Chapter 1 of 178 · Mises: The Last Knight of Liberalism by Jörg Guido Hülsmann
Front Matter
The Last Knight of Liberalism
Book Jacket
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MISES
The Last Knight of Liberalism
JÖRG GUIDO HÜLSMANN
Photos:
Bettina Bien Greaves, cover, 1, 8, 9, 18, 20, 32, 40, 76, 77, 98, 99, 210, 255, 324, 404, 446, 447, 473, 519, 521, 522, 562, 563, 567, 610, 681, 758, 787, 809, 817, 825, 829, 835, 836, 847, 851, 882, 889, 890, 923, 934, 945, 986, 988, 1011, 1012, 1014, 1034, 1042, 1050
Archival Repository of the Center for Advanced Research in Phenomenology, University of Memphis, 365
David Jarrett photographs, 946
George Koether photographs, 888, 988
Harvard University Archives, 163
Hazlitt Photo Archive, Mises Institute, 795, 840, 852
Herbert Hoover Presidential Library, RWL #22, 840
Institut für Sozialforschung, 68
John Chamberlain Papers, Syracuse University, 840
Macmillan Publishers, 571,
Mises Archive at Grove City College, 833, 989
Mises Institute Photo Archive, 13, 94, 99, 111, 143, 145, 182, 253, 268, 365, 564, 840, 943, 928, 1036
Mont Pèlerin Society, 587, 679, 869, 870, 872
Moscow Archives, Mises, 262, 463
Österreich Lexikon, 83, 328, 366
Rothbard Photo Archive, Mises Institute, 840, 893, 929, 936, 939
Rubbettino Publishers, 476, 631
Ruprecht-Karls-Universität Heidelberg online, 336
University of Vienna, 99, 453
Warren J. Samuels Portrait Collection, Duke University, 99, 102, 109, 139, 118, 155, 424
Wikipedia, 23, 113, 128, 137, 335, 396, 840
All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles. For information write: Ludwig von Mises Institute, 518 West Magnolia Avenue, Auburn, Alabama 36832; mises.org
Copyright © 2007 by the Ludwig von Mises Institute
ISBN: 978-1-933550-18-3
The Ludwig von Mises Institute dedicates this volume to all of its generous
donors and wishes to thank these Patrons, in particular:
The Lowndes Foundation, Douglas E. French and Deanna Forbush,
Hugh E. Ledbetter, Frederick L. Maier
Christopher P. Condon, R.E. Fox, Mr. and Mrs. Michael L. Keiser,
Richard J. Kossman, M.D., Mr. and Mrs. R. Nelson Nash,
Dr. and Mrs. William H. Peterson, Sheldon Rose,
Chris Rufer, Art Schumer
Lloyd Alaback, Wesley and Terri Alexander, Ross K. Anderson,
Anonymous, Robert G. Beard, Jr., JD, CPA, Elsie K. Beekley,
Mr. and Mrs. William M. Benton, Professor Walter Block,
John Hamilton Bolstad, Herbert Borbe, Mr. and Mrs. J. Robert Bost,
Philip G. Brumder, Aubrey T. Carruth, Dan H. Courtney,
Professor Jim Cox, Mr. and Mrs. Jeremy S. Davis,
Mr. and Mrs. Charles F. de Ganahl, Michael H. and William E. Denyer,
Dr. and Mrs. George G. Eddy, Dr. Larry J. Eshelman,
Clyde Evans, Robert S. Ferguson, Mr. and Mrs. Willard Fischer,
James W. Frevert, Henry Getz, Stewart B. Gillespy, Brian J. Gladish,
Charles C. Groff, Charles F. Hanes, Keith M. Harnish,
Mr. and Mrs. John A. Hayes, Jule R. Herbert, Jr., Dr. Frederic Herman,
Dr. James M. Herring, Adam L. Knott, David M. Kramer,
Sylvio O. LeComte, Arthur L. Loeb, James Mahannah,
Ronald Mandle, Mr. and Mrs. William W. Massey, Jr.,
Wesley G. McCain, Joseph Edward Paul Melville, A. Minis, Jr.,
Dr. Dorothy Donnelley Moller, Karlheinz Muhr,
The Orcas Bay Foundation, George A. Peterson,
Professor and Mrs. Stanley E. Porter, Mr. and Mrs. Wilfried A. Puscher,
T. James Reynolds, David L. Richards, Willard A. Richardson,
Thomas Ross, Mr. and Mrs. Joseph P. Schirrick, Conrad Schneiker,
Norman K. Singleton, Andrew Sirkis, Henri Etel Skinner,
Carlton M. Smith, David M. Smith,
Mr. and Mrs. Warren C. and Georgia M. Spatz,
Mr. and Mrs. Dennis A. Sperduto, William V. Stephens,
Richard and Alicia Stephenson, Byron L. Stoeser, Charles A. Strong,
James E. Tempesta, M.D., Kenneth S. Templeton,
Mr. and Mrs. Reginald Thatcher, top dogTM,
Chris and Carolyn Tormey, Polly J. Townsend,
Lawrence Van Someren, Sr., Guy M. Binx Walker,
Dr. Thomas L. Wenck, Brian J. Wilton, Malcolm F. Wittig,
Mr. and Mrs. Walter Woodul III,
Dr. Steven Lee Yamshon, Robert S. Young
Contents
PART I YOUNG LUDWIG
Military Service and Death of His Father
PART II THE AUSTRIAN SCHOOL
4. Fin de siècle Economic Science
Carl Menger—Pioneer of “Empirical Theory”
Menger's Work in the German Context
The Austrian School and the Gossen School
The Breakthrough of the Austrian School
Difficult Start in Professional Life
Vienna Meeting of the Verein für Socialpolitik
Integration of Value Theory and the Theory of Money
Mises's Theory of the Value of Money
Money is Not Neutral: Cantillon Effects
Exchange Rate Determination: Purchasing Power Theory
Fractional-Reserve Banking and Business Cycles
PART III OFFICER, GENTLEMAN, SCHOLAR
Migrations, Mixed Populations, and Modern Imperialism
The Utilitarian Method of Social Analysis
The Fallacies of German Socialism in War and Peace
Political Economy of Language Communities
Postwar Socialism and the Specter of Anarchy
Benefits Derived from the Means of Production under Capitalism
The Utilitarian Case for Democracy
Political Economy of the Family
Implications of the Calculation Problem
Moral Hazard—The Other Nemesis of Socialism
The Feeble and Compromising John Stuart Mill
Christian Ethics versus the Market?
PART IV MISES IN HIS PRIME
Hayek and the Bureau for Claims Settlements
Advent of the Gold-Exchange Standard
Hyperinflation, Currency Competition, and Monetary Reform
Theory of Money and Credit Reconsidered
German Economists Return to Classical Liberalism
13. A System of Political Philosophy
First Outline of a Theory of Interventionism
Critique of the “Anti-Marxists”
The Transformation of Economic Science
Institute for Business Cycle Research
Austrian Politics at the Onset of the Gold-Exchange Standard
Free Trade, Monetary Stabilization, and Cyclical Policy
The Theory of Value Reconsidered
Toward a New Epistemology of the Social Sciences
The Causes of the Great Depression
Return to Foreign-Exchange Controls
Dresden Meeting of the Verein fiir Sozialpolitik
PART V MISES IN GENEVA
Institut des Hautes Études Internationales
Alienation from Former Associates
The Walter Lippmann Colloquium
Capitalism and Liberalism are Rational
Equilibrium, Profit and Loss, and Entrepreneurship
Consumer Sovereignty and Interest
Business Cycle Theory Restated
Update of the Socialist-Calculation Debate
PART VI MISES IN AMERICA
National Bureau of Economic Research
The Austrian National Committee
The Long Visit at New York University
Mises Debates American Libertarians
Preparing the Counter-Revolution
20. Human Action and Its Consequences
American Edition of Theory of Money and Credit
Grey Eminence and Itinerant Scholar
Sennholz at Grove City College
21. The Epistemological Case for Capitalism
Science and the Culture of Salutary Dissent
Heroic Elites in a Mass Democracy
The Anti-Capitalistic Mentality
22. Fragmentation of the Movement
Conservative Movement and Libertarian Remnant
Last Skirmishes with the Anarchists
Mises: The Last Knight of Liberalism
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