George Reisman was a student of Mises's, a translator of his work, and, as he demonstrates in this outstanding treatise, a leading theorist in the Misesian tradition. This mammoth exposition deals with the method and theory of economics, and particularly excels in its application to matters of policy. Its sections on price controls, money, banking, and environmentalism apply Misesian theory to new times and new literature. The author deals patiently but devastatingly with the arguments of the interventionists. The end result is an integrated understanding of the theory and ethics of the capitalist economy.

Reisman's ringing manifesto for laissez-faire capitalism free of all government intervention is at once a conservative polemic and a monumental treatise, brimming with original theories. that is remarkable for its depth, scope and rigorous argument. He rejects the Keynesian doctrine that government must adopt a policy of budget deficits to cope with unemployment, contending, to the contrary, that federal intervention in the economic system is a root cause of inflation, credit expansion, depression and mass unemployment. Reisman staunchly defends capitalists as risk-takers who raise the average worker's real wages and living standards, increasing productivity and improving the quantity and quality of goods. Socialism, he says, is the system that exploits labor and causes stifling monopolistic control. Professor of economics at L.A.'s Pepperdine University, Reisman frequently espouses unfashionable, some would say "extreme," views; for instance, he opposes mandatory recycling, defends insider trading of stocks as justifiable and beneficial and condemns laws banning child labor as an "inappropriate" response to a social ill. His call for a pro-capitalist political movement dedicated to the abolition of the welfare state, elimination of Social Security and Medicare, dismantling of public education, private ownership of all land, abolition of personal and corporate income taxes and a 90% cutback in government spending seems to put this tome beyond the pale of mainstream political debate -- although it does come with advance raves from two Nobel laureates in economics. Conservative Book Club and Laissez Faire Book Club selection.
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