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The Founding Fathers’ “Great Rule” for U.S. Foreign Policy

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People who don’t get heard have a tendency to shout. Eventually they get mad. For too long, foreign-policy experts have stuck their fingers in their ears when confronted by citizens ambivalent about playing global police officer. Republican Donald Trump is channeling their voices through his electric bullhorn, whipping up the crowd and questioning the validity of institutions like NATO. Regardless ...

America’s Great Depression and Austrian Business Cycle Theory

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When Murray Rothbard’s America’s Great Depression first appeared in print in 1963, the economics profession was still completely dominated by the Keynesian Revolution that began in the 1930s. Rothbard, instead, employed the “Austrian” approach to money and the business cycle to explain the causes for the Great Depression, and to analyze the misguided and counterproductive policies that were followed ...