Submitted to the Wall Street Journal October 14, 1998 To the Editor: What is missing in the debate between proponents of a fixed-exchange-rate regime, such as the editors of the Wall Street Journal (”Reforming the World,” 7 October), and proponents of a floating-exchange-rate system, like Milton Friedman (”Markets to the Rescue,” 13 October), is
Members of Economic and Monetary Union couldn’t even wait for the euro’s official advent on January 1, 1999 to reveal its future. The EMU-wide interest rate cut in December 1998, an Keynesian-style effort to forestall a recession, was the real portent of things to come. Monetary inflation and credit expansion are the fate awaiting Europeans and
The Free Market 13, no. 11 (November 1995) Copy Japan! was the cry of the 1980s. That country, economically speaking, appeared to have it all: an industrial policy that knew good and bad investments before markets themselves did, a disciplined workforce, and, most of all, an unshakable banking system in which everyone had confidence. Surveying
[From The Freeman, September, 1995 ] Governments were threatening trade wars with retaliatory tariffs and quotas, belligerents suffered currency devaluations and balance of payments deficits, and everyone threatened legal action. The United States and Japan in 1995? No, this situation described the relationship between the states in 1780. Prior to
[De The Freeman, septiembre de 1995 ] Los gobiernos amenazan con guerras comerciales, con aranceles de represalias y cuotas, los beligerantes sufren devaluaciones de divisa y déficits en balanzas de pagos y todos amenazan con acciones legales. ¿Estados Unidos y Japón en 1995? No, esta situación describe la relación entre los estados en 1780. Antes
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.