Patrick Newman traces the National Banking System from Salmon P. Chase’s wartime bond sales and initially hostile relations with New York financiers through the pyramid of bankers’ balances that concentrated reserves on Wall Street.
Beginning with the Morrill Tariff of 1861, Patrick Newman documents protection sought and monopoly repeatedly denied. Market competition kept defeating attempts to corner markets.
Patrick Newman shows how the Interstate Commerce Commission supplied the enforcement common law would not, with commissioners reading their mandate in the railroads’ favor and cartelization temporarily strengthened at the shippers’ expense.
A transcontinental railroad was unprofitable on market terms, but attractive once Congress supplied land and subsidies.
Patrick Newman shows how liberty-minded reformers, once holding the levers of power, were pulled toward favoritism of their own.
Patrick Newman defines cronyism as government intervention that benefits special interests at the expense of the public interest, and argues the corporatist state was built in stages over eight decades rather than arriving at once.
Thomas Sargent places Patrick Newman in a tradition of American historians—Charles Beard, Forrest McDonald, Richard Hofstadter, and Murray Rothbard—who compress data and look for patterns in how the state is designed and managed.
Patrick Newman describes this volume as the second act in a three-act play, the bridge connecting the country’s founding to the modern America of the present generation.
Get ready to hear a lot about how we need government regulation to ensure that only state-approved, expensive, crony "capitalist" firms are allowed to develop AI.
By ignoring the entrepreneur, mainstream economists are also removing a vital part of economics theory. It is like designing a car and leaving out the engine.
Ignorance is treated as a reason to trust the state rather than a reason to withhold judgment about its exercise of coercion. To assume that the state’s unknown information is correct and justifying is therefore to err on the side of violence.
Dr. Peter Klein asks whether AI will finally disrupt higher education and argues that the real fix isn't smarter machines but private alternatives that can actually be tested by a market.
Dr. Jonathan Newman exposes the economic myths taught in government schools and shows what students are never told about markets, socialism, and the debates that shaped economics.
Dr. Mark Thornton argues that America's schools and universities have spent 150 years quietly instilling a collectivist ideology, and that the real problem isn't declining test scores but a progressive worldview baked in from kindergarten up.
Using Randall Wray's classroom "buckaroo" currency, Bob shows how MMT thinks about money, and the claim that a fiat currency's natural rate of interest is zero.
Tate Fegley argues that government schools fail to teach sound economics not necessarily out of malice, but because they have no incentive to teach
Dr. Paul Cwik walks through four "secrets" the public schools would rather you didn't know—and makes the case for full educational freedom.
Mark Thornton argues Washington’s political theater cannot paper over the mounting costs of war, sanctions, debt, and inflation.
What followed 9/11 was 25 years of systematic destruction of American liberties, and the final destruction of the Bill of Rights, all in the name of "safety" and "patriotism."
On this episode of Power & Market, Ryan, Connor, and Tho talk about new highs in bond yields, why that matters, and whether or not a new round of $5,000 Trump bucks will solve America's affordability crisis.
