lp-2-17 - MONEY AND WAR IN MURRAY ROTHBARD’S A HISTORY OF MONEY AND BANKING IN THE UNITED STATES.Image.Marked.pdf
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lp-2-17 - MONEY AND WAR IN MURRAY ROTHBARD’S A HISTORY OF MONEY AND BANKING IN THE UNITED STATES.Image.Marked
LIBERTARIAN PAPERS VOL. 2, ART. NO. 17 (2010)
MONEY AND WAR IN MURRAY ROTHBARD’S A HISTORY
OF M ONEY AND BANKING IN THE UNITED STATES
*
LEONIDAS ZELMANOVITZ
I. Introduction
THE THESIS PROPOSED IN THIS PAPER is that strong as the protection
of private property rights may seem to be in the United States, the lesson
from Prof. Rothbard’s account of the history of money and banking in the
U.S. has been one of the relativization of those rights, especially through
interventions in the monetary and financial arrangements whenever the
necessities of war financing so required.
Institutions and Progress
1
The evolution of a civilization is a matter of historical record. It can be
measured by its successes in many different fields. For instance, material
progress, increase in population, territorial expansion, artistic and scientific
accomplishments are all dimensions of the advancements of a civilization.
It is possible to identify a parallel between the evolution of a civilization
as recorded by history and its institutions in general and political institutions
in particular. That is so because political societies are no more than groups of
individuals and their institutions are no more than forms of interaction
among those individuals, everyone pursuing their own interest in different
fields.
In other words, it is the sum of the accomplishments of its members in
different fields of human interaction and the unintended social results of their
*Leonidas Zelmanovitz (lzelmanovitz@) is a Liberty Fund Fellow.
CITE
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