David Gordon–The Confused Literature of Globalization–Videos

Posted on January 21, 2010. Filed under: Blogroll, Communications, Economics, Employment, Fiscal Policy, Foreign Policy, Law, liberty, Links, Monetary Policy, People, Philosophy, Politics, Taxes, Video, Wisdom | Tags: , , , , |

The Confused Literature on Globalization (Part 1 of 3)

The Confused Literature on Globalization (Part 2 of 3)

The Confused Literature on Globalization (Part 3 of 3)

Background Articles and Videos


David Gordon

“…David Gordon is a senior fellow at the Ludwig von Mises Institute. He was educated at UCLA, where he earned his PhD in intellectual history. He is the author of Resurrecting Marx: The Analytical Marxists on Exploitation, Freedom, and Justice, The Philosophical Origins of Austrian Economics, An Introduction to Economic Reasoning, and Critics of Marx. He is also editor of Secession, State, and Liberty and co-editor of H.B. Acton’s Morals of Markets and Other Essays.

Dr. Gordon is the editor of The Mises Review, and a contributor to such journals as Analysis, The International Philosophic Quarterly, The Journal of Libertarian Studies, and The Quarterly Journal of Austrian Economics. You can reach him at dgordon@mises.org. …”


The Bankers’ Cartel

Mises Daily: Monday, August 03, 2009 by

[The Case Against the Fed • By Murray N. Rothbard • Ludwig von Mises Institute, 1994 • 158 pages

“…Murray Rothbard begins this outstanding book by calling attention to a paradox. The Federal Reserve System enjoys virtual immunity from congressional investigation. The few who propose to subject the Fed to even minimal scrutiny, such as Henry Gonzales of Texas, at once find a consensus arrayed against them (pp. 1ff.). They threaten the stability of the market, since – it is alleged – only the Fed’s independence blocks the onset of uncontrollable inflation.

Here lies the paradox. Inflation results from the infusion of new money into the economy, and it is the Fed that is responsible for its creation. “The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about ‘inflation’ for which virtually everyone else in society seems to be responsible” (p. 11). How did this odd situation come about?

As one would expect from a top-flight economist, Rothbard responds by tracing the problem to its roots. He briefly and clearly explains how money originated in a barter economy. Some commodities are much easier to market than others, and “[o]nce any particular commodity starts to be used as a medium, this very process has a spiraling or snowballing effect” (p. 13).

Soon, one or two commodities emerge into general use as a medium of exchange. And this, precisely, is money. Gold and silver have almost always been the commodities that win the competition for marketability. “Accordingly, every modern currency unit originated as a unit of weight of gold or silver” (p. 17).

Why has Rothbard gone to such pains to describe a historical process that seems very remote from the Fed? By beginning with a simple case, he can elucidate the basic mechanism that underlies the Fed’s operation. To explain a complex event by starting with a simple method and gradually complicating it is a basic procedure of modern science. Galileo termed this “resoluto-compositive” method, and Descartes described it at length. Once one grasps how money has emerged, the key to understanding the mysteries of the Fed lies at hand.


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