WHAT HAS DONE OUR GOVERNMENT DONE TO OUR MONEY by Murray Rothbard

Author: Murray N. Rothbard was an American economist, historian and political philosopher. As one of the leading representatives of the Austrian School of Economics, he promoted a form of free market anarchism he called “anarcho-capitalism”. . Book: What has our government done to our money is arguably the most important manifesto of sound money written so far. It is divided in three parts: Firstly, Rothbard explains how money was originally developed and why gold was chosen as the preferred commodity to use as money. He argues that freedom can run a monetary system superbly as it runs the rest of the economy. Contrary to many authors, there is nothing about money that requires extensive governmental dictation. In the second part, he explains the problems created because of governments and central bankers’ intervention in the monetary system. Finally, he explains in nine phases the monetary breakdown of the west, from the 1815-1914 classical gold standard to the post 1973 fluctuating fiat currency system. Opinion: Although it is a short and somewhat basic book, I found plenty of interesting insights on it. I’m a huge fan of Rothbard, I like especially his methodological rigor and his writing style (it’s easy and satisfying to read his works). Although I do not fully agree (I have doubts) about some of his propositions regarding the 100% reserve banking, in overall, I would recommend this book to every single student who is being brainwashed by Keynesian economists, professors & journalists. It’s a great way to get started in Austrian Economics.

Key Stats: • Pages: 107 • Level: Beginner • Mark: 9/10