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Money, Bank Credit & Economic Cycles by Jesus Huerta de Soto
Money, Bank Credit & Economic Cycles by Jesus Huerta de Soto
Economic Cycles, Money, and Bank Credit by Jesus Huerta de Soto
Can the market effectively control the financial and banking industries? With this massive and thrilling treatise, Jess Huerta de Soto, an economics professor at the Universidad Rey Juan Carlos in Madrid, has made history by demonstrating that economies can thrive without inflation, business cycles, or the economic instability that has been a hallmark of the era of government control.
A detailed treatise on economic theory like this one rarely appears once every few generations. The most comprehensive explanation of Austrian economic cycle theory to ever be published, it is also a resounding endorsement of the Misesian-Rothbardian viewpoint on money, banking, and the law. It is comprehensive, revolutionary, and destructive.
According to Jörg Guido Hülsmann, this is the most important work on money and banking to appear since 1912, when Mises’ own book was released and fundamentally altered how all economists saw the topic.
These are its top five contributions:
a comprehensive critique of fractional-reserve banking from the perspectives of history, theory, and policy; an application of the Austrian critique of socialism to central banking; a complete reconstruction of the legal framework for money and banking from antiquity to the modern era; a law-and-economics application to banking that links microeconomic analysis to macroeconomic phenomena;
These are the key ideas, yet they just touch the surface. It is true that it is challenging to overstate the significance of this work. De Soto addresses the most significant criticisms of full reserve theory, defends the Austrian viewpoint on business cycles against all competing theories, and offers a comprehensive policy agenda for drastic change. He also defends the approach from the standpoint of Roman and British law.
The translation that resulted in this English Mises Institute edition was motivated by Hülsmann’s critique of the Spanish version. The end product is astounding: an 875-page masterwork that completely refutes the justifications for fiat money and central banking, demonstrates how these institutions have jeopardized economic stability and freedom, and furthermore, demonstrates how unbearable they are in a free society.
With this in-depth examination of monetary reform from an Austro-libertarian perspective, De Soto has raised the bar for academic writing. Huerta de Soto’s book is a prime example of the Austrian method for researching the interrelationship between law and economics due to the strong development of his arguments along these lines.
Although it may take a decade to fully comprehend the ramifications of this book, one thing is certain: all serious students of these topics must become fluent in this treatise.
Hardback, 875 pages
Salepage : Money, Bank Credit & Economic Cycles by Jesus Huerta de Soto
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