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A fine exploration readReview Date: 2007-04-16
A Fascinating AccountReview Date: 2002-12-10
On a personal note, when I was six years old in 1961 and living in St. Louis County, just a few miles from where this Mercury spacecraft was built, I remember my father coming home from work (he worked at McDonnell Aircraft as an engineer and perhaps did a bit of work on this very spacecraft) and said "it sank to the bottom of the ocean", referring to the sinking of the Liberty Bell 7 that occurred that day. Liberty Bell 7 was recovered in the summer of 1999, restored , and during a national tour I finally got to see it at the St. Louis Science Center in the summer of 2001, in the city where it was built, closure in a sense to me. It is, or soon will be, on permanent display in Hutchinson, Kansas, at the Kansas Cosmosphere and Space Center, can't wait to go there!
A fascinating and riveting readReview Date: 2003-02-08
I usually wind up with a list of technical and/or historical errors whenever I read space history books, but I only noticed a few typos in "Lost Spacecraft".
For someone who was not personally involved in Mercury, Mr. Newport certainly did an excellent job of describing how all the capsule systems worked.
I especially enjoyed the photos, most of which I had never seen before.
This book is worth 10 stars.
A great read on the space program and deep sea recoveryReview Date: 2002-11-18
It is a must read for those interested in deep sea recovery operations or in Gus' MR-4, Liberty Bell-7 flight.
The Search for Liberty Bell 7Review Date: 2002-11-20
Newport was uniquely qualified to lead the expedition to recover Liberty Bell 7. He was a pioneer in the developement and operation of Remotely Operated Vehicles (ROV) and an experienced veteran of underwater operations all over the world. His fascination with the mystery concerning the lost space capsule led to 14 years of research into the flight, probable location, condition and possible methods of recovery.
The highlight of the book is the detailed description of the search for Liberty Bell 7, and its subsequent recovery from a depth of nearly 3 miles. The narrative reads more like pulp fiction than a factual rendering of events, with moments of elation followed by despair and ultimate victory. This is a must read for space and underwater exploration buffs alike. I only wish that the team had been given the opportunity to recover the hatch cover, surely, one of the targets in the vicinity of the capsule, and a key element in resolving the mystery and controversy concerning the premature hatch release.

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A classic in the annals of freedomReview Date: 1999-06-21
A book that clears your thinkingReview Date: 1999-08-30
Classic defence of freedomReview Date: 2004-07-25
Part One: Comparisons and Contrasts, explores various puzzling questions of history and the concept of human energy. Part Two: The Old World Views, contrasts the fatalistic pagan outlook on life with the Judeo-Christian view of individual freedom and personal responsibility.
Part Three: The Revolution, looks at mankind's three attempts to attain individual freedom: the ancient Israelites, the golden age of Islamic civilization, and the American Revolution. Part Four: The Fruits Of Freedom, investigates the results of freedom, including the flowering of inventive genius that followed. It also explores the concepts of hope versus fear, freedom of choice, the dynamic versus the static, the moral versus the material, voluntary co-operation and the lessons of history.
The writing style is accessible and engaging and there are interesting quotes by people like Thomas Paine, Fredric Bastiat and Isabel Paterson. In an interesting way, the book illuminates many problems still plaguing the world today and traces them back to the ancient conflict between pagan fatalism and the principles of the Judeo-Christian tradition.
Of course there are non-religious philosophies of freedom that are based on reason alone, and the aforementioned Paine was a theist who was opposed to dogmatic religion. But whether one agrees with all of Weaver's points or not, The Mainspring Of Human Progress is a classic that remains an eloquent defence of the principle of individual freedom. The book concludes with a list of references, a bibliography and an index.
On the subject of individual freedom, I also recommend the work of Friedrich Hayek, Ludwig von Mises, Karl Popper, Alfred North Whitehead, Ayn Rand, Stefan Hoeller, Robert Nozick, Milton Friedman and Johan Norberg.
really enjoyable reading... condensed informational historyReview Date: 1999-11-01
A Great PrimerReview Date: 2002-09-17
I have introduced all of my children to this book and they all agree that it enabled them to have a much better grasp on the realities of economics. If you find Econ 101 boring, read this book. It will provide ample incentive to "dig into" the subject. A "must read."
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An accurate assessment & a history lessonReview Date: 2006-02-01
A must read for all students of life.Review Date: 2005-10-22
Blessings Dr. Joseph
I have read this book three times so far...Review Date: 2005-10-22
With essays from luminaries such as Alan Greenspan, and G. Edward Griffin, vonNothaus presents a compelling case that our current monetary system is destined to the predictable busts historically associated with fiat currencies which have been foisted upon societies long past.
As the title states, this book provides a solution.
And the solution simply stated is that our economy can only be salvaged with the re-introduction of a commodity based currency as called for in the U.S. Constitution.
I have read this book three times so far. I am reading it for the fourth time, and I learn something new every time.
WoW Liberty Dollars getting back to Backed moneyReview Date: 2004-03-15
http://www.chooney.com/liberty/liberty1.html
Buy this book you wont go wrong one you read it you will want to
use Liberty Dollars also and we all will take back our money one Liberty Dollar at a time
Goldmine of informationReview Date: 2004-03-05

The Politics of ObedienceReview Date: 2008-04-19
Murray N. Rothbard's insightful introduction places this pioneering work in historical context and in the pantheon of Libertarian classics.
A Timeless Call to Resist TyrannyReview Date: 2005-12-31
The "Discourse" is an abstract, universal, naturally reasoned argument passionately calling for widespread civil disobedience to tyranny. Harold Laski later made the observation that "A sense of popular right such as the Friend of Montaigne [Boetie] depicts is, indeed, as remote from the spirit of the time as the anarchy of Herbert Spencer in an age committed to government interference" (see his "A Defence of Liberty Against Tyrants, p 11). Boetie appealed to man's universal nature rather than presumed or real historical precedents resulting in a timeless document that speaks to all ages.
Boetie begins "I should like merely to understand how it happens that so many men, so many villages, so many cities, so many nations, sometimes suffer under a single tyrant who has no other power than the power they give him; who is able to harm them only to the extent to which they have the willingness to bear with him . . .". He asks "Shall we call subjection to such a leader cowardice? . . . If a hundred, if a thousand endure the caprice of a single man, should we not rather say that they lack not the courage but the desire to rise against him, and that such an attitude indicates indifference rather than cowardice? . . . What monstrous vice, then, is this which does not even deserve to be called cowardice, a vice for which no term can be found vile enough?"
Boetie made a profound insight into the nature of the State - all states, including tyrannous ones, are based upon general popular acceptance.
Boetie continues "If we led our lives according to the ways intended by nature and the lessons taught by her, we should be intuitively obedient to our parents; later we should adopt reason as our guide and become slaves to nobody". He says ". . . there can be no further doubt that we are all naturally free", and asks "what evil chance has so denatured man that he, the only creature really born to be free, lacks the memory of his original condition and the desire to return to it?"
"He who thus domineers over you . . . How does he have any power over you except through you? How would he dare assail you if he had no cooperation from you?", he asks, ". . . you can deliver yourself if you try, not by taking action, but merely by willing to be free. Resolve to serve no more, and you are at once freed".
Boetie is saying that tyranny dissolves when the majority of the ruled withdraws its consent and thereby deprives the ruling minority of its support and grudging acceptance. Yet, the ruled seldom accomplish this. Boetie tells us the reason is "habituation":
"It is true that in the beginning men submit under constraint and by force; but those who come after them obey without regret and perform willingly what their predecessors had done because they had to. This is why men born under the yoke and then nourished and reared in slavery are content, without further effort, to live in their native circumstance, unaware of any other state or right, and considering as quite natural the condition into which they are born . . . it is clear enough that the powerful influence of custom is in no respect more compelling than in this, namely, habituation to subjection. It is said that . . . nature . . . has less power over us than custom."
Boetie made a second profound insight into the nature of the State - all states are in essence a hierarchy of privilege that benefits a limited minority. In his illustration of this point, Boetie employes the language of natural law and natural rights.
Boetie also noted the State's use of propaganda and techniques of information warfare (IW) employed upon its subjects to maintain servility. He says "it has always happened that tyrants, in order to strengthen their power, have made every effort to train their people not only in obedience and servility toward themselves, but also in adoration."
In conclusion, Boetie should be considered the first "Gandhi" or advocate of civil disobedience and it should be noted that he grounded his notions in man's natural right to liberty as dictated by natural law. His insights into the State ring true today. Modern Americans allow themselves to be regulated, taxed, and shipped off to invade and bomb their global neighbors to the same extent as their "cousins" across the pond in the United Kingdom - a phenomenon that no doubt has their liberty-loving forefathers rolling in their graves. Boetie hoped education would induce the withdrawal of consent, but as his turn to conservatism lays tribute, it is the weight of the yoke that prompts any reaction.
Resolve To Serve No MoreReview Date: 2000-05-18
An Astonishing Expose of Political PowerReview Date: 1997-03-21
The Will to Bondage and the Refusal to ThinkReview Date: 2006-02-25
Boetie cites historical examples of tyrants who ruled large populations due to the fact that their immediate supporters and the masses of people were immune to thinking that they could do better if their changes or regime changes. Yet, history provided very few examples up to the time of Boetie(the 16th. century). Boetie witnessed some of the excesses of the Reformation and Counter Reformation and the fact that tyrants were only too willing to take advantage of religious hatred to exploit their subjects.
Boetie's work is relevant in the 21st. century. The game of politics has not changed much except for the fact that The State has expanded exponentially since the 16th century. Boetie's argument that thinking only have to withdraw their support to bring the State to its knees which Ghandi did in India. Yet, there are so few surviving examples of this political ploy to expect too much except to write for the record.
What has made the situation worse is that the State has layers of burcaucracy with brainless bureaucrats who staff these powerful offices. These bureaucrats are basically useless and stupid and easily fit James J. Martin's description as "The New Stupid." They are useless which is why the State has made them indespensible.
This book has been reissued only a few times since it was first published in 1577. Yet, the reappearence of this book is a good sign that some people still consider it an important study in understanding the State

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"All that is gold does not glitter"Review Date: 2008-06-27
Even after six decades, The Road To Serfdom remains essential for understanding economics, politics and history. Hayek's main point, that whatever the problem, human nature demands that government provide the solution and that this is the road to hell, remains more valid than ever. He demonstrated the similarities between Soviet communism and fascism in Germany and Italy.
The consensus in post-war Europe was for the welfare state which seemed humane and sensible for a long time. Now it is clear that this has led to declining birth-rates amongst native Europeans, mass immigration from North Africa and the Middle East, and a tendency to exchange their ancient cultural values for multiculturalism and moral relativism which is just another form of nihilism as the French philosopher Chantal Delsol observes.
In this timeless classic, Hayek examines issues like planning and power, the fallacy of the utopian idea, state planning versus the rule of law, economic control, totalitarianism, security and economic freedom. He brilliantly explains how we are faced with two irreconcilable forms of social organization. Choice and risk either reside with the individual or s/he is relieved of both. Societies that opt for security instead of economic freedom will in the long run have neither.
Complete economic security is inseparable from restrictions on liberty - it becomes the security of the barracks. When the striving for security becomes stronger than the love of freedom, a society gets into deep, deep trouble. The way to prosperity for all is to remove the obstacles of bureaucracy in order to release the creative energy of individuals.
The government's job is not to plan for progress but to create the conditions favorable to progress. This has been proved by the impressive economic expansion under Reagan and Thatcher and by the amazing growth of the Asian Tiger economies, and most recently India since it started implementing sensible economic policies. Everywhere entrepreneurial energy is unshackled, massive improvements follow.
Nowhere is this more obvious than in the contrast between phenomenal growth in formerly communist countries like Estonia or Poland or even the economic health of the UK as measured against the stagnant economies of Germany and France during the first years of the millennium. Old Europe would have benefited by a Thatcher and the French would have welcomed Polish plumbers instead of being resentful.
Hayek warns against utopian yearnings that are exploited by politicians, the stealthy way in which welfarism diminishes individual freedom, the totalitarian impulse and different types of propaganda. As pointed out by Chantal Delsol in Icarus Fallen, lack of personal responsibility leads to perpetual adolescence where citizens conflate desires with rights. Defining this process as the "sacralization" of rights, she shows that freedoms are then transformed into entitlements.
What a pity people don't learn; what a blessing we have in The Road to Serfdom as a reminder and a warning. The new Appendix of Related Documents include: Nazi-Socialism (1933), Reader's Report by Frank Knight (1943), Reader's Report by Jacob Marschak (1943), Foreword to the 1944 American Edition by John Chamberlain, Letter from John Scoon to C. Hartley Grattan (1945) and Introduction to the 1994 Edition by Milton Friedman. The book concludes with an index.
What a wonderful book.Review Date: 2007-07-07
As revelant today as in 1944Review Date: 2008-04-04
The road to serfdomReview Date: 2008-02-09
Hayek's central thesis of "The road to serfdom" is that all forms of collectivism lead logically and inevitably to tyranny, and he used the Soviet Union and Nazi Germany as examples of countries which had gone down "the road to serfdom" and reached tyranny.
The book has many worthy observations. For example, all people are different by their mental development (which is also influenced by family environment and education, not counting the physical differences of the brain and endocrine system) and thus the classes of the society are needed at least to give more developed people to fully put into action their potential. Liquidation of social classes will also liquidate the abilities of more developed individuals. The same is on the international level. Consider international planning. Whichever honest and democratically open panning system will be adopted, it will be opposed by less developed and poorer nations, because they will see it as ignorance or oppression of their interests. This is obvious - the needs and goals of poor or underdeveloped countries cannot match the goals of rich or developed countries; as the interests of more educated people cannot match the interests of less educated ones.
Many people came to a conclusion that the wealth, in some extent, depends on a level of education. The problem is that not all the people in equal extend incline to the education, to their self-improvement. This is because of the differences of their needs, habits, abilities, capabilities, and so on. Leo Tolstoy in his novel "Resurrection" arose a question of how to improve the level of education: from inside of each individual or from outside? Which came first, the chicken or the egg? Should first the level of education in the society be risen which yields a revolution (dialectic transition of quantity into quality) or the revolution should make the environment to foster the education. Hayek doesn't explicitly raise this issue, but brings parallel between delegation of decision making in managing an enterprise and managing the state. Hayek thought that if a company boss makes all decision making solely by himself and doesn't give the work (of decision making) back to the people (see Ronald Heifetz's publications), it is similar to the states with totalitarian government. Such a dictatorship, enterprise-wide or country-wide, can be used in particular circumstances, but should not be used in all cases as the absolutely correct way of management, according to Hayek.
Ahead of his timeReview Date: 2007-12-31
Hayek skillfully deflates that delusion by showing how the very economic powers of government created by the Social Democrats were the powers the Nazis used to consolidate their power.
This book was published 64 years ago but is as timely today as it was then.

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So Realistic you feel the spray of the salt off the waves.Review Date: 2000-04-08
The ship who wouldnýt sinkReview Date: 2001-12-22
"The Serpent's Coil" is a companion book to "Grey Seas Under" and continues the story of ocean-going salvage tug operations in the Atlantic. "Grey Seas Under" chronicled the adventures of the tugboat `Foundation Franklin' before and during World War II. "The Serpent's Coil" takes place after the war and tells the tale of ships battered by the consuming fury of not one but three hurricanes (the "serpent's coil" of the title) in the autumn of 1948.
The author blends mystery, life-and-death adventure, and humor in his tale of rescue and salvage operations on `the Great Western Ocean.' The mystery centers around the disappearance of so many ex-wartime Liberty freighters in mid-ocean. Most of them were in ballast when they vanished, and it was assumed but never proven that shifting ballast caused the freighters to turn turtle and sink so rapidly that no message could be transmitted on the `how' or `why' of their plight.
`Leicester' was an ex-Liberty freighter fitted out in peace-time rig, newly under the command of Captain Hamish Lawson. He met his ship for the first time while she was taking ballast---"a sludge of sand and gravel dredged from the bottom of the [Thames]"---in preparation for a voyage to New York. Lawson had originally been scheduled to take command of another ex-Liberty freighter (called Sam-ships by the sailors, because they were built for the wartime Lend Lease program by `Uncle Sam'), but the `Samkey' had disappeared on route to Cuba. "'Leicester' was the twin sister to `Samkey'; built in the same yards, to the identical design. The only difference was that she was younger by a year..."
Captain Lawson's freighter was halfway between Ireland and Nova Scotia on the Great Circle route to New York when the first storm struck. `Leicester' rolled more than her Master liked, but she weathered the gale easily enough. His main worry was the ship's malfunctioning radio, without which he couldn't receive weather reports or transmit his own position. The Atlantic was not a good place to be in the middle of the hurricane season, without a radio.
Sure enough on the morning of September 14th, the crew of the `Leicester' found themselves sailing under another threatening sky:
"Lawson watched the ominous black arch [of the hurricane bar] for a quarter of an hour, and even during this short interval it seemed to grow, humping up from the horizon, spreading east and west. Above it, and around the hemisphere of sky, the high clouds were thickening, growing more opaque. A light, aimless breeze that seemed to come erratically from every point of the compass had begun to play about the ship. Lawson noticed that there were no gulls or other seabirds anywhere in sight."
The Sam-ship tried to dodge the hurricane, but it was much too late for such maneuvers. Within the hour, `Leicester' found herself enmeshed in the roaring hell of "The Serpent's Coil."
Mowat certainly knows how to tell a suspenseful sea story! The rest of his book describes the travails of `Leicester' as she founders but does not sink amidst the coils of the first hurricane. Her adventures afterward are entwined with those of the salvage and rescue tugs, `Foundation Lillian' and `Foundation Josephine,' plus another, even more savage hurricane that struck while the Sam-ship lay helplessly at what was supposed to be a safe mooring.
"The Serpent's Coil" and its even more exciting companion, "Grey Seas Under" are gripping testaments to the daring and skill of Canada's master seamen. Even the sections of these books that were strictly concerned with salvage operations kept me reading ahead at full steam.
this one is an exciting ride all the way!!Review Date: 2007-03-07
The Liberty Ship Leicester and her ill fated cruise.Review Date: 2004-07-23
This is a nice little story that will keep the reader's interest.
A Perfect Storm is so much more dramatic that I wouldn't rate this book as highly as that. It is an interesting read.
first rate sequel to The Grey Seas UnderReview Date: 1999-03-01

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The governors have nothing to support them but opinion (D. Hume)Review Date: 2006-10-24
Alex Carey shows how corporate propaganda protects corporate power (the few) against democracy (the many). Skilled manipulation conceals the real human nature and the needs of the common man in the interest of corporate efficiency and profit, in other words, in the interest of the privileged segments of society.
The effectiveness of propaganda depends on the availability of emotionally charged symbols and ideas. The most powerful ones are nationalist symbols. Therefore, corporate propaganda tries to identify the free-enterprise system with US national values, and strong unions, interventionist governments, communists and alleged liberal fellow travelers with threats to national security, subversion and tyranny.
A surveillance network detects early signs of ideological drifts. Corrective persuasion is immediately disseminated through the media, completely controlled by fellow megacorporations. As the social scientist H.D. Lasswell said: `propaganda is the one means of mass mobilization which is cheaper than violence, bribery or other possible control techniques.'
Another means of manipulation is the filtering of social science studies. Only those which improve the industry's image and interests are propagated.
Alex Carey shows the nonsense and fundamental hypocrisy of alleged `basic' social experiments (the Hawthorne studies, the experiments of K. Lewin and F. Herzberg), which `prove' that salary, job security and good working conditions are only of secondary importance for employees. In the meantime, corporations pocket superprofits.
Alex Carey's dissection of the Hawthorne studies is simply devastating. He unmasks social scientists as servants of power and union busters.
This book contains also excellent historical information (the McCarthy crusade, the great steel strike of 1919) and exposes rightly the link between propaganda and the pragmatism of Dewey and W. James (the promotion of false beliefs is justified if they are socially useful).
This is a very revealing book and a must read for all those wanting to understand the world we live in.
One of the most important books you'll ever readReview Date: 2001-07-18
Taking the risk out of democracyReview Date: 2002-02-09
Here and there this book is dreadfully dry, particularly towards the end. His ideas probably would have been made clearer and much better organized if he would have been able to put together a regular book instead of a book of essays put together by someone else but he died in 1988 before he could get it done. But the topics he discusses are very important especially now when business and government propaganda has never been more powerful.
The main title of this book describes what big business and their intellectual and political minions have tried to do particularly in the United States as rights to vote and to organize in this country were extended to large segments of the population of this country over the last hundred years. Carey's old friend Noam Chomsky quotes in his preface the numerous intellectual advocates (Walter Lipmann, Harold Laswell,etc.) of what Thomas Jefferson called late in his life "a single and splendid government of an aristocracy" made up of the "banking institutions and monyed incorporations" whom he feared would destroy the freedoms gained during the American revolution. Many prominent liberal intellectuals devoted loyal service to the state during World War one particularly in the government propaganda agencies putting out massive bogus atrocity stories about the Germans and turning a largely anti-war population in a short period into a bunch of maniacs looking to destroy everything remotely connected with Germany and German culture. A young German soldier named Adolf Hitler was deeply impressed with the allied propaganda effort and blamed German weakness in this field for their defeat and vowed that Germany would learn its lessons by the time the next war came around.
The best part of Carey's text, by far, is about the first five chapters. The first topic discussed is the Americanization movement begun in the few years before World War one by big busisiness associatons who were particularly worried about such events as the victory of the IWW led strike of textile workers in Lawrence Massachusetts in 1912. Big business was particularly worried about the influence of IWW-type radicalism on the U.S. immigrant population which mostly worked under very bad conditions at very low wages and set to work with a somwhat successful drive to inculate immigrants as well as the population at large with "American" values like free enterprise and the status quo and social harmony and against alien values like socialism or the welfare state or non-pliable unions. Out of this campaign came the Fourth of July holiday signed into law into 1918. This campaign culminated in the government crushing of the labor movement during 1919-21 under the cover of chasing communists and German spies.
The labor movement, says Carey, did not recover until the Great Depression which forced the U.S. government to enact very basic welfare legislation and protection of unions. This greatly alarmed important segments of big business. The National Association of Manufacturers literature in 1938 warned of the "hazard facing industrialists" of the "newly realized political power of the masses."
The end of World War two saw the beginnings of a massive attack on independent thinkers and organized labor under the cover of a red scare. After a lag in the early 1970's, the elites in this country began to steer this country towards a very markedly right wing political climate, seeing the rise of previously regarded fringe elements as represented by such think tanks as the American Enterprise Institute and the Heritage foundation which featured such profound thinkers as former Nixon and Ford treasury secretary William Simon who fulminated about how the Carter administration was steering the country towards collectivist totalitarianism.
He goes into some detail examining the right wing apparatus in his native Australia. He ends with discussion of some matters dealing with industrial psychology and industrial sociology culminating in a study of the Hawthorne studies, laborious research at an Illinois assembly plant made up of female workers in the late 20's and early 30's where a group of industrial psychologists tried to secure evidence that workers don't care about money and just want to be left alone to do the wonderful jobs that the labor market has forced on them. The Hawthorne chapter is in large part almost unintelligible and very dry, probably inevitable given that it is a scientific paper.
Explains the role of thought control in democratic societiesReview Date: 2000-10-07
a seminal analysis of corporate propagandaReview Date: 2000-05-31
"Taking the Risk Out of Democracy : Corporate Propaganda Versus Freedom and Liberty" points out that there are two types of propaganda, each of which have specific societal functions. The first type is aimed at the educated, articulate sectors of the population that are involved in in decision making and setting the agenda for others to adhere to. The second type of propaganda is aimed at the unwashed masses, to keep them distracted so as they don't interfere in the public arena where they have no business in being. All in all, "Taking the Risk Out of Democracy : Corporate Propaganda Versus Freedom and Liberty remains a seminal analysis of corporate propaganda and its uses in creating an obedient elite and a subserviant citizenry. Very enjoyable.
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YOU DON'T WANT TO SPEED READ THIS ONEReview Date: 2002-07-18
I found it VERY DIFFICULT to read, even with a dictionary in hand. So much so that I never finished it. And this even though I have read Rothbard's classic "America's Great Depression" twice.
Admittedly, von Mises wrote the original in German (I think), and translating technical material from another language may be quite difficult.
I give von Mises 5 stars for his Theory, (which really isn't a theory, but FACT). But I must subtract one star for it's lack of readability.
--George Stancliffe
Breaking Down the Monetary DichotomyReview Date: 2005-12-04
Monetary financing of deficits leads to inflation, but this inflation is never proportional, that is variations in the money supply produce variations in relative prices and therefore have distributional consequences.
MV = PT is an identity. The 'V' reflects the money demand of individuals for whom a $ has a subjective value. What happens to PT is dependent on who how the new money will ripple through the economic system. Every change in the amount of money is different. Apart from subjective factors the velocity of circulation will depend on trends in population growth, the division of labour and financial innovation all of these tending to accelerate it over time.
A key price in any economy is the real interest rate. Within a stable monetary framework these would reflect time preference and the (perceived) profitability of investments. By artificially reducing the rate of interest investment booms are provoked by making longer processes of production seem more profitable than they are and when finally because of a intolerantly high rate of inflation the monetary growth is halted a sharp recession occurs, in which firms go bust and the some investments are liquidated. Hence business cycles.
In essence it a manifesto for sound-money which in Mises' view amounts to adopting the gold standard. Inflationary deficit finance is dishonest and arbitrary on people's incomes and should be replaced by explicit taxation.
Fascinating and groundbreaking.Review Date: 2000-05-04
It is probably best known as the volume which first set out the distinctive Austrian theory of the trade cycle. For that alone, it deserves a place on the bookshelf of everyone who cares about such things (and more people should).
But there's much more to it than that. This volume sets out a complete and groundbreaking theory of money itself: what it is, where it comes from, what it means to speak of its "value," the differences between commodity money and fiat money, the demand for money and what it has to do with banking, and -- crucially -- the jiggery-pokery that becomes possible when the State starts messing around with unsound monetary policy.
This edition also includes a section on "Monetary Reconstruction" written in 1952 (and first included in the 1953 Yale University Press edition).
Plus there's a foreword by Murray Rothbard. And, finally, it's another beautifully crafted volume from the Liberty Fund, practically a steal at the price posted above. You'd have a hard time buying most such books _used_ at this price.
So what are you waiting for? Throw your Samuelson and Keynes in the trash and pick up a book of _real_ economics.
The Best Book on Money & Credit Ever Written? ... Possibly!Review Date: 2006-09-13
The first thing to note is that this book was first published in 1912 and in German, and although the translation has been accomplished superbly, the style of writing has somewhat of an antequated feel to it; not quite the same free flowing prose you get with Rothbard. Once you get into the feel of it though, this in no way detracts from your understanding of the theory presented.
It has an excellent new Foreward by Rothbard himself, extensive footnoting and index and is hardbound beautifully by the Liberty Fund Press, with dust jacket. There is also a nice Appendix: On The Classification of Monetary Theories, that is very useful and informative.
The book itself is divided into four main Parts:
Part One: The Nature of Money.
Part Two: The Value of Money.
Part Three: Money and Banking.
Part Four: Monetary Reconstruction.(This part was added in 1952).
For me the book really took on a story of two halves. In the first half of the book, Parts 1 & 2, the bulk of the theory is really laid out. It can be slow going as it is extremely in depth but I highly recommend you stick with it as this pays off in the second half of the book!
In Part 3 Mises really starts putting flesh onto the theory when we get into Money & Banking proper with discussion of demand for money, credit, fiduciary paper, rate of interest etc. But towards the end in Chapters 19 & 20 things get MUCH more interesting as equilibrium rates and interest are discussed in detail and he finally talks about gold, the gold standard and banking freedom.
Part 4 is where my heart lies. Here we have the discussion of the principles of sound money versus contemporary currency systems. There's then an excellent discourse on the Return to Sound Money, ie the Classical Gold Standard.
The second half of this wonderful book certainly flowed better for me, but that may also be just because I am more of an investment manager/trader and less of an economist! You feel like you have had Mises teaching you in fine detail and that he has left no stone unturned in your understanding. Mises doesn't read as easily as the prose of Rothbard but that does not detract from the excellence of the material. Superb!
It really IS a truly outstanding work and if not the best book ever written on the subject, it surely has to be at the very least, one of the very best, and as such is certainly a "must-read"!!!
This wonderful, beautifully bound, classic is an absolute "steal" at $20. I still cannot believe it is sold for so little. My recommendation is to buy it while it is still available in this beautiful hardbound edition!
Enjoy!
The Genesis of Modern Austrian EconomicsReview Date: 2008-04-03
Mises set the groundwork for Austrian Business Cycle theory, as later developed by Hayek and Garrison. Both the Quantity Theory and the Mises-Hayek theory of trade cycles point to the same root cause: inflation. However, the Mises-Hayek theory explains trade cycles in terms of intertemporal dis-coordination. Hayek owes his Nobel Prize the groundbreaking work of Mises.
The Theory of Money and Credit also served as the basis for the calculation critique of socialism. Mises began to see the significance of monetary calculation in this book. The Austrian theories of the trade cycle and monetary calculation are the two main lines of modern Austrian research. These were the two critical debates of the Interwar Years. Also, Mises formulated his `Regression Theorem' in this book. Without this book, the modern Austrian paradigm would differ beyond recognition. Anyone who wants to learn Austrian economics should read this book.
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Prophetic Reminder of what "Conservative" Used to MeanReview Date: 2006-03-03
In fact, I recommend shaking off some of the dust from the pages of this old, yellowed paperback especially to Republicans who today, in the estimation of this reviewer, have lost touch with the conservative heritage of their party. In short, I write this review as much paying homage as a member of Simon's loyal opposition.
Although in 'A Time For Truth', copyrighted 1978, Simon clearly displayed his partisan credentials, he also left no illusion that if Republicans were ever to take control of the government, they may very well create in their own image the very centralized absolutist state which Simon believed had been established by the Democrats of his era.
Simon greatly feared seemingly "uncontrollable" spending and national debt. He regarded deficit spending on his own watch during the Nixon administration as an experiment gone horribly wrong, from which he learned a profound lesson. As Nixon's Secretary of Treasury, he actually took responsibility (the forgotten virtue of conservatives) for the government's failed energy policies, which are ironically usually attributed to Carter, who actually inherited the crisis.
Simon's self-admitted angry tone in 'A Time For Truth' was in reaction to a growing national debt, and its accompanying bureaucracy, which as of 12/31/1980, at the end of Jimmy Carter's term, according to the Bureau of Public Debt (which they rounded off to millions) was a total $930,210,000,000.00 -- or $930.2 billion. What would have been Simon's reaction to the public debt on 12/30/1988, at the end of Ronald Reagan's term, of $2,602,337,712,041.16 -- or $2.6 trillion? Or on 12/30/1992, at the end of George H.W. Bush's term, a sum of $4,064,620,655,521.66 -- or $4 trillion? Would Simon issue the same outrage at the government, under Reagan's watch, more than doubling the national debt, and under Reagan and Bush cumulatively more than quadrupling the debt? Reagan had a readily-available explanation for this: Congress, still under control of the democrats.
What then would Simon say about the national debt under George W. Bush, who presides during a republican-controlled congress? As of 9/28/2001, the debt was $5,807,463,412,200.06 -- or $5.8 trillion and has grown to $8,269,768,312,946.41 -- over $8 trillion, in the month of this writing, 3/01/2006 ?
Of course, the 'War on Terror' will be among the top explanations given by republicans today. However Simon did not leave the impression that this would be an acceptable excuse. Besides the total defense budget for fiscal year 2006 being $419.3 billion; a comparatively small portion of the total debt of over $2.6 trillion, Simon repudiated any increased spending without cutting other expenses or raising taxes to pay for that spending.
One interesting feature of this book is an early mention and even a definition for "neo-conservative". Simon saw them as among the allies of true conservatives, though he saw "neo-conservatives" as too interventionist. It is perhaps telling that on pg. 118 Simon described an exchange with then chief of staff, Donald Rumsfeld, who accused Simon of "betraying" Ford for criticizing his budget of $51.9 billion as "horrendous." One would be tempted to wonder what Simon, being a staunch fiscal conservative who despised and feared spiraling government spending and abyssmal deficits, would say today to the heritors of his party. However, in 'A Time For Truth' Simon himself indeed issued such dire warnings:
"The only thing that can save the Republican Party, in fact, a counterintelligensia. Without such a reservoir of antiauthoritarian scholarship on which to draw, it is destined to remain the Stupid Party and to die. It may even deserve to die. A political party which declares itself philosophically committed to freedom but allows an economic dictatorship to emerge in the United States without stirring up the fiercest political donnybrook in American history has asked for the oblivion to which it is presently being consigned." --pg. 255
For its time this book must have indeed seemed like an unexpected breath of fresh air issued from the unlikely source of a figure who served under Richard Nixon and Gerald Ford. Today 'A Time For Truth' seems as much a badge of honor for conservatives as an albatross for the Republican Party.
It is an irony that in 2002 and again in 2003 William E. Simon, Jr. ran, though unsuccessfully, as the republican candidate for Governor of California during another energy crisis, finally throwing his grudging support behind another republican.
Now a national debt of under a trillion dollars seems like 'The Good 'Ole Days'. It seems to this reviewer that, though Simon's observations about spending policies of Democrats in the 1970s were indeed relevant, the same observations also apply to today's Republicans, if not more relevantly. Simon was a devotee of Adam Smith and the 'invisible hand' of the free market (historically the quarter of liberalism.) Simon warned of government subsidies and tax examptions for corporations, but instead insisted that only a competitive market would produce wealth. As William E. Simon seemed to prefer simple principles and over-arching abstractions over micromanagement and minutiae, I think it is appropriate to add that, in my view, Simon's warnings simply confirm the old adage that power corrupts, and absolute power corrupts absolutely.
William E. Simon died in June of 2000. Between this and his time of public service under Nixon/Ford, true to the conscience of a sincere human being, he was privately active as a member of the Order of the Knights of Malta as a philanthropist and volunteer in service of terminally ill and destitute patients.
Good Book By William Simon!Review Date: 2003-03-07
read. The book is authored by William Simon who served as the
Secretary of the Treasury under Presidents Richard Nixon and Gerald Ford. Simon relates to you his beliefs and philosphies about the free market system.Simon had done well with this system
becoming mega wealthy.Simon attempts sucessfully to warn the
American peopleabout the unbreakable connection between economic
and political freedom.He warns that the expanding state is taking these freedoms away. A very interesting read by a very
wise man. Read this book. You will like it.
Outstanding overview of economicsReview Date: 2000-06-04
A real eye-opener.Review Date: 2000-03-01
Remembering Mr. Simon....he was a formidable intellect....Review Date: 2000-06-11
I credit Mr. Simon's book with helping to turn my life around and giving me the paternal leadership I was lacking. It's a marvelous book about how our illustrious and bellicose Congress of the United States dupes the American public with it's tax and spend policies and offers us a chance to reaquaint ourselves with our great founding principles. Without principles we are nothing...
In 1986 while in the USMCR I had the privilege of meeting Mr. Simon while pulling guard duty at a MC Scholarship Fund dinner. I was thrilled.
My sincere sympathies go out to his family.

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Important Constitutional IssueReview Date: 2003-07-01
Checks and BalancesReview Date: 2004-09-25
Excellent book for understanding the legal issuesReview Date: 2003-12-20
This book provides the "backstory" for many of the key issues I plan to cover, such as prohibition of material support to foreign terrorist organizations and how that law squares with America's First Amendment jurisprudence. For the most part, this book takes a critical position against most of the current legal arguments advanced by the Bush Administration, e.g. that the President should be allowed to designate enemy combatants. But each article presents its argument in a fairly balanced way.
Also, the articles do a great job of explaining the law at a college-graduate level, as opposed to a lawyer's level. That's unusual for most books on the subject, and I think it makes this a must-buy for anyone interested in the subject.
Prescient. Wise. Enlightening. Essential.Review Date: 2003-07-15
An important bookReview Date: 2003-07-03
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