1991

THE LUDWIG VON MISES INSTITUTE

BOARD OF VISITORS

Mrs. Ludwig von Mises

Chairman

John V. Denson

Vice Chairman

O. P. Alford, III

SENIOR FACULTY

Murray N. Rothbard, academic vicepresident

and editor, RAE

Walter Block, senior fellow and co-editor, RAE

David Gordon, senior fellow

Bettina Bien Greaves, senior Mises scholar

Steve Hanke, associate editor, RAE

Hans-Hermann Hoppe, senior fellow

Yuri N. Maltsev, seniorfellow

Mark Thornton, Auburn University academic coordinatorand editor, A EN

ADJUNCT SCHOLARS

Robert V. Andelson, Auburn University

Roger Arnold, California State University, San Marcos

Dominick Armentano, University of Hartford

Charles W. Baird, California State University, HaywardBruce Bartlett, U.S. Treasury DepartmentDon Bellante, University of South Florida

Joe Cobb, Alexis de Tocqueville Institute

Roy Cordato, Institute for Research on the Economicsof Taxation

Thomas J. DiLorenzo, University of Tennessee,Chattanooga

Richard Ebeling, Hillsdale College

Robert B. Ekelund, Auburn University

Williamson Evers, Hoover Institution

Roger Garrison, Auburn University

Paul Gottfried, Elizabethtoivn College

Robert F. Hebert, Auburn University

Jeffrey Herbcner, Washington andJefferson College

Burton S. Blumert

Lawrence Fertig*

F. A. Hayek

Henry Hazlitt

Ellice McDonald, Jr.

•deceased

Robert Higgs, Seattle UniversityRandall G. Holcombe, Florida State UniversityEdward L. Hudgins, Heritage FoundationKurt Leube, Hoover Institution

Tibor Machan, Auburn University

Ronald Nash, Reformed Theological Seminary, Orlando

Gary North, American Bureau of Economic ResearchIgorOieinik, International Center forDevelopment PolicyDavid Osterfeld, St. Joseph's CollegeJames Ostrowski, Buffalo, New York

William Peterson, Campbell UniversityRalph Raico, State University College at BuffaloLawrence Reed, Mackinac Center

Joseph Salerno, Pace University

George Selgin, University of Georgia

Mark Skousen, Rollins College

Thomas C. Taylor, Wake Forest UniversityLeland B. Yeager, Auburn UniversityEdwin Vieira, Jr., National Alliance forConstitutional Money

MEDIA FELLOWS

Tom Bethell, The American Spectator

James Bovard, author

M. Stanton Evans, National Journalism Center

Samuel Francis, Washington Times

Graeme B. Littler, Bureau Affairs

Bradley Miller, author

William Murchison, Dallas Morning News

Howard Phillips, Conservative Caucus

Joseph Sobran, National Review

In the ninth year o( theLudwig von Mises Institute, we were able to ex

pand our programs, reach a wideraudience, and have more influ

ence in the academic world and

among the general public thanever before.

Typical was a call that our senior fellow Yuri N. Maltsev re

ceived from a famous Sovietologist.

This man had come across some

publications on Misesand the Austrian School, read them and then

more, and realized that he and theentire Sovietological establish

ment had been wrong in their analysis of socialism. Mises and hiscolleagues, this man said, had beenright all along.

In 1991, however, Americans

shifted their attention from excit

FROM THE PRESIDENT

ing events overseas,where one yearearlier freedom was on the march

against a defeated communism, tothe domestic scene, where big gov

ernment continues to grow. Ameri

cans began to see the deepcorrosion that statist policies havecaused in our economy and society.In the name of egalitarianism and

welfare, the managerial state takesmore and more control ofour lives,

our families, and our businesses.

We have less freedom and less

prosperity.Thanks to Washington,D.C., the standard of living is declining, with at least one majorpressure group—the radical environmentalists—openly dedicatedto just that result.

The federal government longago abandoned impartiality andbegan rewarding certain industriesat the expense of others. This led,inevitably, to favoritism towardsome socioeconomic groups andnot others, and certain members ofthe labor force and not others. The

result? We are slipping into something like tribal warfare betweencompeting pressure groups definedby their economic interests, race,

sex, physical abilities, and even sexlives.

That's why the work we do for

a free society has ever more importance. We can't change this or that

policy in Congress tomorrow oreven next year, but for the longterm, in the universities and amongthe intellectuals, we are makingprogress.

No society can remain freewithout the intellectual founda

tions of liberty, or the institutionsthat grow from them: private property, free markets, sound money,freedom to contract, and the rule of

law. And the most effective case for

these ideas and institutions is to be

found in the work of Ludwig von

Mises and the Austrian School.

As we have done for the last

nine years, with the help of generous Institute Members we will con

tinue to fight for these ideals. Howcan we flag? As Ludwig von Misesnoted, the idea of liberty built theWest, and we have a civilization at

stake.

Ouj&U

Llewellyn H. Rockwell, Jr.President

CONTENTS

FROM THE PRESIDENT 1

CONFERENCES 2

FILM 7

PUBLICATIONS 7

MEDIA COVERAGE 12

SCHOLARS AND STUDENTS 13

MISCELLANEOUS 18

COLLEGES AND UNIVERSITIES 19

1991 provided us with manynew opportunities to teachthese ideas, and we took

advantage of them with a shoestring budget and a small full-timestaff, but lots of hard work and

conviction.

In particular, we sponsored

new scholarship to bolster the casefor liberty. As always, we choosetopics that are both timely and unlikely to be explored by othergroups.

We held three important con

ferences this year.The most recentwasThe Political Economy of Bu

reaucracy, at the College of William and Mary in Williamsburg,Virginia, in October. Government

at all levels has 30 million employees. Yet little scholarship has been

done from an Austrian School

standpoint to try to explain andfight bureaucratic growth.

This conference generatedeleven path-breaking papers as topscholars from around the countrypresented new research applyingeconomic insights to diverse issuesin bureaucracy. The participants—

CONFERENCES

students, business leaders, other

scholars, and journalists—enjoyedhearing a different perspective.

Professor Murray N.

Rothbard of the University of Nevada, Las Vegas,showed that elitesmust rule in both the private andpublic sectors, but while the market insures that elites circulate, in

the public sector all is frozen. Hesuggested a return to the Jcfferson-ian "spoils" system, where bureaucrats are tossed out each time the

party in power changes.

Dr. Samuel Francis of the

Washington Times defined bureau

cracy as a system of power thatstands outside society's voluntary

institutions and is inherently inconflict with them. He argued forJames Burnham's thesis that a man

agerial revolution created a tech

nocratic elite intent on managingthe economy, education, church,family, and culture. He speculatedthat we will see a middle-class re

bellion fueled by hatred of taxesand redistribution.

The interaction between in

terest-group lobbying and bureau

cracy was explored by ProfessorThomas DiLorenzo of the Univer

sity of Tennessee at Chattanooga.Not only does the present system ofgovernment not discourage specialinterests, as the Founders hoped, itencourages them. Environmental

Yuri Mdltsev, Thomas Taylor ofthe WakeForest University School ofBusiness, andJohn Momhoust', chairman ofthe Wake

Forest Economics Department, at ourbureaucracy conference.

groups, protectionist groups, civilrights organizations, and manymore, receive government money,

which they use to lobby for moregovernment, and which they evenfunnel to sympathetic candidates.

The economics professionhasaided the bureaucratic state. Pro

fessor Joseph Salerno of Pace Uni

versity analyzed the public choiceand Austrian schools, showing that

only the Austrian School has provided the rigorous theoretical

framework for understanding bu

reaucracy that Mises did in hisbooks Liberalism and Bureaucracy.The government sector has noprofit and loss system, and therefore cannot calculate the best use

of resources. It does not matter if

bureaucrats are well-intentioned;

they lack the tools to do the job.

In a further attack on the eco

nomics establishment, Dr. RoyCordato of the Institute for Re

search on the Economics of Taxa

tion argued that the "public goods"justification for bureaucratic intervention is totally fallacious. TheAustrian School critique of bu

reaucracy argues that state administrators have neither the will nor

the way to improve the operationsof the free-market economy.

Applying theory to Americanhistory, Professor Jeffrey Herbcner

of Washington and Jefferson College showed that sometimes bureaucrats intentionally create acrisis to be "solved" by more intervention, medical care being an example. He also showed that the

massive regulatory apparatus of the modernstate makes our mixed

economy less and lessresponsive to changes in consumer

preferences and more vulnerableduring recessions.

Because the American econ

omy wasn't the first to be bureau-cratized, Dr. Allan Carlson of the

Rockford Institute told the stun

ning story of Sweden's decline intobureaucratic barbarism, especiallyas it affected children. He appliedMises's analysis of the cumulative

nature of government interventionto family life, and showed thatAmerica is taking the same path:completing the welfare state to"solve" the problems welfarism hascreated. The only solution is abolishing the state's role as a parent

substitute.

Professor Yuri N. Maltsev of

Carthage College discussed theproblems of Soviet bureaucracy, asubject he knows well havingworked many years in the SovietAcademy of Sciences before detecting. In that poor country, bureaucratization has become worse

under Mikhail Gorbachev, and the

Soviets haven't even begun to reformsociety and the economy. Evenafter the coup, the same bureaucrats

remain in charge. Maltsev worriedabout the creation of an interna

tional bureaucracy, in which Soviet

and American officials conspire topreserve their power.

Concentrating on domesticbureaucrats, Professor David Fand

XT

CONFERENCES

Bureaucracy ConferenceTZ

of George Mason University demonstratedthe bureaucratic think

ing that led to the SekLcrisis. "Non-bank banks," since

their inception in the 1930s, weregiven special privileges since theywere thought to serve the poor.There has been an egalitarian assumption behind their regulatorytreatment. Regulators also thought

it was important to give privilegesto investors in real estate, since this

would "prevent recession."

American education was dis

cussed by Dr. Thomas Fleming ofChronicles. It is, he said, in a deplorable state because it is in the hands

of a bureaucratic elite in Washington, D.C. The autonomy o( localschool boards and teachers has

been smashed, along with parentalauthority. He ridiculed proposedreforms emanating from the academy, designed to further that control. For example, school voucherswould destroy the independence o\any private school that took them.There is only one real reform: radical decentralization and disman

tling of the state educationapparatus.

Bureaucracy doesn't only affect the economy. Professor Hans-Hermann Hoppe of the University

of Nevada, Las Vegas, argued thatincreased bureaucratization leads

to a lowering of the time horizonsof the public, making them preferimmediate consumption to saving.Bureaucratic interventionism leads

to shorter production projects,fewer technological advancements,

CONFERENCES

Tom DiLorenzo

spoke on"Handicapping

Ilie Handicapped"at the egalitarian

conference.

illusory equality—to special legal privileges, includ

ing preferences for jobs andother people's money redis

tributed through the state.

This creates a welfare

state, Joe Salerno pointedout, that ultimately puts all

private wealth up forseizurebyany group gaining powerin the transfer state. Social

and reduced prosperity. The political system of majoritarian democracy itself, argued Hoppe, tends tohave a corrupting influence on thesecurity of property.

The eleven papers will bepublished in a book. Some will alsobe published in our "Essays in Political Economy" series, and distributed otherwise.

A second academic confer

ence addressed another critical

topic in American society: Egali-tarianism and the Free Society inPrinceton, New Jersey, in April. Itfeatured top economists, journalists, historians, sociologists, and

philosophers.

Murray Rothbard extolled inequality. He argued that innate differences make inequalitypervasive, but this is something tocelebrate. The economic division

of labor requires it, since it allows

people to improve themselves andtheir lot based on their respectivetalents. Yet today, we have an ever-expanding list of certified victimgroups entitled—in the name of an

w. often assume thai egalitarians

are sincerely seeking aworthy social goal, hutthey use the language ofequality as a politicalbludgeon.

cooperation, he said, is in large part

created by the free-market pricesystem, which assigns an objectivenumber to the value of resources

and allows profit and loss calculation to insure that resources are

used efficiently. He showed thatwelfare transfers injure the calcula

tion process, and diminish theoverall welfare of society. DavidFand added in his paper that eventhe voting mechanism can implytransfers of wealth when the systemis rigged to give some groups moreinfluence than others.

The intellectual sources of

egalitarianism were explored byJeff Herbener. He traced its critics

from the ancient philosophers tothe modern Austrian School and

demonstrated that only the natural, unequal social order of freedom

allows individual creativity to befully exercised. In a similar vein,Llewellyn H. Rockwell, Jr., president of the Mises Institute, dis

cussed envy as the primary enginefor egalitarian social engineering.

The desire for social leveling

under majoritarian democracy, saidProfessor Paul Gottfried ol

Elizabethtown College, flows from

the idea that the right to participation in the political process is moreimportant than the security of private property. Nowadays, the pursuit of even global democracy isput-above the traditional institutions

that secure our freedom.

Tom DiLorenzo pointed out

that there are 43 different categories of disability recognized by theWashington bureaucracy. Theirony is that disability legislation,

especially the Americans WithDisability Act of 1990, ends uphurting the disabled. Special privilegeserect barriers to participationin the division of labor.

Feminists have also asserted

the status of a victim group, andProfessor Steven Goldberg of theCity College of New York exam

ined some of their claims. For ex

ample, that it is an arbitrary socialchoice whether men or women

hold dominant positions in government and business, and that

women are entitled to preferences,given historic discrimination.

Using insights from sociobiologyand history, he argued that socialengineers at the least should becautious about sexual leveling.

Yet another form of egalitarian ism sails under the flag of civilrights, and Joseph Sobran of National Review argued that the modern definition of civil rights

contradicts the older version of

rights. The difference, he said, isthat civil rights are really group

entitlements whereas real rightsare inherent to each individual in

the same proportion.

We often assume that egalitarians are sincerely seeking a wor

thy social goal, but Sam Francisargued that more often, they use thelanguage of equality as a politicalbludgeon.The managerial class that

runs the bureaucratic state in the

name of equality has a symbiotic relationship with elected politiciansanil big business, which establishes a

new elite that justifies its power inegalitarian terms. When we hear theword "equality," he warned, weshould think "power grab."

CONFERENCES

Ludwig von Mises addressedquestions of equality and inequality, seeing the answers as funda

mental to fighting socialism andstatism. Dr. David Gordon of the

Mises Institute discussed Mises's

view that egalitarianism isa war onthe natural social and economic

order. A system where individualdifferences work themselves out

through the market process is pre

ferred to one where the state pigeonholes people according to

their political power.

Egalitarian ideology tears atthe substance of every institution,

and Tom Fleming noted how public schooling is designed to promote equality and thus punishacademic excellence. It has also

meant the bullyingof private alternatives to state control.

The Mises Institute not only

holds academic conferences, but

we also teach students about the

Austrian School. To that end, our

O.P. Alford III Center held the 6th

annual Mises University at Stan

ford University in July. There, students of economics receive an

alternative to conventional eco

nomics, which is most often based

on anti-market intellectual foun

dations. Thus we do an end run

around mainstream economics,

and introduce a whole new generation to the Austrian School.

This year we offered 58

classes, 12 seminars, four plenarylectures and discussions, and time

for socializing. This amounts to 146

individual sessions conducted over

seven and a half days. Each studentchose the sessions he wanted

within a framework that allowed 40

hours of classroom time, plus seminars and plenary lectures. At anyone time, four or five classes were

held at once. On two occasions, 13

seminars ran simultaneously.

Our 17 member faculty consisted of Robert Batemarco of

Marymount College; Walter Blockof the College of the Holy Cross;John Egger of Towson State Uni

versity; Roger Garrison of Auburn

University; Robert Higgsof SeattleUniversity; Mark Thornton of Auburn University; Justin Raimondo,author of Reclaiming the AmericanRight; and Rothbard, Hoppe,Maltsev, Salerno, Cordato, DiL

orenzo, Gordon, Herbener,

Sobran, and Rockwell.

Out of hundreds of applications, we admitted 120 students to

the program. "The quality of thestudents was higher than ever," said

Joe Salerno. "They were well-read,interested, had excellent questions, and demonstrated outstand

ing prospects for the future. I don'tknow where all these young Austri-

ans keep coming from, but it surewas encouraging."

"Times sure have changed,"said Murray Rothbard. "I remember when youcould count the Austrian economists on one hand and

the interested students on two.

Now we've got an army out there,in both faculty and students. Whata pleasure. I wish Misescould haveseen this." (For a complete report

on the conference, drop us a note.)

For next year's Mises University, we have refined course offerings in light of new literature, and

once again raised the academiclevel. We will add new features too,

including a documentary aboutMises's life and work (about which

more later) and structured discus

sions on controversies in Austrian

School theory and policy.

Students should get their applications in early for next year'sconference, which will again be

CONFERENCES

held at Stanford University andrun from July 4-11. Full-time students and faculty are encouraged towrite our vice president, PatriciaHeckman, at the Mises Institute

(Auburn University, Auburn, AL,

36849) for a complete catalog andinformation packet.

Before the Mises University,we held an intensive three-day in

troductory workshop for businesspeople and professionals on theideas of the Austrian School. The

next Austrian Economics Week

end, our seventh, will be held at the

University ofNevada, LasVegas, inMarch 1992. For more informa

tion, drop us a note.

We also help sponsor a twice-monthly Austrian School colloquium in Fairfax, Virginia, nearGeorge Mason University, directedby Roy Cordato. It draws economists and other interested scholars

from the entire area. This year, we

had papers by Tom DiLorenzo,Peter Boettke of New York Univer

sity, Karen Vaughn of GeorgeMason University, William Butosof Trinity College, Sandy Ikeda ofCalifornia State University at Hay-ward, Richard Wagner of GeorgeMason University, William G. Lat-fer of the Heritage Foundation,Karen Palesek of Towson State

University, and others.

We are also planning our second conference on the history, the

ory, and practice of the Federal Reserve, May 8-10, on Jekyll Island,Georgia. We will meet in the same

building where the Federal ReserveAct was signed. Unfortunately, wehave no time machine to go backand stop it!

In October 1992, we will cel

ebrate our 10th anniversary with amajor conference on AustrianSchool economics in New York

City, and a gala banquet. We intend the guest of honor to be Mrs.Ludwig von Mises.

Margit and Ludwig von Mises

The John Randolph Club is anew scholarly organization, whichthe Mises Institute helped found,along with the Rockford Institute

and the Center for Libertarian

Studies. We held our first meetingin Dallas to discuss a wide range ofpolicy issues. The second meetingwill be in January 1992 near Washington, D. O, under the chairmanship of Murray Rothbard. TheHeritage Foundation's Policy Review published Professor M.E.Bradford's keynote address fromour first meeting, National Review

said we "had a great lineup," andHuman Events praised the Club'seffort to "bring together conservatives and libertarians." In addi

tion to Rothbard, the club's

trustees include Tom Fleming,Lew Rockwell, Allan Carlson,

Burton Blumert of the Center for

Libertarian Studies, and Michael

Warder of the Rockford Institute.

Film! It's a medium we

have only begun to work

with, but we hope it willbe useful in classrooms and busi

ness groups, and eventually ontelevision, in introducing the

ideas of freedom. Our first projectwas the documentary "Libertyand Economics: The Ludwig vonMises Legacy," produced and di

FILM and PUBLICATIONS

rected by Emmy Award-winnerSandra Garritano. You won't

want to miss this film, featuring

the good guys and bad guys of thecentury, with amazing footage,intelligent interviews, great

music, and moving testimony toMises's contributions.

"Liberty and Economics" hasalready won a coveted nominationfor Northern California's Joey

Award for educational documenta

ries. From the scuttlebutt in the

industry, we anticipate many moresuch honors. And for these Left-

leaning nomination committees torecognize our film, you know it hasto be good!

We have just finished a film of

a Mises University lecture by Mur

ray Rothbard on the future of the

Austrian School. Our next project

is a documentary on the history of

the Federal Reserve System, ex

actly how it does its damage, and

why America needs sound money.

The Review of AustrianEconomics became a

twice-yearly journal in1991, making its articles eligiblefor the Journal of Economic Literature. The most recent (volume

5, number 2) features essays byRichard K. Vedder and Lowell

Gallaway of Ohio University onthe great depression of 1946;Murray Rothbard on de-social

7

ization; Jeff Herbener on Mises;

Hans Hoppe on German unification; Mises fellow Alexander

Tabarrok on taxes; and several

book reviews. The previous issuefeatures Bob Higgs on 18 "problematic propositions" in measuring the growth of government;Bruce Benson of Florida State

University on the economics of

contract law; A.M. Endres of the

University of Auckland, NewZealand on Wieser's and

Menger's contributions to Austrian capital and interest theory;Roger Garrison on New Classical

economics in comparison to Aus

trian economics; and David Os-

terfeld of St. Joseph's College onmercantilism and Marxism. The

RAE remains the only academicjournal in the world devoted toAustrian economics.

The Free Market continued to

produce 12 hard-hitting issues ayear. We featured articles by DomArmentano, Jim Bovard, Tom DiLorenzo, Sam Francis, Paul Gottfried,

Bob Higgs, Matt Hoffman, HansHoppe, Greg Kaza, Bill Laffer, YuriMaltsev, Bradley Miller, Bill Mur-chison, IgorOieinik, Jim Ostrowski,Morgan Reynolds of Texas AekM,

Lew Rockwell, Murray Rothbard,Joe Sobran, Clifford Thies of theUniversity of Baltimore, AlexTabarrok, Mark Thornton, JeffTucker, and many others. Theywrote on subjects as diverse as AlanGreenspan, Norplant, Martin Luther King, and the undergroundeconomy.

Simeon Hebert wrote us: "I

am writing my Ph.D. dissertationand look forward each month to

the breath of fresh air (and clear

thinking) I get in TheFree Market.The articles are so well written that

I have often used them to sway

recalcitrant friends."

The Free Market was even

mentioned in the Journal of Economic Perspectives, for reporting onMiscs's vindication after socialism's

collapse. And conservative giantNeil McCaffrey, writing for hisConservative Book Club, calls The

Free Market "arresting." Comment

ing on one issue, he said:

Murray Rothbard's "BankCrisis!" is a fresh, instructive

look at why even good banks areat risk. Yuri Maltsev, a Russian

free marketeer, offers so many

sound insights into "MikhailGorbachev: Communist" that he

stands no chance at all of beingconsulted by the White House orthe State Department. PaulGottfried's "Rethinking Vouchers,"alerts us to a danger I hadn'tthoughtof. He pointsout tftiat theliberals, if they behave as usual,will use vouchers to intrude still

more into private schools.

The most original article inthe issue (and the most fun) is"Rockwell's Thirty-Day Plan...."It projects how America mightescape the curse of liberalism andreturn to sanity and decency. Adream? I suppose so. But decidefor yourself. You're likely to disagree with this or that plank inhis platform, but do read it andreflect on (a) how far we've de

scended from both morals and

PUBLICATIONS

good sense, and (b) how most ofus, conservatives included, ac

cept the vile premises of liberalism—which, of course, dooms our

efforts. Until we challenge themroot and branch, we'll keepspending our days and yearsjust puttingout fires. Or rather, putting out a

few of the fires. More of them burn

away undisturbed, leaving—De

troit.

For a complete set of all 12issues of the 1991 FreeMarket, send

$10.

Calls to interview our authors

are frequent. So are reprints fromThe Free Market. For example,Consumers' Research magazine reprinted Jim Bovard's article on thedairy industry, Matthew Hoffman's"Attack of the Killer Cows" was

published all over the country in

agricultural magazines, two of Lew

Rockwell's articles were reprintedin Conservative Review, and Wil

liam F. Buckley wrote a column ona Doug Bandow article on the budget, most of it quoted straight fromthe pages of The Free Market. Andwe were quoted in such papers asthe Washington Times and the Mobile Press-Register.

The Economics oj Liberty, edited by Lew Rockwell, collects thebest from The Free Market and in

cludes other articles as well, to pro

duce an outstanding introduction

to economic policy. John Chamberlain gave it a favorable review intinman Events, noting that the volume contains "plenty of gripes"about the government, but alsoplenty of solutions. Bestselling

author Mary Pride said, "every oneof the writers in this book can write.

If you like bland, this is not thebook for you.... The Economics ofLiberty is a very readable introduction to a fresh viewpoint on a hostof economic and political issues."The book was also featured by theConservative Book Club and Lais-

sez-Faire Review.

Tom Fleming, writing inChronicles, said:

Lew Rockwell and his col

leagues at the Ludwig von Mises

Institute have managed to keepalive a pure strain of libertarian-ism, uncontaminated by thepower fantasies of the soft right or

the erotic fantasies ol lifestyle libertarians. With an economic the

ory firmly grounded in theAustrian School and a passionateattachment to the American

principle of limited government,these 'paleolibertarians' do morethan issue press releases or littlereports that no one reads.Through regular conferences anil

summer-school programs they

have been creating a following ofintelligent students, and through

their series of books, pamphlets,and reprints, they are doing what

they can to stall the progress ofbureaucracy and mind-control that

is spreading throughout even- institution

of American life....

(Tlhis book...[is]fresh evidence that

the dissolution of

the Soviet empire(followed by the disintegration of the

monolithic Ameri

canright) isan oppor

PUBLICATIONS

tunity to rethink the past sixtyyears ofAmerican political history.

This year we put our Essays in

Political Economy in an attractive

new format. Each is a scholarly but

accessiblepaper distributed to boththe academic community and themedia.

The first issue was Equality asa Political Weapon by Samuel Francis, which argued that modern pol

itics is dominated by the language

of equality, hut not for egalitarianends. The real purpose is the accumulation of power by an entrenched elite of politicians and

bureaucrats.

The second was De-Socializa

tion in a United Germany by Hans-Hermann Hoppe. The unification of

Germany foisted an incredible burden of East German welfare liabili

ties on the West German public,making the newly reunited Germany a social democratic welfare

state of massive proportions. TheEast is better off, but there was lost

a historic opportunity to scrap socialism in West and East Germany.

The third was Egalitarianism,

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Centralism, and the Debasement ofAmerican Education by ThomasFleming, showing how schoolsare routinely harassed by the stateon egalitarian grounds. He concludes that any reform in educa

tion must be a step backwards if itcentralizes decision-making inWashington, D.C. And that in

cludes the vouchers advocated bythe Bush administration.

The fourth was Tom

DiLorenzo's Handicapping theHandicapped: State Intervention forthe Differently Abled, presented atthe egalitarianism conference, argues that the legislation designedto help disabled people overcomebarriers to their participation in

the division of labor actually endsup hurting most disabled people.

The fifth was Paul Gottfried's

Teaching Democratic Values, demonstrating how the elevation ofvoting rights above respect for private property has put society on apath toward majoritarian tyrannyand the managerial state. He arguesthat the dominant intellectual

trends, on both right and left, support the egalitarian ideology underlying this trend.

The sixth was Allan

Carlson's The Political Economy ofMixed-Economy Welfarism: TheCase ofSweden,which shows wherethe American welfare state is lead

ing. He shows how Sweden's experiment effectively destroyed notonly the economy but the privateinstitutions that underlie a goodsociety: family and property.

The Austrian Economics News

letter is an institution dating backnearly 15 years. (It was originallypublished by the Center for Libertarian Studies.) Edited by studentsunder the guidance of MarkThornton of Auburn University, itis our vanguard publication forcommunicating new ideas and news

to economics students in the U.S.

and around the world. This year'sissues featured an article on antitnist

by Tom DiLorenzo; an interviewwith Leland Yeager; Jeff Herbenerand BarrySmith of the International

Academyof Philosophyon methodology and mathematical theorizing;Alexander TabarrokOnsubjectivism

and value theory; Christopher Lin-gle of Miami University on European integration; Roger Koppl ofFairleigh Dickinson University onLudwig Lachmann; Hans Hoppeonthe contributions of Mises; book

reviews on central banking, taxation, Austrian theory, biographies,and anthologies; conference reports, and news. Students and In

stitute Members may receive it on

request.

Freedom, Inequality, Primitiv-isril, and the Division of Dtbor byMurray N. Rothbard was first pub

lished more than 20 years ago, butwasout of print until we brought itback with a new introduction bythe author. In this importantmonograph, Rothbard demonstrates how the socialist Left has a

broader agenda than collectivizing

PUBLICATIONS

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unci

UndcrslnmlinK

,.i«irnr«

•~™

FREEDOM.

INEQUALITY.

PKIM1TIVISH.

AND THE

DIVISION OF LABOR

Econamli CalcuUllou

in Hit

Sochflfl Commo allh

property; they want a general social

leveling through group victimization and privilege. Put simply, theLeft is at war with the division of

labor. One reviewer said, this is a

"handbook to understanding thepolitics of the 1990s." Another

powerful book by Rothbard isWhatHas Government Done to Our

Money!, widelyregarded as the single best introduction to monetarytheory ever written. We reprinted

it in a new, updated edition. It covers the origins of money and banking, the decline of the goldstandard, the appearance of central

banking, and the destruction that

followed.

It was reviewed by ThomasFleming in Chronicles:

Murray Rothbard isno rogue

economist, subordinating humanconcerns to economic calculation,

lie hasalwaysbeen a historian and,

above all, a moralist whose obses

sion with human liberty has madehim enemies across the political

10

spectrum. His little book on

money, first published in 1963,provides a clear and entertainingaccount ofmoney andbanking fr< >mthe perspective of the AustrianSch(X)l, as well as a nutshell historyof American economic policy.Rothbard is learned but never pedantic, simple without ever trivializing his complicated subject. Thelxx)k has converted many of themost skeptical readers to the dextrine of hard money and ought tobeput in the hands of every parentand potential voter in the UnitedStates. If that sounds too much like

coercion, then order the book.

The particular method of economic theorizing is the tool economists regard as legitimate to theircraft. Austrian economists have

their own views on the issue, and

we printed Praxeology and Understanding by University of Georgiaeconomist (and former Mises fel

low)George Selgin to help sort outthese issues. It explains the difference between good theoreticalscholarship and historical investigation, the role mathematicsshould play, and the role of empirical and deductive approaches.

Being hailed around the

world is Economic Calculation in the

Socialist Commornvealth, written in

1920 by Ludwig von Mises. We reprinted it with a foreword by Polisheconomist Jacek Kochanowicz, anintroduction by Russian economistYuri Maltsev, and a postscript byJoseph Salerno. Not only did this

essay predict the collapse of socialism, but it explained why it was inevitable. Economists, unfortunately,

are just now beginning to incorporate the Misesian lesson that private property is the foundation ofrational economies and there is no

short cut. Joe Salerno's postscript,"Why Socialist Economy is Impossible," will be reprinted in TheMarket Solution to Economic De

velopment in Eastern Europe(Edwin Mellen Press), edited byRobert W. McGee.

The Richard Ebeling edited

volume, Mone\, Method, and theMarket Process, which we co-published with Kluwer Academic Pub

lishers, isfilledwith wonderfulessaysby Mises. In the yearsince its publication, it has emerged as the bestsingle work introducing the mainideas of the Austrian School. Tit is

workisbeing translated into Russianand published by the Russian Academy of Sciences, along with Miscs's

Econojnic Policy forToday andTomorrow, thanks to Richard Ebeling.

We are also reprinting one of

the best defenses of sound money,

Murray N. Rothbard's classic Ca.sefor a 100% Gold Dollar, with a newintroduction, and Lew "Rockwell's

edited volume, The Gokl Standard:

Austrian School Perspectives, also

with a new introduction. This

book—in a special edition forstudents and faculty—contains

important monetary essays byMurray Rothbard, Roger Garrison,

Hans Stennholz, Richard Ebeling,

Lawrence White, Joseph Salerno,and others.

The Meaning of Ludwig vonMises: Contributions in Economics,

PUBLICATIONS

Epistemology, Political Philosophy,and Sociology, edited by JeffreyHerbener, will be out in the first

quarter of next year from KluwerAcademics. It collects outstanding

essays on Mises's contributions toeconomic thought, with contributions by Israel Kirzner, MurrayRothbard, Leland Yeager, HansHoppe, and many others. We willkeep you abreast of developments.

Also due out from Kluwer in

our series of Studies in Austrian

Economics is The Economics and

Ethics of Private Policy by our seniorfellow Hans-Hermann Hoppe. Hislast book, A Theory ofSocialism andCapitalism, continues to be a world

wide bestseller (in academic terms,

at least!).

Everyone knows that Misesforetold the collapse of socialismand demolished the intellectual

edifice upon which it wasbuilt. Butwhat did Mises have to say aboutthe post-socialist age? The answeris plenty. We have compiled twowonderful examples in a new hook,

Two Essays by Ludwig von Mises.The essays are "Liberty and Property," which shows that we cannothave one without the other, and

"Middle-of-the-Road Policy Leadsto Socialism," which demonstrates

the logical contradictions of amixed system like the U.S.'s today.A new and extensive introduction

is by Tom DiLorenzo. He discussesmodern government failures (public schools, welfare, health policy,

11

environmentalism) and shows how

Misesian logic explains them.

Here's something to look forward to in 1992: a collection of

Murray Rothbard's greatest but inaccessible articles on the econom

ics of the Austrian School. It will

be a massive tome, which will serve

as an overview of the Austrian

School and Rothbard's contribu

tions to it.

We also published a new and

attractive brochure about the ac

tivities of the Mises Institute, and

reprinted a classic pamphlet oneconomic myths by Rothbard in ahandy new format.

In addition, we helped Professor Ron Howard schedule the

Dofflemycr Lecture Series at

Stanford University, and arrangedfor our media fellow Joe Sobran to

teach and give a university-widelecture at Washington StateUniversity's Freedom PhilosophyDay sponsored by G. F. and Florence Maughmer. In previous years,our scholars Murray Rothbard andHans Hoppe have participated inthis program.

Lew Rockwell lectured on

the work of the Ludwigvon Mises Institute at

the Heritage Foundation in

Washington, D.C. He spoke

about the founding and purposeof the Institute, the progress ofour ideas, and our plans for thefuture. He also spoke at theAmerican Legislative ExchangeCouncil's 18th annual meeting

(other lecturers included Jack

Kemp and Bill Bennett) and atRon Paul's "Bretton Woods II"

monetary conference in Bretton

Woods, New Hampshire. Otherspeakers included our trustee

Burton S. Blumert, our media fel

lows Joe Sobran and Richard

Band, and our adjunct scholarMark Skousen.

Rockwell was invited to tour

the Balticstates by Howard Phillips's

Conservative Caucus Foundation.

His other talks included the

Dofflemyer Lecture Series at Stanford University; Sound Money Investor Conferences in Orlando,

MEDIA COVERAGE

Florida, Las Vegas, Nevada, andSan Jose, Costa Rica; ProfessorMurray Sabrin's free market lectureseries at Ramapo College in NewJersey, which was videotaped forbroadcast; the First Annual Maine

Conservation Rights Congress;Gary North's American VisionConference at the University ofAlabama; the Certified Financial

Planners Meeting in Solomons Island, Maryland; the University of

South Alabama's campus-wide lecture series; and the National Agricultural Aviation Association

annual meeting. He was quotedextensively in the media on sub

jects as diverse as tax cuts, disability legislation, the Thomasnomination, and the growth ofexec

utivepower, and he wasinterviewedby Money Magazine.

THE WALL STREET,JOURNAL.

WHEAMEIUCANSPECTATOR

12

Rockwell's articles ran in such

publications asChronicles, the Journal of Libertarian Studies, the NewAmerican, the Minneapolis Star Tribune, the Conservative Review,USA Today, and Antithesis, and hehas had a series of commissioned

columns in the Los Angeles Times.

He wrote an analysis of the

pope's new encyclical, "Cen-tesimus Annus," for the WashingtonTimes, which appeared the dayafter the encyclical and stirred upmuch controversy, by argtiing thatthe new document was a vast im

provement over others this century,which have promoted socialistwaysof thinking about economic problems. He has also written on unem

ployment benefits for the Times, andbeen frequently quoted in its potent"Inside the Beltway"column byJohnElvin, as well as by Insight magazine.

Professor Walter Williams ofGeorge Mason University wrote a

column about Lew's monograph onthe environment published by theCenter for Libertarian Studies. The

"column generated great re

sponse," he wrote us. "Most of theresponse was supportive. However,

I did receive a few letters of con

demnation and I was warned about

my chances on getting into

heaven." The bookstore at Stan

ford University bought 100 copies

of the publication, which may havebeen responsible for the Bay Areafire.Ray Archer alsoquoted it in theArizona Republic. America's toptalkshow host, Rush Limbaugh, did

a show based oh the monograph(400 stations), and the Mackinac

MEDIA COVERAGE and SCHOLARS AND STUDENTS

Center's Lawrence Reed, in a col

umn on the monograph, calledRockwell "one of the most brilliant

advocates of the free market

today." Reviewing it, the Rev. R.J.Rushdoony wrote, "Anything LewRockwell writes isa delight to read,witty, telling and giving in a shortspace what others cannot say inhundreds of pages."

Charley Reese mentioned anarticle of LewRockwell's in his syn

dicated column, calling him "a

young man with a brain and a pen

as sharp as a samurai sword." AndJim Grant of the influential Grant'sInterest Rate Observer wrote to con

gratulate him on his "Victorian Fi

nance" editorial.

The Washington Times quotedLew Rockwell as saying, "If Bushand company continue doing tothe U.S. economy what the Air

Force did to the RepublicanGuards, we may have really serioustrouble in short order." And in

Redwood City, California, a newspaper praised a Chamber of Com

merce speech of Rockwell's.

In addition, Rockwell is

heard several times a

week on top radio talkshows around the coun

try, on subjects rangingfrom taxes to the envi

ronment. Cliff Kincaid,

the famous conservative

commentator in Wash

ington, wrote to Rockwell: "Do you write your own material? Some of your lines are better

than Jay Leno's." Rockwell andRothbard were also mentioned in a

cover story for The American Spectator, formerly The Alternative.

The award for generating the

most response this year goes to Paul

Gottfried's and Jeffrey Tucker's"Rethinking Civil Rights," which

argued that the 1964 civilrights act was corrupt to thecote and that it is the basis—

historically, logically, andphilosophically—of all ourmodern racial troubles. The ar

ticle was read on radio stations

around the country, and we received more than 700 requestsforreprints over the phone andthrough the mail. BothGottfried and Tucker re

ceived dozens of calls for in

terviews on the piece.

The Ma?;qin, a national magazine for economics majors, rati a

news story on last year's Mises University by Dawn Webber: "Gatheredhere weresome of the leading think

ers of the Austrian School today,and the students were eager to

learn. One of the most rewardingparts of the conferences was the

rare opportunity for participants to

13

\\\W\^\\W^

Beltinu Bieri Greaves

interact with the Austrian thinkers

whose works they had read and admired."

We have initiated a periodicprize for economic malarkey. It'shigh time, because there are somany worthy recipients. We call it

the Oskar Lange prize, after Mises'sgreat socialist foe in the calculationdebate. This year, wegave the prizeto Robert Kuttner for his book The

End of Laissez-Faire and to RobertHeilbroner for his lifetime devo

tion to socialism.

e are most pleasedto announce that

Bettina Bien Greaves

of the Foundation for Economic

Education has joined us as theDistinguished Mises Scholar.Mrs. Greaves who attended

Mises's American seminar from

beginning to end, is the editor ofa new collection of essays byMises called Economic Freedom

and Interventionism, co-editor of

On the Manipulation of Money andCredit by Mises, compiler of thecomplete annotated bibliography

W;

of works by Mises and about him,

and has written widely on the Austrian School. She and her late hus

band, Professor Percy Greaves,were close colleagues and friends of

Ludwig and Margit von Mises, andshe helps Mrs. Mises with much ofher work today. We intend to callon her knowledge and wisdom frequently.

This year Murray Rothbardreceived global attention in the ac

ademic community. With the

French edition of his classic The Eth

ics of Liberty now out, the French

quarterly Journal des Economistes etdes Etudes hlumaines published a laudatory symposium on thebook. Onecontributor, Bertrand Lemennicier,

professor of economics at the Uni

versities of Lille and Paris, saysRothbard prophesied the problems

associatedwith returning property toits just owners after confiscation

under socialism. He concludes: "It

isno longerpossible to do any studies of economics or rights while

ignoring the contribution of Mur

ray Rothbard.... L'ethique de laliberte is one of the most important

treatises on political and juridicalphilosophy of our century." Thereis also a new French collection of

his economic essays entitledEconomistes et Charlatans with an

introduction by F. A. Hayek. "Thecontributions of Professor Rothbard

to the great tradition of Misesscholarship are among the mostsignificant," writes Hayek. Howwonderful "that the ideas of this

tradition" are now made accessible

in this "priceless guide for under

SCHOLARS AND STUDENTS

standing today'sdebateson politicaleconomy." Rothbard has also written for the National Review, the Con

servative Review, Chronicles, the

Journal ofEconomic Histoi-y, the Dan

ish journal Praxeologica, the ReviewofAustrian Economics, the Journal ofLibertarian Studies, and the Rothbard-

Rockwell Report. He is revising hismanuscript, The Betrayal of theAmerican Right, for publication, andcontinues to work on his multi-vol

ume history of economic thought.

Our student Parth Shah be

came Professor Parth Shah of the

University of Michigan-Dearborn

this year. He wrote us a wonderfulletter (see insert).

Ron Paul, our senior counsel

lor, published the Ron Paul Money

Book, a compilation of his writingson the gold standard and related

issues. His "At Issue" television

show, produced by the NationalEndowment for Liberty, wasshown

on C-NBC. And a coalition ofcon

servatives and libertarians formed

a national committee to urge him

to challenge George Bush in theRepublican primaries.

Our senior fellows and ad

junct scholars are among the mostactive writers and thinkers in the

academic community. Here are justa few examples:

Our senior fellow Yuri N.

Maltsev, formerly of the U.S.S.R.'sAcademy of Sciences, has beenspeaking all over the country for

the economics of Ludwig von

Mises. And he has even done some

consulting for the World Bank, butprobably only once, since he tells

them what they don't want to hear:Soviet reforms are going nowhere

and in the wrong direction at thesame time. He has also published,with our aid, several pieces on theSoviet Union in the Washington

Times and elsewhere, which led

many Soviet newspapers and journals, including Pravda before it

went under, to reprint his comments. His Russian colleague IgorOieinik, our adjunct scholar, has

also published several articles, andhas started a consulting service for

people wanting to do business inthe Soviet Union.

Ronald Nash of the Reformed

Theological Seminary, Orlandocampus, lectured on economics andreligion in the Soviet Union and at

the Acton Institute. The second edi

tion ofhis Poverty and Wealth hasjustbeen published.

Our senior fellow Walter

Block moved from the Fraser Insti

tute to the economics departmentof the College of the Holy Cross,and published in the Journal ofBusiness Ethics, the Harvard JournalofLaw arid Public Policy, theJournalof Pricing Management, the Journalof Public Finance and Public Choice,the International Journal of SocialEconomics, and theJournal of LaborEconomics.

Richard Ebeling of Hillsdale

College edited two books: AustrianEconomics : A Reader and Austrian

Economics: Perspectives on the Past

SCHOLARS AND STUDENTS

and Prospects for the Future. He isalso vice president of the Future ofFreedom Foundation.

Paul Gottfried of Elizabeth-

town College has finished, withThomas Fleming, the second edition of their comprehensive bookon the Conservative Movement. He

wrote for the Political Science Re

viewer and Society, and published abook on Car! Schmitt: Politics and

Theory. The first issue of the journal of his Center for Business and

Society, This World, has a lead essayby our David Gordon on the illogicof mass democracy.

Roy Cordato is completing a

book on externalities and effi

ciency from an Austrian Schoolperspective, to be published, withour assistance, by Kluwer Academic Publishers.

Mark Skousen of Rollins

College finished editing a hook

from our Harvard conference on

Keynesian economics, due soonfrom Praeger, and he is working onan Austrian college-level textbook.

Thomas DiLorenzo of the

University of Tennessee, Chattanooga, completed a book with

James Bennett on Telling It Like ItIsn't: Federal Government Propaganda and authored a monographon energy policy for the Center for

the Study of American Business.He exposes ill-directed (i.e., Left-

directed) corporate philanthropywith the Capital Research Center,and writes frequently for The Freeman and many newspapers.

15

Some ofourscholars and students(from Ioj> left to right): Roger

damson, Marl; Thornton. Robert

Higgs, Waller Block, DavidGordon,and Jeffrey Tucker.

Roger Garrison of Auburn

University continues his research

on business cycle theory, and haswritten for the Cato Journal, the

Southern Economic Journal, and theJournal of Economic Literature, aswell as contributing two entries toEncyclopedia of Business Cycles,Panics, Crises, and Depressions.

Dom Armentano of the

University of Hartford is helpinglead the magnificent tax revolt inConnecticut. He writes fre

quently for Connecticut newspapers, did an introduction to a newedition of his Anti-Trust Policy,and published in the Mid-AtlanticJournal of Business.

James Ostrowski, a practicing

attorney in Buffalo, New York,published "Answering the Criticsof Drug Legalization" in the NotreDame Journal of Law, Ethics, andPublic Policy. The article, whichWilliam F. Buckley called a "tremendous piece, absolutely brilliant," will also be published in aHoover Institution book. And he

has written for the Wall StreetJour

nal on the irrationality of govern

ment regulation.

Thomas C. Taylor, dean ofthe business school at Wake Forest

University, spent the summer lecturing on accounting and economic calculation at the Moscow

State Institute of International Re

lations.

Robert Higgs of Seattle Universityedited a book on Arms, Politics, and the Economy, andcontributed frequently to suchmagazines as The Freeman.

Edward L. Hudgins of theHeritage Foundation continues hiswork on budgetary issues, foreignaid, and desocialization. Igor

Oieinik of the International Cen

ter for Development Policy writesfrequently on the incomplete orphony Soviet reforms. LawrenceReed has built Michigan's Mackinac Center into a most respectedand influential think tank.

Joe Salerno of Pace Univer

sity has contributed two entries tothe Encyclopedia of the AmericanRight, on William H. Hutt andGottfried Haberler, and publishedan article in the Journal desEconomistes et des Etudes Humaines

SCHOLARS AND STUDENTS

on the monetary theories of JohnLaw and A.R.J. Turgot.

Mark Thornton, the O.P. Al-

ford III assistant professor of economics, got much press attentionforhis Freeman articleon drug legalization, and his study for the Cato

Institute on the same subject, including a mention in SteveChapman's syndicated column.

Several newspapers mentioned hisplan to sell the Post Office to pri

vate investors, and he has a book

forthcoming from the University ofUtah Press on The Economics ofProhibition.

The annual meeting of theSouthwestern Social Science As

sociation in San Antonio had a

strong Mises Institute connection:

Mark Thornton chaired panels on

the "Financial Crisis," with RogerGarrison, Parth Shah, MurrayRothbard, and our former studentsnow teaching, John McCallie of theUniversity of Alabama, Birmingham, and Larry Sechrest ofSul RossState University;and on the "Down-fall of Communism" with Hans

Hoppe, Yuri Maltsev, MurrayRothbard, and LarrySechrest. MarkThornton also co-authored a paper

on the "Economics of Prohibition

and Crime" with Richard Beil of

Auburn University.

Our UCLA Mises fellow,

Sven Thommesen, is spending ayear teaching Austrian economicsat the University of Alma Ata, andacting as economics advisor to thegovernment of the Soviet Republicof Kazakhstan. Flis wife, Judy

16

Thommesen, who heads ourpublications department, will join himthere for part of the year.

A panel at a scholarly conference in Latvia sponsored by theUkrainian Academy of Sciences,assisted by the Sabre Foundation,featured a discussion of the works

of Mises and his followers. GeorgeSelgin warned against the futile ef

forts to impose new fiat paper currencies in the Baltics and other

ex-Soviet areas. Sven Thommesen

commented on the paper.

Senior scholar David Gordon

published more than 20 scholarlyarticlesthis yearand publisheda newbook, Resurrecting Marx, whichdemolishes analytical Marxism.

RESURRECTING

MARXTn« AnalyticalMarxist! onFreadom, jExploitation, .and Justice

_,' -.-X .

He has also finished a monographon the Philosophical Origias ofthe Austrian School, which we will publish.

Steve Hanke of the Johns

Hopkins University has been busyconsulting with the governments

of Albania, Argentina, Bulgaria,Chile, Lithuania, Russia, and Yu

goslavia. Known as the "currencydoctor," Hanke prescribes an immediate end to: central bankingand state ownership of the meansof production. He has written for

many publications, includingBarrons, the London FinancialTimes, and the Wall StreetJournal.

On October 15, 1991, Uni

versity of Chicago emeritus professor, R. H. Coase, won the Nobel

Prize in economics. Some Austrian

School economists celebrated, be

cause his articles have argued thatprivatearrangementsbetween property holders solve social and economic problems better than

government planners; he debunked the myth that lighthouses

are a public good, since privatelighthouses have worked well; andhe writes in clear, logical, non-mathematical language, in con

trast to most of the profession,which has for decades been trying

to confuse this social science with

physics (see insert).

The forthcoming Encyclopediaofthe American Right, edited byGregory Wolfe, has entries by Rothbardon Ludwig von Mises; Rockwell on

Austrian economics, and on envy;Free Market managing editor Jeffrey Tucker on Garet Garrett,

George Santayana, and enterprisezones; and Miscs fellow Alexander

Tabarrok on Ayn Rand.

Tucker has published articlesand reviews in Crisis, Chronicles,The Freeman, and Human Events

(an article which was also the basis

of a column by William F. Buckley). He speaks regularly on soundeconomics at M. Stanton Evans's

National Journalism Center, and de

livered a talk at Morton Blackwell's

Leadership Institute. He co-au-

SCHOLARS AND STUDENTS

October 29 1***»«*OnL *"'* %

dent on the r Cco»»>mcv , / •, ,s *e

""Possible for '""'"•'"> IV.J^'f^lysis.

/,cai'lly on U eco'"»»>c «•„,„ 'he n«me of •

*•""kill my c/' '" Ja"^ 1992 ', SChed"l'd«onomiay*"J<for ,he 199j '"'"Pose rf„

****** out0ftke

Gdry North

thorcd an article with Lew Rock

well on the "Cultural Thought ofLudwigvon Mises"which appearedin the Journal of Libertarian Studies;reprints are available to Members.Just drop us a note.

In addition to their studies,

our students around the countryhelp promote the work of the MisesInstitute and the ideas of freedom.

Many are helpful in doing the nuts-and-bolts work of the Mises Uni

versity—selecting topics, assigning

schedules, etc, such as Richard

Hite of George Mason Universityand Amy Marshall of Notre Dame.Others help prepare manuscripts

17

for publication, as Sofia Bump ofGMU has done. Alexander

Tabarrok of GMU, in addition to

teaching, has had several scholarlyarticles in major journals, including the Review of Austrian Economics. And Peter Klein of Berkeleyis working on the collected workof F.A. Hayek and as the new

managing editor of the Journal ofLibertarian Studies. We also gethelp from Brian Gill, Laura

Minech, Jim Kee, and SandyJohnson of Auburn University.

Our media fellows help usspread the word about free markets,and consult with us frequently

SCHOLARS AND STUDENTS and MISCELLANEOUS

about economics and economic

policy. For example, Tom Bethell,

who writes for the American Spectator- and the Los Angeles Times, is finishing a book on private property.James Bovard has a new book on

The Fair Trade Fraud and writes for

the Wall StreetJournal and Washing

ton Times. Samuel Francis writes a

column for the Washington Times

and Chronicles that Pat Buchanan

calls"astoundingly good." WilliamMurchison writes a syndicated col

umn fromthe Dallas Morning News.Joseph Sobran, critic-at-large forthe National Review, writes a syndicated column.

The Leadership Institutenoted in its literature

that "the world remem

bers Ludwig von Misesnot only forhis own writings but also for found

ing the fmodernl Austrian Schoolof economics. He passed down his

thoughts by teaching and guidingyounger economists."

In a speech, Nobel laureateMilton Friedman said: "There is no

doubt in my mind that Lttdwig vonMises has done more to spread thefundamental ideas of free markets

than any other individual."

E.J. Dionne of the WashingtonPost mentioned Mises prominentlyin an article for the "Outlook" sec

tion of that paper, and his book,Why Americans Hate Politics,chronicles Rothbard's role in the

MISES BUILDING FUND

S400,000

$300,000 —

$100,000

intellectual and political history ofthe Right.

Sfry magazine called the Austrian School of economics "ultra

laissez-faire." Editorial note to Spy:laissez-faire—complete economic

freedom—is like pregnancy Youeither are or you aren't. There is

no such thing as ultra laissez-faire.

The Wall Street Journal quotedan extensive passage from Mises's

^

Socialism in their "Notable &.

Quotable" section, and we insuredthat free-market books spreadthroughout Eastern Europe and theBaltics, including boxes of anti-so

cialist literature taken with Lew on

his trip.

Dr.JamesE.Martin, presidentof Auburn University, wrote that

the "Mises Institute iscontributingsignificantly to the visibility of Au

burn University through its publications and financially through its

scholarship to undergraduates andgraduate students. Lew Rockwellis, in my opinion, doing an out-

Standing job in providing leadership for the von Mises Institute andhas certainly worked in a most co

operative manner with the AuburnUniversity faculty and staff."

NASA called to discussa possible contract, if we could demon

strate that their technology benefitsthe economy at large. No thanks.

We explained that everydime spenton NASA means less resources for

the restof the economy, and thus lessoverall innovation, technological

and otherwise. So much for the government gravy train!

=~^

1Thank you for a great year, the biggest

and best yet. Next year, pleasejoin us as

we celebrate our tenth anniversary tvilh

more work for freedom.

^^= S18

COLLEGES AND UNIVERSITIES

In 1991, we were pleased to help students and faculty at the followingcolleges and universities through scholarships, teaching programs,

books and other publications.

Air Force Institute ofTechnologyAlbright CollegeAlfred UniversityAlleghenyCollegeAllen Hancock CollegeAllcntown CollegeAmerican Graduate School

of International ManagementAmerican UniversityAmherst CollegeAndrews UniversityAnna Maria CollegeAppalachian State UniversityArapahoe CollegeArizona State UniversityArkansas Tech UniversityAshland CollegeAssumptionCollegeAtlantic Baptist Bible CollegeAuburn UniversityAuburn University at MontgomeryAustin State UniversityBabson CollegeBall State University

Baal CollegeBarnard CollegeBaruchCollegeBatesCollegeBaylorUniversityBellarmine CollegeBellevue CollegeBelmont College

Belmont Abbey CollegeBcloit CollegeBenedict CollegeThe BenedictineCollegeBennington CollegeBentleyCollege-Berry CollegeBethany CollegeBiola UniversityBirmingham SouthernCollegeBishopCollegeBluffton CollegeBoiseState UniversityBoston College

Boston UniversityBowdoin CollegeBowling Green State UniversityBloornfield CollegeBrandeis UniversityBrigham YoungUniversityBrownUniversityBucknell UniversityButler UniversityCalifornia State Polytechnic InstituteCalifornia State University, FullertonCaliforniaState University, HaywardCalifornia State University, LongBeachCaliforniaState University,Lis AngelesCalifornia State University, NorthridgeCalifornia State University, SacramentoCalvin College

Cameron UniversityCampbellUniversityCarleton CollegeCarnegie Mellon UniversityCarroll CollegeCarthage CollegeCase Western ReserveUniversityCatawba CollegeCatholic Universityof AmericaCentenaryCollegeCentral CollegeCentral State UniversityCentreCollegeChaminade UniversityChapmanCollegeTile Citadel

City Universityof New YorkClaremont McKenna CollegeClark UniversityClarkson UniversityClearwater Christian CollegeClernson UniversityCleveland State UniversityColby College-Colgate UniversityCollege ol the HolyCrossCollege of the MainlandCollege ol MarinCollege of Saint ThomasCollege of the SouthwestCollege of William and MaryColorado State UniversityColumbia University

Columbus College-Connecticut CollegeCornell UniversityCuyahoga College-Dallas Baptist UniversityDallasCounty CollegeDanmouth CollegeDavidson CollegeDe Anza CollegeDekalb CollegeDenison UniversityDe Paul UniversityDeVry Institute of TechnologyDrake UniversityDrew UniversityDrexel UniversityDuke UniversityEastern CollegeEastern Carolina UniversityEastern Illinois UniversityEastern Kentucky UniversityEastern Oregon State CollegeEastern Washington UniversityElizabethtown CollegeEmbryRiddle Aeronautics UniversityEmory UniversityEmory and Henry CollegeFairfield UniversityFairleigh Dickinson UniversityFelician College

19

FitchburgState CollegeFlorida Atlantic UniversityFlorida Institute of TechnologyFlorida International UniversityFlorida State UniversityRootHillsCollegeFordham UniversityFramingham .StateCollege-FrancisMarion CollegeFranklinand MarshallCollegeFurman UniversityGalveston CollegeGeorge Mason UniversityGeorge Mason University School of

Law

Georgetown UniversityGeorgetown University School of LawGeorge Washington UniversityGeorgia CollegeGeorgia Institute of TechnologyGeorgia Southern UniversityGeorgia State UniversityGettysburg College-Golden Gate UniversityGoucher CollegeGraceland College-Grand Canyon UniversityGrantham College of EngineeringGrove City CollegeGuilford CollegeHamilton CollegeHampshire CollegeHampden-SydneyCollegeHarding UniversityHarvard University

Harvey Mudd CollegeHaverfordCollegeHillsdale College-Hiram CollegeIlohart ami WilliamSmith CollegesHorstra UniversityHopeCollegeHouston Baptist UniversityHoward UniversityHoward Payne UniversityHudson ValleyCollegeHumboldt State UniversityHunter College1luntingdonCollegeHuntington CollegeHyles-Anderson College-IdahoState UniversityIllinois State UniversityIndiana UniversityIndiana University School of Law-Indiana State UniversityIndiana Wesleyan UniversityInternational UniversityIowa Wesleyan CollegeItawamba College-Ithaca CollegeJacksonvilleState UniversityJacksonville University

John Brown UniversityJohn Carroll UniversityJohns Hopkins UniversityJuanita CollegeKansas State UniversityKent Slate UniversityKenyon CollegeKirkwoodCollegeKutztown UniversityLake Erie College-Lake Forest College-Lake Forest Graduate School

of ManagementLake Sumter College-Lake Superior State UniversityLaRocheCollegeLa Salle CollegeLawrence Technical UniversityLehigh UniversityLehman CollegeLeMoyneCollegeLesleyCollege-Liberty UniversityLinfield College-Long Beach CollegeLong Island UniversityLoras CollegeLouisiana State UniversityLouisiana Technical UniversityLoyolaMarymount UniversityLoyola University, ChicagoLoyola University, New OrleansLuther CollegeMacomb CollegeManhattan CollegeManhaltanvilleCollegeMarine Military AcademyMarquette UniversityMarymount CollegeMaryville CollegeMaty Washington CollegeMassachusetts College of ArtMassachusettsInstitute ofTechnologyMaster's CollegeMeGeorge School of LawMcNeese State UniversityMemphisStare UniversityMerced College-Mercer UniversityMcrcyhurst CollegeMerrimack CollegeMetropolitan State CollegeMiami UniversityMichigan Christian College-Michigan State UniversityMiddlebury CollegeMillsapsCollege-Mission CollegeMississippi State UniversityMobile CollegeMonmouth CollegeMontana State UniversityMontclair State College

Moravian CollegeMount Holyoke CollegeMuhlenberg CollegeMurray State UniversityNational CollegeN\u MexicoI lighlahds UniversityNew Mexico State UniversityNew York UniversityNewport CollegeNicbolls StateUniversityNichols CollegeNorthCarolinaState UniversityNorth Dakota State UniversityNorth TexasState UniversityNortheast MissouriState UniversityNortheastern UniversityNorthern Arizona UniversityNorthern Illinois UniversityNorthern MichiganUniversityNorthern Montana CollegeNorthern Virginia Community CollegeNorthwestern UniversityNotthwood Institute

Nvaek College-Oakland UniversityOccidental CollegeOhio St.ne UniversityOhio UniversityOklahoma State UniversityOld Dominion UniversityOral RobertsUniversityOregon State UniversityPaceUniversityPacific Lutheran UniversityPalm Beach CollegePan Am UniversityPatrick Henry CollegePennsylvania State UniversityPcppcrdine UniversityPfelffer CollegePierce CollegePitzer CollegePolytechnic Instituteof NewYorkPomona CollegePortlandState UniversityPrinceton UniversityPrincipiaCollegePurdueUniversityRamapoCollegeRandolphMaconCollegeReformed TheologicalSeminaryRemhardt CollegeRcnsselaei Polytechnic InstituteRhodesCollegeRice UniversityRicks (lallegeRiversideCollegeRollins CollegeRoosevelt UniversityRutgers UniversitySat i.iiikiuoCollegeSaginaw Valley State UniversitySaint Andrews Presbyterian CollegeSaint ('loud State UniversitySaint John's CollegeSaint John's UniversitySaint Josephs CollegeSaint Joseph's UniversitySaint Lawrence UniversitySauu LeoCollegeSaint Louis UniversitySaint Mary's CollegeSum Mary'sCollege of Minnc-ota

COLLEGES AND UNIVERSITIES

Salem StateCollegeSalisbury State (CollegeSamHouston StateUniversitySainton! UniversitySan Diego CollegeSan IMego Slate UniversitySan Francisco State UniversitySan JoseState UniversitySarahLawrence <tollegeSaybrook InstituteSchiller International UniversitySeattle UniversitySeton I[all UniversitySlu-lion Stale College-Shepherd CollegeShorter CollegeSiena CollegeSierra Nevada i CollegeSimmonsCollegeSkidinote CollegeSmith College

Sorrell Busines£( CollegeSouth Dakota State UniversitySouthern Connecticut State UniversitySouthern IllinoisUniversitySouthern Methodist UniversitySouthern Oregon State CollegeSoutheast MissouriState UniversitySoutheastern Louisiana UniversitySoutheastern Massachusetts UniversitySouthwest Baptist UniversitySouthwest Missouri State UniversitySouthwest Stale UnivcisitySouthwest Texas Stale UniversitySouthwestern Community College-Spring Hill CollegeStanford UniversityState University of New York. AlbanySlate University of New York,

BinghamtonState I Iniversity ol New York, BuffaloState Universityof New York, Stony-

Brook

Stern CollegeStetson UniversitySuffolkUniversitySul Ross State UniversitySummit UniversitySwarrhmore (CollegeSyracuse UniversityTemple UniversityTexa. A&M l InivcrsityTex;is Christian UniversityTexas Southern University-TexasTech UniversityThomasAquinas (CollegeTowsbn Stale UniversityTrident l lollegeTrinity C'ollegcTrinity Evangelical SchoolTrinity UniversityTroy State UniversityTufts UniversityTulane UniversityTuskegee InstituteUnion I lollegeUnited Stales Air Force InstituteUnited StatesMilitary AcademyUnited Stales Naval AcademyUnited States Naval Postgraduate Schooll Iniversity ol AkronUniversity of AlabamaUnivep-itv of Alabama, Birmingham

University of AlaskaUniversity of ArizonaUniversity of ArkansasUniversity of BaltimoreUniversity of California, BerkeleyUniversity of California, IJavisUniversity of California, IrvineUniversity of California, Los AngelesUniversity of California, Riverside-University ofCalifornia, San DiegoUniversity of California, S.mia BarbaraUniversity of California, Santa Cru:University ofCentral FloridaUniversity of ChicagoUniversityof Chicago School of LawUniversity of ColoradoUniversity of ConnecticutUniversityof DallasUniversityof DelawareUniversity of DenverUniversity of DetroitUniversity of the District ol ('oliiinhiaUniversity of FloridaUniversity of GeorgiaUniversity of HartfordUniversity of HawanUniveisity of HoustonUniversityof IdahoUniversity of IllinoisUniversity of IowaUniversity of KansasUniversity of KentuckyUniversity or LowellUniversity of MaineUniversity of Maun-, l >ronoUniversityof MarylandUniversityof Maryland,College ParkUniversity of MassachusettsUniversity of MiamiUniversity of MichiganUniversity of MinnesotaUniversity of MississippiUniversity ol MissouriUniversity of MontanaUniversity ol MontevalloUniversity of NebraskaUniversityof Nevada, Las VcgBSUniversityof New IlampshireUniversity of New MexicoUniversity of New I )ileansUniversity of North AlabamaUniversity ofNorthCarolina, Chapel HillUniversityof North Carolina, (livenshoroUniversityof North DakotaUniversity of North TexasUniversity of Northern IowaUniversity of Notre DameUniversity of OklahomaUniversity ol OregonUniversity of the OzarksUniversity of the PacificUniversity ol PennsylvaniaUniversityof PittsburghUniversity of Pittsburgh, JohnstownUniversity of RichmondUniversity of RochesterUniversity ofSan DiegoUniversity of San FranciscoUniversity of Santa ClaraUniversity of ScrantonUniversity of the SouthUniversity ol South AlabamaUniversity of South Carolina

20

University of South FloridaUniversity of Southern CaliforniaUniversityof Southern MississippiUniversity of TampaUniversity of TennesseeUniversity of Tennessee, ChattanoogaUniversityofTexas,ArlingtonUniversityof Texas,AustinUniversity of Texas, DallasUniversity of Texas, Permian BasinUniversity of Texas, San AntonioUniversityof ToledoUniversity of TulsaUniversityof UtahUniversity of VermontUniversity of Virgin IslandsUniversityof VirginiaUniversity of WashingtonUniversity of West HondaUniversity of WisconsinUniversity of WyomingUniversityof YorkUrsinus CollegeUtah State UniversityUtica CollegeValdosta State UniversityValparaiso UniversityVanderbilt UniversityVassar College

Villanova UniversityVmcennes UniversityVirginia Commonwealth UniversityVirginia Military InstituteVirginia Polytechnic Institute-Wake Forest UniversityWalsh CollegeWaltersState CollegeWashington and JeffersonCollege-Washington and Lee UniversityWabash CollegeWashington State UniversityWashington UniversityWayne State UniversityWebberCollegeWeber State CollegeWellcsley CollegeWesleyan UniversityWest Coast UniversityWest Georgia CollegeWest Texas State UniversityWest Virginia University-Western Illinois University-Western Maryland CollegeWestern Michigan UniversityWestern New England College-Western Oregon State CollegeWestern Washington University-Westminster CollegeWestmont CollegeWheaton CollegeWhlttier CollegeWhitworrh CollegeWichita State UniversityWidener UniversityWilliam Woods CollegeWilliams CollegeWittenberg UniversityWofford CollegeWorcester Polytechnic Institute-Yale UniversityYork College of PennsylvaniaYoungstown State UniversityXavier University

ENTREPRENEURS COUNCIL

O. P. Alford, III, Alabama

Deborah Ayers, MarylandBurton S. Blumert, California

Christopher Condon, TexasRobert T. Dofflerayer, CaliforniaWilliam A. Dunn, Florida

Robert D. Kephart, Florida

David H. Keyston, California

John L. Kreischer, Pennsylvania

H. E Langenbcrg, Missouri

Hugh E. Ledbetter, Oklahoma

Lewis E. Lehrman, New York

Robert D. Love, Kansas

J.J. Mahoney, .South Carolina

Forrest E. Mars, Sr., Nevada

A. Minis, Jr., GeorgiaTyson Poppell, Texas

Donald Mosby Rembert, Virginia

James M. Rodney, MichiganCatherine Dixon Roland, Alabama

Leland W. Schubert, New Jersey

Raleigh L. Shaklee, California

Thomas Taylor, MassachusettsFrederick G. Wacker, Jr., Illinois

STAFF

Rachael Black, production editor

Leah Claybrook, office coordinator

Alecia Cox, financial assistant

Patricia Heckman, administrative vice presidentMardelle Orr, controller

Judith Thommesen, publications director andmanaging editor, RAE

Jeffrey Tucker, assistant go the president andmanaging editor, TFM

f

The pictures of Ludwig

von Mises used throughout Accomplishments 1991

are from Bettina Bien

Greaves's private collec

tion, and we thank her (or

their use.

1

K M

"There is no third system between amarket economy and socialism.

Mankind has to choose between those

two systems—unless chaos is consideredan alternative."

Ludwig von Mises

The Ludwig von Mises InstituteAuburn UniversityAuburn, Alabama 36849-5301

Phone (205) 844-2500 ♦ fax (205) 844-2583