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I've been reading quite a bit around these here parts about the Constitution, the Founding Fathers, Laissez Faire Capitalism and how in some bygone day before Roosevelt there was this period where the Federal government didn't intervene in the economy. As I have stated before, this is the stuff of mythology. So, for anyone who is really interested about what really was going on back in the day...
Murray N. Rothbards, "The Panic of 1819, Reactions and Policies."
"Aside from major controversies already discussed, other scattered proposals
and discussions appeared during the depression. Internal improvements financed
by the states, for example, were suggested in many quarters as remedial measures
for the depression, thus anticipating modern public works proposals. These
suggestions were reflections of the growing interest in internal improvements
since the end of the War of 1812. An internal improvement drive was particularly
strong in Pennsylvania, an early leader in improvement sentiment.
Philadelphia’s Representative William Lehman, head of the Committee on Public
Roads of the Pennsylvania House, sponsored a bill, early in 1820, for the
appropriation of over $660 thousand on thirty projects throughout the state. One
million dollars was envisioned as the final goal of the plan. Lehman avowed that
the measure was necessary for the immediate relief of the portion of people
without employment."
I'm truly shocked to see you reading anything from Rothbard or mises.org. I'll read this article later this week when I have more time.
If that is the case, I won't send you my reading list, I wouldn't want you to have a heart attack.
As for Rothbard, or any of the Austrian economist, I certainly wouldn't dismiss their historical abilities, since that is pretty much the only thing that they do. There problem as theoretical economist is their steadfast refusal to put their theories to empirical testing. One doesn't need to be an empiricist to do history.
PS - I didn't over analyze Rothbard's cause and effects, or in his emphasis on any particular proponent or the policies they supported, each of those issues is tangential to the overriding issue.
I've been reading quite a bit around these here parts about the Constitution, the Founding Fathers, Laissez Faire Capitalism and how in some bygone day before Roosevelt there was this period where the Federal government didn't intervene in the economy. As I have stated before, this is the stuff of mythology. So, for anyone who is really interested about what really was going on back in the day...
Murray N. Rothbards, "The Panic of 1819, Reactions and Policies."
Were you looking for intelligent debate? There's precious little of that here; name-calling and rigid adherence to party line talking points is the norm. Sorry.
1819? Well, we have more modern examples. Before we try to become just like the Soviet Union, we should look at the reasons that it's Communist economy collapsed.
1819? Well, we have more modern examples. Before we try to become just like the Soviet Union, we should look at the reasons that it's Communist economy collapsed.
Now that's a bizarre and nonsensical response to the topic at hand.
So let me restate the topic; there are those who suffer from the illusion that at some point during the found of this country, that laissez faire capitalism existed and that the government played no part in directing the economy with government regulation. There is also a misconception that the Federal government has no Constitutional role in either establishing the Federal reserve or taking an active part in either the regulation of the economy or in regulating the operation of private enterprises. The history of the Panic of 1819 demonstrates otherwise.
In short you are off topic, but thanks for the bump nonetheless.
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