Freedom, Society, and State - Ludwig von Mises Institute

(49 )M. Friedman t "Playboy Interview," p. 56. Good
historical documentation of this'tendency for the commi
ss ions to be "captured" by the industries they regu­
1ate can b e f 0 u ndin Jar 0 1 Man n h e i m, De j a Vu ( New
Y0 r k: St. Ma r tin t s Pres s, 19 7 6 ), e s pee i all y pp. 1 61 - 8 6 •
Interestingly Mannheim then argues for new and stronger
regulatory measures, including a Department of Consumer
Affairs.
(SO)Hospers, p. 364.
(51)M. Friedman, "Playboy Interview,"p. 56.
(S2)M. Friedman, Capitalism aod Freedom, pp.
1 5 5 - 5 8 • For a n e I aborat i on of these idea s see ibid.,
pp. 149-60; Hospers, pp. 363-67; and D. Frjedman, pp.
56-60 and 121-25.
(53)William J. Baumol, "Reasonable Rules for Rate
Regulation: PlauLible Policies for an Imperfect World,"
The Crisis of the Regulatory Commissions, ed. Paul W.
MacAvoy (New York: Norton, 1970), pp. 196-97.
(54)Edward Renshaw, "Possible Alternatives to
Direct Regulation," The Crisis of the Regulatory
Commiss ions, e d. P a u I W. MacA v 0 Y ( New Yo r k: Nor ton,
1970) pp. 209-10.
(55)See Rothbard, Mao, Economy and State (Los
Angeles: Nash, 1970), pp. 653-58. An excellent case
study is found in R. A. Radford, "The Economic
Organization of a Prisoner of War Camp," Economica
(November 1945), pp. 189-201. In WfJ II P.O.W. camps,
R a d for d not e s, "c i gar e t t e s r 0 s e from the s tat us 0 f a
normal commodity to that of currency."
(56)Wooldridge, p. 54.
(57)L. von Mises, The Theory of Money aod Credit
(Irvington-on-Hudson: F.E.E., 1971), p. 78. Also see
Car I Men g e r, P r inc i pIe s a fEe0 0 om i c s (G lencoe, I I I • :
Free Press, 1950).
(58 )Mur ray Rot hba r d, The Case for a 100 Percent
Gold Dollar (Washington, D.C.: Libertarian Review
Press, 1974), p. 2.
( 59 ) I bid., pp. 2- 3.
( 60 ) I bid., p. 7.
(61)Rothbard t MES, pp. 867-71; also see L. von
Mises, Humao Action (Chicago: Henry Regnery, 1966),
pp. 434-48.
(62)Rothbard t 100 Percent, pp. 24-27.
(63)James Rolph Edwards, "Monopoly and Competition
in Money," The Journal of Libertarian Studies (Winter
1982), p. 107.
(64 )On the role of private coinage in history see
Wooldridge, pp. 54-74. Interestingly, the Nobel Prizewinning
economist, F. A. Hayek, has endorsed a system
permitting private coinage of money. See his address,
318