An Economic Analysis
Publication Year: 2012
Published by: Liberty Fund
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Title Page, Copyright
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Ludwig von Mises lived a long life—from 1881 to 1973. He was born within the borders of the huge European empire of Austria-Hungary and was for many years the leading spokesman of what became known as the Austrian School of Economics. This theoretical school differs from other schools of economics because it does not deal with aggre-...
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It is the purpose of this essay to analyze the problems of government interference in business from the economic standpoint. The political and social consequences of the policy of interventionism can only be understood and judged on the basis of an understanding of its eco-nineteenth century embarked on this policy, which today frequently ...
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We call capitalism or market economy that form of social cooperation Socialism, communism, or planned economy, on the other hand, is the form of social cooperation which is based on public ownership of the means of production. The terms state capitalism and authoritarian It is frequently asserted that a third form of social cooperation is fea-...
i.Interference by Restriction
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Restrictive measures are those measures undertaken by the authority which directly and primarily are intended to divert production, in the widest meaning of the word, including commerce and transportation, from the ways which it would take in the unhampered economy. Each interference diverts production from the channels prescribed by the ...
ii.Interference by Price Control
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Measures of price control are directed at fi xing prices, wages, and in-terest rates at amounts different from those prevailing in the unham-pered market. The authority or the group expressly or tacitly entrusted by the authority with power to control prices fi xes them as maximums The aim underlying such interference with the price structure of ...
iii.Infl ation and Credit Expansion
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Infl ationism is that policy which by increasing the quantity of money or credit seeks to raise money prices and money wages or seeks to coun-teract a decline of money prices and money wages which threatens as In order to understand the economic signifi cance of infl ationism we have to refer to a fundamental law of monetary theory. This law says: ...
iv.Confi scation and Subsidies
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The complete confi scation of all private property is tantamount to the introduction of socialism. Therefore we do not have to deal with it in an analysis of the problems of interventionism. We are concerned here only with the partial confi scation of property. Such confi scation is to-The ideological motivations of such action is immaterial. The only ...
v.Corporativism and Syndicalism
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Corporativism is a program, not a reality. This has to be stated at the very beginning to avoid misunderstandings. Nowhere was it attempted to translate this program into actuality. Even in Italy, in spite of the constant propaganda talk, nothing has really been done to establish It has been attempted to characterize the different political and eco-...
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Democracy is the corollary of the market economy in domestic affairs; peace is its corollary in foreign policy. The market economy means peaceful cooperation and peaceful exchange of goods and services. It The incompatibility of war with the market economy and civiliza-tion has not been fully recognized because the progressing develop-...
vii.The Economic, Social, and PoliticalConsequences of Interventionism
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Interventionism is not an economic system, that is, it is not a method which enables people to achieve their aims. It is merely a system of pro-cedures which disturb and eventually destroy the market economy. It hampers production and impairs satisfaction of needs. It does not make Concededly, the interventionist measures may give certain individu-...
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This essay does not deal with the question whether socialism—public ownership of the means of production, a planned economy—is in any way a system superior to capitalism or whether socialism represents a feasible workable system of social cooperation at all. It does not discuss the programs of those parties that want to replace capitalism, democ-...
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In this book, Mises shows how government intervention results in conse-quences its proponents did not intend. It hampers production, causing artifi -cial scarcities. It creates special interest groups. It leads to infl ation, domestic economic confl ict, a militant nationalism, international confl ict, and even war. The books listed here deal with various aspects of intervention and help ...
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The typeface used in setting this book is Electra, designed in 1935 by the great American typographer William Addison Dwiggins. Dwiggins was a student and associate of Frederic Goudy and served for a time as acting director of Harvard University Press. In his illustrious career as typographer and book designer (he coined the term “graphic designer”), Dwiggins cre-...
Page Count: 122
Publication Year: 2012