Index of Subjects

ABSs. See asset-backed securities

acquisition of property, 187–94, 306–07

See also homesteading principle

Action Axiom, 97

Adams, John, 81

aggression

appropriate response to, 139–43

definition, 180, 183

homesteading principle and, 208

interventionism and, 356n3

justification for, 175–76n13

property rights and, 180–84, 194–96, 224, 228–29

statism and, 166

voluntary bonds and, 220

See also non-aggression principle

American Far West, 163

American War Between the States, 82–94, 275–76

anarchism. See libertarianism

anarcho-capitalism

contrast with statism, 161–71

Hoppe’s views on, 45–53, 150

private property and, 75, 172

Spanish anarchist tradition, 176–78

as system of social cooperation, 171–78

Appenzell “Landsgemeinde,” 265–67

appropriation of unowned resources, 187–94, 224

See also homesteading principle

aristocratic radicalism, 35

army. See military forces

Articles of Confederation, 4

asset-backed securities (ABSs), 287–91, 298–300

assets

attributes of, 335–36

time preference rates and, 362–63, 368–69

Athens, democracy in, 263–65

attributes of assets, 335–36

Austria, business ethics and, 110, 113–16

Austrian School of economics

anarcho-capitalism and, 45

business cycle theory of, 23

comparison to Chicago School, 79

definition, 96–98

development of, 95–108

education and, 102–04, 357–58

Hoppe as proponent of, ix–xi, 27, 32, 45, 49, 73

Law and Economics movement and, 122–34, 329

law and intentionality, 207–08

methodological subjectivism of, 326

monetary theory of, 310–16, 319, 324

natural law and, 199–200

notion of heterogeneity, 335–36

rationalism and, 49

social theory of, 280–82

socialism and, 166–68

Austro-punkism, 98–108

authority

natural order and, 33–34, 238

over things, 181, 188

of states, 33, 244–47, 281

See also property rights

within society, 104–05

banking, 283–84, 292–300

nationalization of, 92–93

production of money and, 318–19

securitization and, 283–84, 292–300

statism and, 166

barter economy, 124–26

Bayes law, 329

beliefs, 327

Berlin Wall, 175, 351, 357

Bill of Rights, 83

bodies, self–ownership of, 130–33, 182–86, 206, 223–24

bonds, 215, 220–21

boom-bust cycles, 283–85, 297–300, 323

business cycles

credit expansion and, 23

demand for money and, 318–24

securitization and, 283–85

business ethics, 110–20

capital goods, 335–36

capital heterogeneity, 335–36

capitalism

business ethics and, 117

comparison to socialism, 43, 46, 183n9, 339–50, 351–58

corporations and, 9–14

economic calculation and, 342–50

libertarianism and, 180, 183

See also anarcho-capitalism; entrepreneurship

case probability, 327

central banks, 283–84, 294–96, 318–19

Chicago School of economics, 79, 101, 103

China, 351, 357

Christianity, 35, 88, 197

Civil War, 82–94, 275–76

civilization

decline of, 272–75

libertarian view of, 193–96

class analysis, 147–48, 278

class probability, 327

CMOs. See collateralized mortgage obligations

co-determination, 267–68

Cold War, 8–9, 351

collateralized mortgage obligations (CMOs), 290

collectivism, 346–48, 355–56See also socialism

commands, 218–19

commodity monies, 316–18, 321–24

common law, 165, 198

communism

corporations and, 13–14

exploitation and, 47–48

libertarianism and, 8–9, 176–77

victims of, 51

See also Marxism; socialism

competition

between local governments, 275

in politics, 238

under socialism, 345–50

conscription, 184

consent to be governed

authority of state and, 245

See also public choice theory

constitutional government and, 277–79

illusion of in democracy, 253–62

conservatives

democratic influence in Germany, 36

libertarianism and, 8–10, 15–20

public choice theory and, 275

socialism and, 354

Constitution, U.S.

Abraham Lincoln and, 83–86, 91–94

amendments to, 253, 278

comparison to Articles of Confederation, 4

democracy and, 250

opposing views of Jefferson and Hamilton, 280–81

constitutions, 280–81

contracts, 214, 219

corporations, 9–14, 362–63, 367–69

creativity, 157, 163–164, 166, 167, 172–74

credit expansion, 14, 22–23, 299–300

credit insurance, 299–300

credits, 285–96

crime

of communism, 48

democracy and, 242, 272–75

prevention of. See security

private courts and, 201

property rights of self and, 184n12

of statism, 137–48

customs, 203, 206, 213–14

debts

of corporations, 10–11

of governments, 113, 274

securitization and, 286–88, 292–94, 297, 300

to victims of crimes, 141n13

decision making, 329–33

See also entrepreneurial judgment

decivilization, 272–75

Declaration of Independence, 5

defense

against aggressors, 139

against government intervention, 273

private provision of, 24, 32, 173

state provision of, 165, 280

See also security

deficit spending, 274

democracy

consent to government action and, 253–62

elected officials and, 249–52

Germany and, 36

immigration and, 18–19, 31–32

justification of, 243–47

majority rule and, 263–68

monarchies and, 5, 23–24, 33–34, 239, 274

as nationalization, 5

natural order and, 237–42

public choice theory and, 271–82

social-democracy, 354

socialism and, 47–49

time preference rates and, 359–62

demonstrated preference, 302–03

direct democracy, 264–67

division of labor

economic growth and, 310

economics versus politics, 264

of entrepreneurs, 342–44, 350

drugs, 184

economic calculation, 342–50

economic organization, 334–37

economic systems, 351–58

See also specifice systems, e.g., captitalism, socialism

economics, schools of. See Austrian School of economics; Chicago school of economics

education

Austrian School of economics and, 102–04, 357–58

democracy and, 49

ethics and, 22

libertarianism and, 76, 175

as sign of improvement, 28–29

state provision of, 17, 164, 168

efficiency in law, 124–26, 133

elected officials, 237–42, 251–53, 274

electronic money, 318

encirclement, 224–29

entrepreneurial judgment, 326–27, 330–37, 365

entrepreneurship

anarcho-capitalism and, 174

comparison to socialism, 348–50

spontaneous order and, 163–64

time preference rates and, 362–69

uncertainty and, 331–37

voluntary collectivism and, 355

See also capitalism

environmentalism

polylogism and, 37–38, 40

statism’s effect on, 167

equality

Abraham Lincoln and, 81

left-libertarians and, 30–31

ERE. See evenly rotating economy

ethics

business and, 110–20

of economic systems, 46, 353, 355–57

elected officials and, 237

private property and, 23, 195

self-actualizers and, 241

wealth maximization principle and, 132–33

See also grundnorms; morality; norms

evenly rotating economy (ERE), 331, 363–65

evolutionary law, 200

exclusion costs of private goods, 155

exploitation

class analysis and, 147–48, 278

individuals’ protection from, 83

Marxist theory, 46–48

polylogism and, 42–44

external objects, property rights of, 187–93

externalities, goods and, 155–57, 160, 356–57

Fannie Mae, 289, 299–300

feudalism, 354

fiat money, 93, 284, 318–24

firms, 334–37, 347, 362–69

See also corporations; entrepreneurship

founding fathers

design for government, 81–82, 87, 94

views on democracy, 250

See also individual names, e.g., Jefferson, Hamilton, etc.

fractional reserve banking. See banking

Franz Cuhel Memorial Prize for Teaching Excellence, 121

Freddie Mac, 289, 300

free markets

corporations and, 9–10

defining libertarianism, 180

effects of New Deal on, 258

encirclement and, 226

external effects and, 356

intellectual property and, 149

interest rates and, 365

monopolies and, 372

Pareto optimality and, 306

positive law and, 202n9

public choice and, 272

securitization and, 292n22

See also capitalism

free movement proviso, 230–34See also right of way

freedom as property, 223–34

frequency interpretation, 326

fundamentalism, 219

Ginnie Mae (Government National Mortgage Association), 289

gold, 316

goods

assignment of, 124

capital, 335–36

entrepreneurial provision of, 119

money as, 319–21, 366–68

ownership of, 150–60

present and future, 312–21

public, 352, 353, 356–57

public compared to private, 153–55

state provision of, 162–68

usage of, 159

See also property rights

governments. See States

comparison to states, 137–39

recipients of payments from, 114–19, 145–47

rights and, 213, 217–18, 221

See also specific forms, e.g., democracy, monarchy, etc.

Great Depression, 258–59, 290n18

grundnorms, 185–86, 195

See also norms

Hamilton, Alexander, 281

heirs, 360–62

hierarchy of needs, 240–41

highways, 163–64

Historical School of Jurisprudence, 200

historicism, 37

hoarding of money, 314, 322

home mortgage loans, 289–91

homesteading principle

encirclement and, 231

exploitation and, 42

intellectual property and, 160

intentionality and, 207–08

libertarian theory of, 187–94

Pareto optimality and, 304–06

voluntary bonds and, 212

See also property rights

Hoover, Herbert, 257

Hoppe, Hans-Hermann, biographical information, ix–xi, 50–52

hospitals, 164

human law, 205–06, 208

immaterial goods, 150–60

immigration, 6, 16–19, 31–32

income, redistribution of, 304

See also wealth maximization

incorporation, 9–14

See also corporations

individualism, 49, 104

inflation, 14, 284, 297–300

intellectual property

libertarian views on, 157–60

overview, 149–57

intentionality and law, 207–08

interest

as earnings of capitalists, 331, 334

rates of and demand for money, 312–24

rates of and entrepreneurial decisions, 364–67

rates of and securitization, 285–86nn5–6, 288–90, 298–99

intervention by the state, 302–07

See also statism

investing

securitization and, 287–92, 299–300

time preference and, 314–24

See also savings

Jefferson, Thomas, 81, 93

judges, 123–33, 228

judgment, entrepreneurial, 326–27, 333–37, 365

justice

definition, 180n3

state provision of, 167

See also law

Kaldor-Hicks Efficiency, 124–26, 133

law

common law, 198

economic analysis of, 121–34

grundnorms as, 185–86

legal tender, 318

natural law, 197–210

positive law, 202–10

state provision of, 165–66

Law and Economics movement, 121–34

law enforcement, privatization of, 55–56

left-libertarianism, 104–05

compared to right–libertarianism, 27–36

overview, 139–42, 179–81

property rights of external goods and, 187–96

punishment theory, 139–43

self–ownership and, 182–86

and the State, 85–94

legal realism, 201

legal system. See law

legal tender laws, 318

legitimacy of states, 244–47

liberalism

compared to anarcho-capitalism, 171–78

rights and commands, 218

statism and, 161–71

See also libertarianism

libertarian capitalism. See anarcho-capitalism

libertarian communism, 177

Lincoln, Abraham, 81–94, 276

loans, securitization of. See securitization

Locke, John

model of civil society, 32

property rights and, 187–94, 196, 305–06

qualities of goods, 155

logic, 198–99, 206–07

majority rule, 263–68, 276

managers, 362–69

marginal productivity theory, 331–32

marginal utility theory, 302

marriages, 153, 215, 220, 221

Marx, Karl, 38–43, 46–47, 92See also Marxism

Marxism

exploitation and, 46–48

libertarianism and, 8–9

polylogism and, 38–44

See also communism; socialism

Maslow, Abraham, 240–41

material goods, 150, 158–59, 187–93

MBSs (mortgage-backed securities), 289

military forces

democracy and, 264

in direct democracy, 266, 267

private provision of, 32

minorities, 267

monarchies

as conservative socialism, 354

contrast with democracy, 5, 23–24, 33–34, 239, 274

time preference rates and, 359–62

money

commodity monies, 316–18

creation of, 273, 284, 293

demand for, 314–24

effects of securitization on supply of, 297–300

electronic, 318

fiat money, 93, 166, 284, 318–24

hoarding of, 314, 322

paper, 318

present and future, 366–68

time dimension of supply, 314–24

monopolies, 353, 356–57

morality

commands and, 218–19

economic systems and, 355–57

property rights and, 214–15

statism’s effect on, 168, 172–73

See also ethics

mortgage-backed securities (MBSs), 289

mutualist occupancy, 189–90n23

natural elite, 104–05, 241

See also natural order

natural law, 197–210

natural money, 316–18

natural order, 33–34, 238–42

See also natural elite

natural rights, 46, 93, 212–13, 229

Nazism, 5, 176–77, 256, 354, 370

needs, hierarchy of, 240–41

New Deal

consent to be governed and, 253, 258–59, 261

corporations and, 14

non-aggression principle

freedom as property and, 223–24, 229

Habermas’s theories and, 51

property rights and, 180–84

states as violators, 139–43

See also aggression

norms, 185–86, 195, 203–04

ownership

definition, 188

entrepreneurship and. See entrepreneurship

of material goods, 150, 187–93

monarchs and, 360–62

property rights. See property rights

of self, 130–33, 182–86, 206

paper money, 318

Pareto optimality, 272, 302–06

patents, 158–59

pensioners, 115–16, 217

personal responsibility, 21–26, 274

political economy, 271–82

Political Economy Club, 64–65

politics

of Abraham Lincoln, 85–93

anarcho-capitalism and, 174–76

corporations and, 12–13

democracies and, 237–42, 264

financing of, 112–13, 117–18

international, 284

polylogism, 37–44

rights and, 213

positive law, 202–10

positivism, 207–08, 277, 354

possession, 188–91, 216–17

praxeology

study of economics and, 97–98, 105–06, 326

study of law and, 199–208

preference, demonstrated, 302–03

prices

in a command economy, 219

controls for, 354

demand for money and, 315–16

as determined by supply and demand, 155n10

economic calculation and, 331–32

in evenly rotating economy, 331, 363–65

of money, 311–12

socialism and, 342–46, 349–50

time preference rates and, 363–65, 367–68

wealth maximization principle and, 124–26

private property

anarchism and, 75

definition, 153–55, 157–58

ethics and, 23

libertarian communism and, 177

See also property rights

probability, 325–30

profit and loss

entrepreneurial judgment, 331–37, 365–68

under socialism, 345

property, intellectual. See intellectual property

property, private. See private property

Property and Freedom Society, 53, 73–74

property rights

definition, 180–81

democracy and, 276

destruction of by government, 273

of external objects, 187–96

fiat money and, 318

freedom and, 223–34

intellectual property and, 150–60

libertarian definition of, 179–81

possession and, 216–17

self-ownership, 130–33, 182–86, 206, 223–24

socialism and, 353–54

wealth maximization principle and, 122–23, 128–33

welfare economics and, 304–07

public choice theory, 251, 271–82

public debt, 274

public goods, 153–55, 352–53, 356–57

public order, 167

public space, 231–34

punishment for crimes, 137–48

pure rate of interest, 312–24

racial issues, 40

radicalism, 73–80

rating agencies, securitization and, 288, 299–300

Real Estate Mortgage Investment Conduits (REMICs), 290

redistribution of income, 304See also wealth maximization

religion

Christianity, 35, 88, 197

as civil institution, 88–89

democracy as, 249

polylogism and, 43

in schools, 17

science and, 132

statolatry as, 169–71

REMICs. See Real Estate Mortgage Investment Conduits

Republican Party, 354

responsibility, personal, 21–26, 274

right of way, 225, 230–34

See also encirclement

right-libertarianism, 27–36

rights

freedom as, 229

property rights. See property rights

summary, 211–21

risk

definition, 326

in economic decision making, 326

roads, 163–64, 227, 231–34

See also right of way

Roosevelt, Franklin D., 257–61, 356

savings

demand for money and, 323–24

securitization and, 287, 292–96

scarcity of goods

external objects and, 187–93

intellectual property and, 151–52, 157

ownership, 180–81

role of, 353

self-ownership and, 182, 185n13

secession, 175, 274–78, 281

See also American War Between the States

securitization

consequences of, 297–300

definition, rationale, and scope, 285–92

operational aspects of, 292–96

security

private provision of, 24, 32, 55–56, 149, 173

state provision of, 165

See also defense

self-actualizers, 241

self-determination, 267–68

self-ownership, 130–33, 182–86, 206, 223–24

sexism, 40

silver, 316–17

slavery

Abraham Lincoln and, 82–83, 94

in Athens, 264, 266

private compared with public, 25

self-ownership and, 184

socialism and, 47–48

wealth maximization principle and, 131–32

social engineering, 355

social security, 217

social welfare, 302–07

social-democracy, 354

socialism, 35

business ethics and, 112

comparison to capitalism, 43, 46, 183n9, 339–50, 351–58

conservative socialism, 354

definition, 181n5

economic planning and, 331–32

exploitation and, 47–48

private property and, 339–50

statism and, 166, 176–77

wealth maximization principle and, 127–28

See also communism

Soviet Union, 260, 351, 357

Spanish anarchist tradition, 176–78

Spanish Civil War, 177

Special Purpose Vehicles (SPV), 287, 292n22

spontaneous order, 163–64, 173

See also natural order

SPV. See Special Purpose Vehicles

statements in the sciences, 152

states

authority and legitimacy of, 244–47

classical liberalism and, 162–72

comparison to governments, 137–39

freedom from, 173–78

intervention and social welfare, 302–07

power of, 168–71

use of propaganda, 356

See also governments

statism

contrast with anarcho-capitalism, 161–71

as a crime, 137–48

See also states

streets, 163–64

supply and demand

economic calculation and, 332

for money, 314–24

Supreme Court, 92–93, 281

taxes

decivilization and, 273

as form of slavery, 184

political financing and, 112–13

public debt and, 274

social-democracy and, 354

work ethics and, 22

term limits, 278

theft, 217–18, 272–75

thymology, 106, 202–08

time dimension of production, 310–24

time preference

business ethics, 22

corporations and, 362–69

decivilization and, 273, 274

entrepreneurs and, 362–69

Marxism and, 46

private versus public rulers and, 359–62

supply and demand for money and, 314–24

tranching, 287, 290

transfer payment recipients, 114–19

uncertainty

definition, 326

role of entrepreneurs and, 331–35, 363–69

Union, The, 83–94, 276

United Nations, 253

U.S. Constitution. See Constitution, U.S.

U.S. Declaration of Independence. See Declaration of Independence

Velvet Revolution, 175

Verein für Socialpolitik, 111

Verstehen, 330

violence

encirclement as provocation for, 228–29

governments and, 140, 272–75

justification for, 175–76n13, 194–95

libertarian principles and, 139–40, 175–76n13

socialism and, 369, 372

states and, 138, 140, 165, 169, 172, 177

See also aggression; nonaggression principle

voluntary collectivism, 355–56

wars, 266

American War Between the States. See American War Between the States

World War I. See World War I

Washington, George, 81

wealth maximization, 122–32

welfare economics, 301–07

Wilson, Woodrow, 255–56, 261, 262

World War I, 5, 253, 255–57

World War II, 253, 259–61

worship of the state, 169–71