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The Panic of 1819: Reactions and Policies

3.87  ·  Rating details ·  55 ratings  ·  6 reviews
The Panic of 1819 was America's first great economic crisis. And this is Rothbard's masterful account, the first full scholarly book on the topic and still the most definitive. It was his dissertation, published in 1962 but nearly impossible to get until this new edition, the first with the high production values associated with Mises Institute publications.

The American
Hardcover, 282 pages
Published April 10th 2007 by Ludwig von Mises Institute (first published 1962)
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3.87  · 
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 ·  55 ratings  ·  6 reviews

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Mar 21, 2013 rated it liked it  ·  review of another edition
Shelves: history
Another Rothbard classic.

Rothbard goes through great lengths to explain the economic climate of the states at the time in order to provide a background for the panic. He shows how extensive borrowing before 1819 was and that this was indeed the source of the panic. The 1819 bubble was close in kin to the real estate bubble in the early 90's: speculators saw a great opportunity to buy land as its value had been rising for quite a while. These speculators saw to it to buy as much as they could wit
Mark Geise
Oct 13, 2015 rated it really liked it
“The Panic of 1819” by Murray Rothbard is an extremely informative book, but was not as interesting as I had hoped. It was certainly interesting, but in a different way than I had expected.

The panic of 1819 resulted in intense economic debate throughout the country, much of which Rothbard paints as expansionists versus hard money advocates. Following the economic collapse after the post-war boom, a large section of the population favored a return to prudence, thrift, and economy rather than legi
David Robins
Feb 14, 2010 rated it liked it
Great coverage of the topic, but not extremely interesting unless you're interested in the minutiae of how particular states and cities reacted to the panic, what legislation they passed and tried to pass, and the factions involved. This is a tale of attempts to inflate the currency, interfere with contracts (via stays, forced appraisals, and allowing banks to suspend redemption in specie), and protectionism. Laissez-faire advocates sometimes triumphed, but frequently the whining of imprudent in ...more
Becky Snow
Jan 07, 2016 rated it really liked it
I mostly enjoyed this book. It was definitely not an easy read, and I ended up doing a lot of side research to understand many of the economic stuff. Rothbard did a really solid job bringing up all the facets of the depression, along with the public response around the country. I was very happy to read the Conclusion and Remedies Proposed chapters, as they clarified the whole book for me.
Beth Haynes
May 09, 2009 rated it liked it
On hold for the summer
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Mar 04, 2018 rated it it was amazing
great esoteric read for anyone interested in early 19th century american history, or the beginnings of the american business cycle.

As Rothbard lays out in the beginning, the Crisis of 1819 was the first major bust in the U.S. business cycle and for that reason should be of interest to economists today. As the title suggests, Rothbard's dissertation is an extremely detailed and extremely value free review of not so much the causes and time leading up to, but the general reactions of the people,
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Murray Newton Rothbard was an influential American historian, natural law theorist and economist of the Austrian School who helped define modern libertarianism. Rothbard took the Austrian School's emphasis on spontaneous order and condemnation of central planning to an individualist anarchist conclusion, which he termed "anarcho-capitalism".