
medical, 76–77
Lieberman, Joseph, 389
Lima, 401
Limbaugh, Rush, 3
Lincoln, Abraham, 166, 190–91
Line-item veto, 435
Lobbying, 62, 202
Locke, John, 450
London School of Economics, 443, 446ff.
Lorenz, Edward, 26
Los Angeles, 64ff., 80
Los Angeles Times, 132, 377, 483
Louvre agreement, 36
Lucas, David, 95
Ludwig von Mises Institute, 133, 458ff., 471, 482, 486, 488, 495ff.
Maastricht Treaty, 305, 373, 375
Maltsev, Yuri, 59, 470
Manassas, 164–66
Mandelbroit, Benoit, 27
Manitoba, University of, 451
Maoism, 399
Mao Tse Tung, 419
Mark, 303, 305, 313
Marshall, Alfred, 40
Marshall, John, 489
Marshall Plan, 493
Martino, Giulio, 335
Marx, Karl, 40, 258, 419
Marxism, 85, 123, 166, 420
Austrian economics and, 463
in Poland, 398
in Soviet Union, 402
Maryland, 162, 322
Mathematics, 25ff., 28ff.
Matthews, J.B., 457
Matthews, Ruth, 457
Maxwell, Robert, 136
McCarthy, Joseph, 226
McDonald’s, 154
Means, Gardiner, 184
Measuring Business Cycles (Burns and Mitchell), 246
Media, 478
framing of issues by, 19ff.
on Bruce Babbitt, 221–22
on election of 1994, 431
on gasoline tax, 220
on NAFTA, 376
on Proposition 187, 482–83
Medicaid, 54, 74
Medicare, 74–75, 491
Medici family, 278
Medicine,
socialized, 20, 119, 231
See also Health care
Mello, Fernando Collor de, 252, 400
Mencken, H.L., 42
Mendelsohn, Robert, 30
Mercantilism, 189, 413
GATT as, 487, 495
NAFTA as, 372
protectionism as, 367
Meteorology, 26
Mexico, 484
inflation in, 314
migrant farm workers from, 143
NAFTA lobbying in U.S., 374
oil and, 375
U.S. trade with, 368, 380
Milken, Michael R., 103–04, 181ff.
Miller, John J., 158
Minimum-wage laws. See Wages, minimum
Minneapolis, 344
Mises, Ludwig von, 452–55
as model for Mises Institute, 459ff.
as predictor of Depression, 447
as systematic, 449
influence on F.A. Hayek, 446
married life, 456ff.
methodology of, 32
on business cycles, 319
on interventionism 74, 436
on “loopholes,” 24
on men of wealth, 184
on private property, 424
on socialist calculation problem, 414–15
on stock market, 426
on W.H. Hutt, 444
Mises, Margit von, 455ff.
MIT (Massachusetts Institute of Technology), 26, 210
Mitchell, Wesley C., 245
Modern Corporation and Private Property, The (Berle and Means), 184
Mondale, Walter, 222
Monetarism, 40, 48, 109, 120, 231, 232, 250, 297ff., 300ff., 310, 316
Monetary Theory and the Trade Cycle (Mises), 447
Money
as crucial command post, 271
as different from other commodities, 274
as medium of exchange, 271–72
calculation of profit and loss and, 272
goods used as, 272
privatization of, 285
redemption in gold of, 286
supply, 11–12, 180, 250ff., 262, 303–04, 317ff., 332, 335
See also Currency; Inflation; Deflation
Monopoly, 19, 189ff., 195
“predatory price-cutting” and, 363
Morgan, House of, 278–79, 281
Morgan Guaranty Trust, 341
Mortgages, 329–31
deductions for, 104, 225
Morton, Cliff, 91
Moynihan, Daniel P., 67, 68, 70
Mozambique, 85
Mullendore, William C., 451
Mundell, Robert, 310
My Years with Ludwig von Mises (M. Mises), 456
Nader, Ralph, 389
National Association of Blacks Within Government, 384
National Association of Federal Licensed Firearms Dealers, 155
National Banking Act, 192
National Banking System, 191
National Bureau of Economic Research (NBER), 170, 235, 243ff., 258
Dating Committee of, 267
National Conference of Black Mayors, 384
National Guard, 125
National Health Service (Britain), 231
National Labor Board, 429
National Labor Relations Act. See Wagner Act
National Labor Relations Board, 140, 429
National service, 153
National Urban League, 384
Natural law, 450
Nazis, 190, 254
Neoclassical economics, 27
Neoconservatives, 478, 485
on Bill Clinton, 119
on Proposition 187, 483
on trade, 368
on welfare state, 77ff.
New Deal, 56, 68, 78, 81–82, 117, 132, 139–40, 330, 429, 463, 474
New England, 357
New Left, 258
New Jersey, 97, 148, 182
New York, 357
New York City, 54–55, 92, 96–99, 114, 137, 155, 166, 344, 479
New York Daily News, 136
New York Post, 55
New York Times, 182, 186, 210, 211, 302
New Yorker, 276
Nixon, Richard M., 79, 117, 310, 473
price controls implemented by, 297, 308
repudiates gold standard, 297, 308
Nobel Prize, 499, 461
Nomenklatura, 421
Normal curve, 29–30
Norris-LaGuardia Act, 140, 492
North American Financial Group, 314, 350
North American Free Trade Agreement (NAFTA), 370ff., 375ff., 493
as mercantilism, 372, 495
as cartel, 378
environmentalism and, 373
Keynesianism and, 377
fixed exchange rates and, 314, 350
international currency regulation and, 314
leading to centralization, 373 oil and, 375
side agreements of, 374
North Carolina, 162, 357
North Carolina Law Review, The, 139
Northwood Institute, 452
Northwood University, 452
“Off-budget” items, 237, 438
Office of Price Administration, 124
Ohio, 322
Oil
allowances for depletion of, 225ff.
foreign, U.S. dependence on, 219
price of, 218–19, 388ff., 394ff.
Old Right, 125, 434
Operation Desert Shield, 393
Oppenheimer, Sir Harry, 388
Orange Country Register, 482
Organization of Petroleum Exporting Countries (OPEC), 180, 320, 334, 385, 394–95
Orwell, George, 19, 123
Other Path, The (de Soto), 399
Oxford University, 117
Pakistan, 394
Paleoconservatives, 164–65
Panama, 393
Panic of 1819, 358
Panic of 1873, 191
Pattison, Scott, 84
Paul, Ron, 344
Pearl Harbor, 401
Pennsylvania, 161
People’s Express, 194
Perestroika, 414–15, 417, 425
Perot, H. Ross, III, 110ff.
Persian Gulf War, 219
domestic statism and, 430
oil prices and, 389ff.
Personal exemption, 104
Peso, 314, 350
Petrakov, Nicholas, 253
Petro, Sylvester, 140
Pew, J. Howard, 498
Philadelphia, 344
Phillips, A.W., 14
Phillips curve, 14–15, 172, 181
Philosophy of Individualism, The (Hutt), 443
Phoenix, 109, 315
Photocopiers, 199ff.
Physics, 25
Pilkey, Orrin H., 95
Pol Pot, 419
Poland, 172, 397ff., 416, 419, 423, 428
Politics vs. Prosperity (Watts), 452
Pollution, 202ff.
Poole, David A., 249
Population control, 151ff.
Populism
election of 1994 and, 435–36, 479, 481, 495
supply-side economics and, 42
Portugal, 86
Postal service, 144–45
Pound, 295, 303
as world reserve currency, 307
Praxeology 32, 463
Prices
cartels and, 385
chaos theory and, 27
controls on, 94, 123ff., 130, 194, 253, 391–92, 423
determination of, 390
during 1920s, 105, 172, 318
during 1980s, 105, 172
during recession, 171–72
effects of productivity on, 319–20
effects of protectionism on, 19
effects of supply on, 319
gold standard and, 250
housing, 105
index, 309–10, 317, 338
Industrial Revolution and, 15, 251
stock, 177
Prices and Production (Hayek), 447
Privatization, 144ff., 146ff., 425, 470, 492
in England, 146, 230
of Internal Revenue Service, 190, 439
of public housing, 230
of undesirable activities, 439, 290
of water, 91–92, 99
See also Desocialization
Productivity
effects of investment on, 232
labor, 134
Progressive Era, 117, 192
Progressive Policy Institute, 118
Property
education vouchers as attack on, 159
environmentalism and, 88–91,
political freedom and, 415
private, 115–16, 138, 153, 163, 294, 325, 406
rights, 138, 216
Proposition 13 (California), 157
Proposition 174 (California), 156ff.
Proposition 187 (California), 481ff., 487, 489
Protectionism, 108, 300, 367ff., 370ff., 378ff., 355ff.
balance-of-payments argument for, 365–66
currency depreciation as, 299, 381
fallacy of confusion of costs with prices of, 361
“infant industry” argument for, 364, 381–82
minimum-wage law as, 357
safety as pretext for, 357–58
“senile-industry” argument for, 364–65
Public Securities Association, 174
Pullman strike, 137
Quotas
import, 19, 108, 356ff., 367, 379–80
Racism, 79, 385
Rahn, Richard W., 243
Railroads, 19, 191, 359
Rand, Ayn, 341
Randolph, John, of Roanoke, 474
Ratajczak, Donald, 334
Ravitch, Diane, 80
RCA, 362
Read, Leonard, 451
Reagan administration, 117, 135
Keynesianism in, 45, 48
Keynesians vs. supply-siders in, 48, 310
inflation during, 317ff., 337–38
interest rates during, 320
minimum wage and, 133
on exchange rates, 298
on Law of the Sea Treaty, 89
regulation and, 108
tax policy of, 68–69, 215
Reagan, Ronald, 103–04, 109, 196, 372, 473, 474
air traffic controllers and, 194, 199
as an authentic conservative, 471
economic policy of, 120
free-market rhetoric of, 229
monetary policy of, 180
tax cuts, 104, 247
tax increases of, 104, 107, 121, 220, 478
Real estate, 104–05, 172, 178, 322
Reason, 450
Reason Foundation, 483
Recession, 8, 121, 171–72, 264ff.
as consequence of inflation, 106, 180, 335
as corrective to malinvestment, 248–49
average person and, 266
cutting government spending during, 179
George Bush and, 254ff.
in Brazil, 253
Keynesian view of, 122, 254–55
media on, 20ff.
NBER determination of, 170, 243ff., 258–59, 267
of early 1970s, 247, 263
of early 1980s, 247, 333
of 1990, 103ff., 122
price trends during, 171
tax increase during, 121, 170, 178–79, 235, 249
See also Inflationary recession
Reconstruction, 166
Reconstruction Finance Corporation, 429
Regan, Donald, 48, 109
Regulation
agricultural, 81ff.
as cartelization mechanism, 156
European Community and, 232, 368
maximum purchase, 173
NAFTA and, 373–74
of automobiles, 219
of communication, 126
of lobbying, 202
of private schools, 160
Rehabilitation of Say’s Law, A (Hutt), 446
Reich, Robert, 117, 118
Religion, 3
Republicans, 78ff., 111, 117, 124, 125, 164, 468, 471, 474, 479–80, 490ff.
as similar to Democrats, 70, 78, 432, 471–472, 493
economic policy of, 192
for Clinton, 119
in nineteenth century, 190, 381
on housing, 80
on minimum wage, 133
on NAFTA, 376
“Rockefeller,” 476
Radical, 381
Revenue, government in Britain, 231
“neutrality,” 257, 433
relationship of tax rates to, 17–18
Review of Austrian Economics, 459
Revolt of the Elites, The (Lasch), 481
Revolution Betrayed, The (Trotsky), 431
Rhode Island, 322
Ricardo, David, 250
Richebacher, Kurt, 22, 105
Richmond, 344
Rioting, 64ff., 80
Rivlin, Alice, 217
Rhodes Scholars, 117
Road to Serfdom, The (Hayek), 417, 498
Robbins, Lionel, 447
Roberts, Paul Craig, 420, 421
Rockefeller, David, 181ff., 227, 396
Rockefeller, Nelson, 473, 476
Rockefeller family, 104, 341, 395, 478, 495,
Rockwell, Llewellyn H., Jr., 107, 376, 487, 496
Roe v. Wade, 488
Rohatyn, Felix, 118
Rohrabacher, Dana, 482
Roman empire, 152–53
Rome, 123
Roosevelt, Franklin D., 49, 63, 82, 429, 472
oil policy of, 395
repudiates gold standard, 344, 273, 277
Rothbard Bank (fictional), 280–81
Rothschild Bank, 385
Rothschild, Edwin, 389
Rothschild family, 278
Rubin, Robert, 118
Ruble, 402ff., 423–24
depreciation of, 403
Russia, 85, 172
Rwanda, 152
Sabah family, 396
Saddam Hussein, 389, 392ff.
St. Louis, 344
Salinas, Carlos, 375, 484
Salomon Bros., 173, 176
Samuelson, Paul, 322
Saudi Arabia, 392, 394–95
Saving, 9–10, 34–35, 120ff., 179
as validating malinvestment, 257
effects of taxation on 225, 257
in China, 427
in Third World, 153
in United States, 37ff.
Savings & Loan institutions (S&Ls), 172, 292, 328ff.
as cartel, 330
bankruptcy of, 343
collapse of, 262, 322
fractional-reserve banking and, 323, 329, 400
Say, J.B., 446
Say’s Law, 75, 446
Scandinavia, 59
Schlafly, Phyllis, 474
Scholastic theologians, 360, 450
Schultz, George, 396
Schultze, Charles L., 210
Schumpeter, Joseph, 40
Schwarzkopf, H. Norman, 392–93
Scotland, 229
Securities and Exchange Commission, 185
Hungarian equivalent, 427
Sereny, Ferdinand, 457
Shapiro, Robert, 118
Sheehan, Jim, 376
Shiites, 394
Shining Path, 399
Shutz, Alfred, 457
Shutz, Ilse, 457
Sierra Club, 90–92, 203
Silver as abundant in “moneyable” qualities, 272
Simon, Paul, 437
Sixteenth Amendment, 191
Slaughter, Thomas P., 164
Smith, Adam, 31, 40, 444
Smith, Fred, 376
Smithsonian Agreement, 297, 299, 310
Sobran, Joe, 395
Social democrats, 415
Social Security, 24, 68, 104, 432, 340–41, 491
surplus, obscures deficit, 70, 255
Socialism, 84–85, 119
as final outcome of interventionism, 74
collapse of, 413–19
economic calculation under, 498
in China, 414
democratic, 415
in Hungary, 414, 417
in Yugoslavia, 414
“market,” 370
political freedom and, 417–18
reversibility, 420
varieties of, 425–26
Socialism (Mises), 446
Socialized medicine, in England, 231
See also Health care; Medicine, socialized
Solidarity (Poland), 416–17
Solow, Robert M., 210–12
Solzhenitsyn, Alexander, 417
Sony, 362–63
Soto, Hernando de, 399–400
South (U.S.), 166, 357
South Africa, 491
apartheid system and, 383ff., 495
Communist Party in, 495
currency of, 345
diamond mining in, 385ff.
Interior Department of, 445
South Carolina, 96ff., 162
South Vietnam, 124
Southern California Edison Corporation, 451ff.
Sovereignty, 316–17
Soviet Union, 119, 210, 394
as grain importer, 85
black markets in, 123–24, 188, 253
deflation in, 253
desocialization in, 419, 423
diamond cartel and, 387
gold standard recommended for, 402ff.
infant mortality in, 58–59
inflation in, 250, 404
price controls in, 423
socialism in, 414
U.S. aid to, 404ff.
Special Drawing Rights (SDRs), 301, 316
Speculators
currency, 303, 305
in oil, 390–91
Spending, government as consumption, 39
Balanced Budget Amendment and, 438
“cuts” as disingenuous, 23
in Great Britain, 229, 231
J.K. Galbraith on, 210
Keynesianism on, 121–22, 255, 448
on health care, 130
reductions in, 233, 434, 491–92
Sprinkel, Beryl W., 298, 310
Standard Oil, 396
Stalin, Josef, 119, 211, 431–32
Stamp Tax, 161
Stanford University, 30
Statistics, 6
improper use of, 9, 14, 21–22, 27, 28ff., 37, 244ff., 259
Steel, 138, 146
protectionism and, 18–19, 379ff.
Stein, Herbert, 126ff.
Stephanopoulos, George, 467
Sterling. See Pound
Stevens, Thaddeus, 381
Stock market, 105–06, 173, 317ff.
as crucial to capitalism, 426
chaos theory and, 27
in China, 426
in Hungary, 427
insider trading on, 186ff.
need for in Eastern Europe, 424ff.
crash of, 176ff.
See also Depression, Great
Stockholders, 182ff.
Strasbourg, 232
Strikes, 136ff.
Subsidy
FEMA as promoting, 93
tax breaks equated with, 16, 214, 215ff., 224–25
to Disney theme park, 165
to railroads, 191
Sullivan, Louis W., 59
Sun Oil Company, 498
Sununu, John, 256
Supply-side economics, supply-siders, 40ff., 48, 120, 257
on deficits, 41, 223
on gold standard, 41–42, 238ff.
on government revenue, 41, 257
on international monetary system, 310
on taxation, 41, 122
Supreme Court, 191, 485–90
Sweden, 302
Switzerland, 172
Syria, 394
Taft, Robert, 473
Taiwan, 360, 361
Tariffs, 356ff., 367
as a “negative railroad,” 359
during Civil War, 191
effects on consumers, 380
on iron and steel, 18–19, 379ff.
Tax Reform Act of 1986, 38, 81, 104, 214, 437
Taxation
as cartelization mechanism, 156
Balanced Budget Amendment as increasing, 237, 437ff.
capital gains, 39, 81, 225
collectors of, 162
complexity of, 224ff.
credits, 214–15
deductions, 16, 38–39, 104, 215ff., 225ff., 437
democracy and, 228
effects on investment, 225
effects on production, 121, 155, 219
effects on saving, 39, 225, 257
egalitarianism and, 229
energy, 121
equal, 16–17, 228–29
European Community and, 232
excise, 161ff., 191
exemptions from, 16, 223
“farming,” 190, 439
“fee” as euphemism for, 107, 155
flat, 16, 224ff.
gasoline, 17, 217ff., 394
in England, 225
in Europe, 210, 439
income, 17, 163, 191, 224ff., 491
increases in, 24, 104–05, 121ff., 209ff., 235–36, 237
internal vs. external, 161
Keynesianism on, 257
lawyers, 226
loopholes, 16, 24, 81, 104, 214ff., 437
media on, 21
mercantilism and, 189
“neutral,” 227ff.
on cider, 162
on whiskey, 161ff.
poll, 228ff., 231
progressive, 184
property, 157
proportionate, 16, 227ff.
reductions in, 23–24, 217, 231, 247, 249, 257
riots against, 227
shelters, 104
“sin,” 163, 191
views of business toward, 156
Teachers, 157
Tenth Amendment, 435
Term limits, 486
Texas, 89ff., 395
Textiles, 18–19
Thatcher, Margaret, 80, 146
free-market rhetoric of, 229, 230
on European Community, 368
tax policy of, 227ff.
Theory of Collective Bargaining, The (Hutt), 444
Theory of Idle Resources, The (Hutt), 445
Third World, 151ff., 254, 472
famine in, 85–86
hyperinflation in, 105, 403
infant mortality in, 61
Thompson, Julian Ogilvie, 388
Tiananmen Square, 418
Time preference, 37–38, 171
Tobacco
as money, 272
Toffler, Alvin, 7
Tos, John, 83
Tower, John, 416
Townsend-Greenspan, 339
Trade
blocs, 368–69
deficit, 36, 78, 320, 367
“fair,” 367, 379, 359ff.
free, 191, 367ff., 371ff., 381
Treasury bonds, 174, 175
Treasury, Department of, 234, 255, 316
gun regulation and, 155
maximum purchase regulations, 173
minting of gold coins, 345
pricing of gold, 346
privatization of tax collection, 439
Treatise on Money (Keynes), 447
Triffin, Robert, 301, 316
Trilateral Commission, 341, 396
Trotsky, Leon, 431–32
Trotskyites, 415
Truman, Harry, 125–26, 138, 472
Trump, Donald J., 181, 184
Tsongas, Paul, 217
Tucker, Jeffrey, 80
Unemployment, 20, 121, 169
causes of, 251
in Britain, 230
insurance, 45
minimum wage and, 134–35
Phillips curve “trade-off” and, 13–14, 172, 181
Union Monopoly (Watts), 451
Unions, 136ff., 142
apartheid and, 495
as advocates of minimum wage, 136
Chicago School and, 445
teachers’, 157
use of violence, 136ff.
V. Orval Watts on, 451
wage rates and, 44–45, 444
W.H. Hutt on, 444–45
Unita, 109, 296, 301, 315
United Farm Workers, 141–42
United Nations, 377
Conference on Population, 150ff.
Law of the Sea Treaty, 89
Republicans on, 434, 493
tax exemption of employees, 223
V. Orval Watts on, 451
United Nations: Planned Tyranny (Watts), 451
United States, 301, 312, 316
aid to Gorbachev and, 404ff.
infant mortality, 58ff.
international monetary system and, 295–302, 306–19
international trade and, 360ff., 367–82
Persian Gulf War and, 392ff.
University of Chicago, 40, 249
University of Dallas, 443–44
University of Warsaw, 397ff.
Van Eck Management Corporation, 249
Vargas Llosa, Mario, 399ff.
Venceremos Brigade, 142
Veterans of Foreign Wars, 113
Vietnam War, 430
Vietnamese-Americans, 408ff.
Virginia, 162, 164ff.
Volcker, Paul, 41–42, 43, 106, 117, 340, 343
Vouchers. See Education, vouchers
Wages
as indicator of productivity, 18–19
as influenced largely by complementary capital goods, 360–61
effects of trade sanctions on, 383
labor demand and, 383
minimum, 58, 66, 133ff., 357, 368
of migrant farm workers, 143
unions and, 444
Wagner Act, 139–40, 429, 492
Wall Street, 118, 173ff., 182ff., 185ff., 299, 396, 478
See also Stock market
Wall Street Journal, 61, 158, 322, 402, 483, 495
Wallace, George, 106
Walters, Sir Alan, 232
Wanniski, Jude, 42
War
growth of government and, 428ff.
prices during, 15
War Finance Corporation, 429
War Industries Board, 429
War Labor Board, 429–30
War of 1812, 15, 163, 380, 429, 365
War Production Board, 429
Washington, D.C., 17, 479
public opposition to, 431ff., 468
Washington, George, 161, 163
Washington, Harold, 384
Washington Post, 433
Washington Times, 488
Water, 90–92
Watts, 65
Watts, V. Orval, 450ff.
Way the World Works, The (Wanniski), 42
Weinberger, Casper, 396
Welfare, 53–58
education vouchers as, 158–59
opposition to, 437
Welfare state, 84, 94, 214
education vouchers and, 160
expansion of, 156
in European Community, 373
neoconservatives on, 79ff.
supply-side economists on, 42
West Germany, 37, 309, 316–17, 424
Whigs, 190
Whip Inflation Now, 340
Whiskey Rebellion, 160ff.
Whiskey Rebellion, The (Boyd, ed.), 164
Whiskey Rebellion, The (Slaughter), 163
White, Harry Dexter, 109, 295, 301, 315
Wilczek, Mieczyslaw, 419
Wilde, Oscar, 135
Will, George, 370
Williams Act, 104, 182–83
Willkie, Wendell, 473
Wilson, Charles E., 429
Wilson, Pete, 483
Wilson, Woodrow, 377, 497
Wolff, Nelson, 90
Women, 6
Women, Infants and Children (WlC), 54, 60–61
Works Progress Administration, 56
World Bank, 309
NAFTA and, 374
Republicans on, 434
World government 305, 315, 317, 377
World Trade Organization (WTO), 487, 494, 496–97
World War I, 15, 124, 306, 429
World War II, 124, 170, 429
Wright, Jim, 416
Xerox, 199ff.
Yale University, 316
Yellowstone Park, 328
Yeltsin, Boris, 405
Yen, 313–14
Yugoslavia, 414, 425
Zapata, 396
Zarnowitz, Victor, 249
Zedillo, Ernesto, 484
Zenith, 362
Zero Population Growth, 151ff.
Zloty, 423, 428
