1 On Henry George see Rothbard's Man, Economy, and State pp. 148-151. On J. K. Ingalls see pp. 151-152.

2 Power and Market p. 49.

3 Man, Economy, and State p. 72.

4 Ibid. pp. 72-73.

5 Ibid. p. 77.

6 Ibid. pp. 77-78.

7 Ibid. p. 75.

8 Ibid. p. 581.

9 Ibid. p. 84.

10 Bestowal or bequest stems immediately from the right to property. In Power and Market p. 183, Rothbard relates the right to bestow and the right to inherit:

The right of inheritance rests not so much on the right of later generations to receive as on the right of earlier generations to bestow.
Lying per se is not invasive, but taking someone else's property under false pretenses is breach of contract and fraud. See Power and Market p. 34.

Even if the promise-breaker signed a contract promising to pay damages he doesn't have to perform the service or pay damages. But if he received payment in advance, he has to return it. See Man, Economy, and State pages 152-154 and 443.

11 In Power and Market p. 34, Rothbard asserts:

The free-market method of dealing, say with the collapse of a building killing several persons, is to send the owner of the building to jail for manslaughter.
Rothbard does not specify how much time in jail is correct or how the correct amount of time could be determined, but he is confident that the free market would not allow the owner to get away with merely paying monetary damages.

12 Man, Economy, and State p. 767.

13 The common banking procedure of issuing money receipts in the form of bank notes or bank credit (in checking accounts) that total up to more money than the bank has in its vaults is fraudulent. Fractional-reserve banking is counterfeiting. It would not be allowed in a free-market economy.

Rothbard's objection to fractional-reserve banking extends to "free banking" in which the government allows the banks to determine their own percentages of cash to keep on reserve (see Man, Economy, and State p. 709). I wonder whether fractional-reserve banking is still fraudulent when everybody knows what the banks are doing. In the USA, the rate of this so-called fraud is regulated, and the information about it is available to the public. In this case, fractional-reserve banking seems more like voluntary gambling than fraud.


Go back to the table of contents.

Go back to Libertarian Essays by Roy Halliday.

This page was last updated on January 1, 2003.
This site is maintained by Roy Halliday. If you have any comments or suggestions, please send them to royhalliday@mindspring.com.