Abstract
In the six years between the collapse of the Soviet Union and the 1997/1998 financial crises in Asia, Russia and the United States, nine Nobel Prizes for Economic Sciences were awarded to those whose work was interpreted as promoting the ‘free’ market. And at the Federal Reserve, Alan Greenspan had three Vice-Chairs who were also associated with deregulation-euphoria. Indiscriminate privitization assisted the rise of Putin’s ‘Russia of the Oligarchs’—which is consistent with Rothbard’s promotion of ‘Iron Law of Oligarchy.’ The evidence suggests that the ‘Tea Party’ was founded and funded by the Koch brothers; and although the (illegal) ‘von Party’ was ‘founded’ by the (1947-) Mont Pelerin Society and ‘ennobled’ (and enabled) by the 1974 Nobel Prize—that too appears to be largely funded from the same source. If ‘grassroots’ is, in reality, funded ‘astroturf’: are lobbyists masquerading as Austrian ‘scholars’? This chapter examines the funding and the utopianism that underpins the promotion of the ‘free’ market for tobacco and fossil fuels.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Archival Insights into the Evolution of Economics (and Related Projects)
Haiduk, K. (2015). Hayek and Coase Travel East: Privatization and the Experience of Post-Socialist Economic Transformation. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part VI Good Dictators, Sovereign Producers and Hayek’s ‘Ruthless Consistency’. Basingstoke: Palgrave Macmillan.
Leeson, R. (2003). Ideology and the International Economy: The Decline and Fall of Bretton Woods. Basingstoke: Palgrave Macmillan.
Leeson, R. (2005, August 19). Assessing the Effect of Taxes on the Economy: Deflate Housing Bubble with Targeted Taxes. San Francisco Chronicle. http://www.sfgate.com/default/article/Assessing-the-Effect-of-Taxes-on-the-Economy-2646541.php.
Leeson, R. (Ed.). (2015). Hayek: A Collaborative Biography Part III Fraud, Fascism and Free Market Religion. Basingstoke: Palgrave Macmillan.
Leeson, R. (2017a). Hayek: A Collaborative Biography Part VII ‘Market Free Play with an Audience’: Hayek’s Encounters with Fifty Knowledge Communities. Basingstoke: Palgrave Macmillan.
Leeson, R. (2017b). Hayek: A Collaborative Biography Part IX the Divine Right of the ‘Free Market. Basingstoke: Palgrave Macmillan.
Leeson, R. (2018). Hayek: A Collaborative Biography Part VIII the Constitution of Liberty: ‘Shooting in Cold Blood’ Hayek’s Plan for the Future of Democracy. Basingstoke: Palgrave Macmillan.
Robin, C. (2015). Wealth and the Intellectuals: Nietzsche, Hayek, and the Austrian School of Economics. In R. Leeson (Ed.), Hayek: A Collaborative Biography Part V Hayek’s Great Society of Free Men. Basingstoke: Palgrave Macmillan.
Other References
Armey, D., & Kibbe, M. (2010). Give Us Liberty: A Tea Party Manifesto. New York: HarperCollins.
Beck, G. (2009 [1981]). Foreword. In W. C. Skousen (Ed.), Five Thousand Year Leap: Twenty-Eight Great Ideas That Are Changing the World. Washington, DC: The National Center for Constitutional Studies.
Blinder, A. S., & Reis, R. (2005). Understanding the Greenspan Standard (Working Paper No. 114). CEPS. https://www.princeton.edu/ceps/workingpapers/114blinderreis.pdf.
Blundell, J. (1990). Waging the War of Ideas: Why There Are No Shortcuts. (Reprinted from the Heritage Foundation Lecture Series: Heritage Lecture #254 June 1). https://www.atlasnetwork.org/assets/uploads/misc/chapter-2-waging-the-war-of-ideas-blundell-march-20-2007-final.pdf.
Boettke, P. J. (1992, August 1). Friedrich A. Hayek (1899–1992). FEE. https://fee.org/articles/friedrich-a-hayek-1899-1992/.
Boettke, P. J. (1995, May 1). The Story of a Movement: A Review Essay of Vaughn’s Austrian Economics in America. The Freeman, pp. 322–326. https://fee.org/articles/the-story-of-a-movement/.
Boettke, P. J. (2001). Calculation and Coordination Essays on Socialism and Transitional Political Economy. London: Routledge.
Boettke, P. J. (2007). Boettke on Austrian Economics. EconTalk Episode with Pete Boettke Hosted by Russ Roberts. http://www.econtalk.org/archives/2007/12/boettke_on_aust.html.
Boettke, P. J. (2011a, August 28). Mises Wins the Nobel Prize, Well Sort of … Coordination Problem. http://www.coordinationproblem.org/2011/08/mises-wins-the-nobel-prize-in-economic-science-well-sort-of-.html.
Boettke, P. J. (2011b). Teaching Austrian Economics to Graduate Students. Journal of Economics and Finance Education, 10(2), 19–30. http://www.economics-finance.org/jefe/econ/special-issue/Special%20Issue%20AE%20003%20Boettke-Abstract.pdf.
Bump, P. (2016, January 29). In 1927, Donald Trump’s Father Was Arrested After a Klan Riot in Queens. The Washington Post. https://www.washingtonpost.com/news/the-fix/wp/2016/02/28/in-1927-donald-trumps-father-was-arrested-after-a-klan-riot-in-queens/?utm_term=.8e701522912f.
Caldwell, B. (1995). Editorial Notes. In B. Caldwell (Ed.), Contra Keynes and Cambridge. The Collected Works of F. A. Hayek. Chicago: University of Chicago Press.
Caldwell, B. (2006). Popper and Hayek: Who Influenced Whom? In I. C. Jarvie, K. Milford, & D. W. Miller (Eds.), Karl Popper: A Centenary Assessment (Vol. I, pp. 111–124). Burlington: Ashgate.
Caldwell, B. (2009). A Skirmish in the Popper Wars: Hutchison Versus Caldwell on Hayek, Popper, Mises, and Methodology. Journal of Economic Methodology, 16(3), 315–324. http://www.tandfonline.com/doi/pdf/10.1080/13501780903129306.
Caldwell, B. (2010). The Secret Behind the Hot Sales of ‘The Road to Serfdom’ by Free-Market Economist F. A. Hayek. The Washington Post. http://voices.washingtonpost.com/shortstack/2010/02/the_secret_behind_the_hot_sale.html.
Caldwell, B., & Montes, L. (2014a, August). Friedrich Hayek and His Visits to Chile (CHOPE Working Paper No. 2014–12).
Caldwell, B., & Montes, L. (2014b, September 26). Friedrich Hayek and His Visits to Chile. Review of Austrian Economics. First online.
Caldwell, B., & Montes, L. (2015a, September). Friedrich Hayek and His Visits to Chile. Review of Austrian Economics, 28(3), 261–309.
Caldwell, B., & Montes, L. (2015b). Friedrich Hayek y Sus Dos Visitas a Chile. Estudios Públicos, 137(Verano), 87–132. https://www.cepchile.cl/cep/site/artic/20160304/asocfile/20160304101209/rev137_BCaldwell-LMontes.pdf.
Chamberlain, J. (1982, January 9). ‘Reaganism’ Is a Success in Chile. Human Events. MPS Archives Box 45.7.
Chirac, J. (1985, June). Speech Presented by Monsieur Jacques Chirac, Mayor of Paris, on the Occasion of the Regional Conference of the Mont Pelerin Society and the awarding of the Great Medal of Paris to Professor Friedrich A. Hayek, Winner of the Nobel Prize for Economic Science. Mont Pelerin Society Newsletter. MPS Archives Box 81.
Crozier, B. (1979). The Minimum State: Beyond Party Politics. London: Hamish Hamilton.
Crozier, B. (1993). Free Agent the Unseen War 1941–1991. London: HarperCollins.
Cubitt, C. (2006). A Life of August von Hayek. Bedford, England: Authors on line.
Davenport, J. (1985, January). Beyond the Market. The Freeman, 35(1), 4–8. https://fee.org/media/16292/1985-01.pdf.
Davidson, A. (2012, August 21). Prime Time for Paul Ryan’s Guru (the One Who’s Not Ayn Rand). The New York Times. http://www.nytimes.com/2012/08/26/magazine/prime-time-for-paul-ryans-guru-the-one-thats-not-ayn-rand.html.
Ebeling, R. M. (1997, August). The Free Market and the Interventionist State. Imprimus, 26(8). MPS Archives Box 122.
Ebeling, R. M. (2011, August 28). Mises Wins the Nobel Prize, Well Sort of … Coordination Problem. http://www.coordinationproblem.org/2011/08/mises-wins-the-nobel-prize-in-economic-science-well-sort-of-.html.
Ebeling, R. M. (2014, February 16). EXCLUSIVE INTERVIEW, Gold & Silver. Richard Ebeling on Austrian Economics, Economic Freedom and the Trends of the Future. Daily Bell. http://www.thedailybell.com/gold-silver/anthony-wile-richard-ebeling-on-austrian-economics-economic-freedom-and-the-trends-of-the-future/.
Ebeling, R. M. (2017, October 2). Classical Liberalism and the Problem of ‘Race’ in America. Future of Freedom Foundation. https://www.fff.org/explore-freedom/article/classical-liberalism-problem-race-america/.
Epstein, G. (2000). Austrian Watchdog at Barron’s: An Interview with Gene Epstein. Austrian Economic Newsletter, 22(Summer). https://mises.org/library/austrian-watchdog-barrons-interview-gene-epstein.
Epstein, G. (2011, April 7). Murray, My Intellectual Mentor. Mises Daily. https://mises.org/library/murray-my-intellectual-mentor.
Evans, A. (2010). The Parallels Between Sports Coaching and Graduate Teaching: Coach Boettke as Exemplar. The Journal of Private Enterprise, 26(1), 73–83.
Financial Times. (2007, September 17). Greenspan Alert on US House Prices.
Fisher, R. (1986, July 21). Moscow’s Strategy in Southern Africa: A Country by Country Review. Heritage Foundation. www.heritage.org/europe/report/moscows-strategy-southern-africa-country-country-review.
Gissurarson, H. (2005). Some Highlights of MPS Regional Meeting, Reykjavik, Iceland, 21–24 August 2004. Mont Pelerin Society Newsletter, LIX(Fall).
Hayek, F. A. (1944). The Road to Serfdom. London: Routledge.
Hayek, F. A. (1960). The Constitution of Liberty. Chicago: University of Chicago Press.
Hayek, F. A. (1975). A Discussion with Friedrich von Hayek. Washington, DC: American Enterprise Institute. https://www.aei.org/wp-content/uploads/2017/03/Discussion-with-Friedrich-von-Hayek-text.pdf.
Hayek, F. A. (1978a). Oral History Interviews. Los Angeles: Centre for Oral History Research, University of California. http://oralhistory.library.ucla.edu/.
Hayek, F. A. (1978b). New Studies in Philosophy, Politics, Economics and the History of Ideas. London: Routledge & Kegan Paul.
Hayek, F. A. (1979). Law, Legislation and Liberty: Volume III the Political Order of a Free People. Chicago: University of Chicago Press.
Hayek, F. A. (1984, May–June). Exclusive Interview with F. A. Hayek. Cato Policy Report. https://www.cato.org/policy-report/mayjune-1984/exclusive-interview-fa-hayek.
Hayek, F. A. (1985, June). Professor Friedrich Hayek’s Closing Speech. Mont Pelerin Society Newsletter. MPS Archives Box 67.
Hayek, F. A. (1992 [1977], July). The Road from Serfdom. Reason. http://reason.com/archives/1992/07/01/the-road-from-serfdom/5.
Hayek, F. A. (1994). Hayek on Hayek an Autobiographical Dialogue. Supplement to the Collected Works of F. A. Hayek (S. Kresge & L. Wenar, Eds.). Chicago: University of Chicago Press.
Hayek, F. A. (1995). Contra Keynes and Cambridge the Collected Works of F. A. Hayek (B. Caldwell, Ed.). Chicago: University of Chicago Press.
Hayek, F. A. (2007 [1944]). The Road to Serfdom: The Definitive Edition. The Collected Works of F. A. Hayek (B. Caldwell, Ed.). Chicago: University of Chicago Press.
Keynes, J. M. (1936). General Theory of Employment, Interest and Money. New York and London: Harcourt, Brace.
Lal, D. (2002). The Poverty of ‘Development Economics’ (2nd ed.). London: Institute of Economic Affairs.
Lal, D. (2006). Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-First Century. Princeton: Princeton University Press.
Lal, D. (2009). The Mont Pelerin Society: A Mandate Renewed. Mont Pelerin Society Presidential Address. http://www.econ.ucla.edu/lal/MPS%20Presidential%20Address%203.5.09.pdf.
Leube, K. R. (2003a). Some Remarks on Hayek’s The Sensory Order. Laissez Faire, 12–22. http://laissezfaire.ufm.edu/images/7/79/Laissezfaire18_2.pdf.
Leube, K. R. (2003b). On Some Unintended Consequences of the Welfare State (Free Market Foundation Occasional Papers 4.4).
Major, B. (2017, November 7). Hayek’s Economics Society Enters the Digital Era with a Bang. Peter Boetke Brings a Fresh Perspective and Wide Range of Talent to the Prestigious Mont Pelerin Society, an Economic Powerhouse Among the Intelligentsia. The Federalist. https://thefederalist.com/2016/11/07/hayeks-economics-society-enters-digital-era-bang/.
Martin, A. (2010, September). The Analects of Boettke. Journal of Private Enterprise, 26(1), 125–141.
Mises, L. (1985 [1927]). Liberalism in the Classical Tradition (R. Raico, Trans.). Auburn, AL: Mises Institute.
Mises, L. (2009/1978 [1940]). Memoirs. Auburn, AL: Ludwig von Mises Institute.
Mises, L. (2013/1978 [1940]). Notes and Recollections with the Historical Setting of the Austrian School of Economics. Indianapolis, IN: Liberty Fund.
Nasar, S. (1992, March 24). Friedrich von Hayek Dies at 92; An Early Free-Market Economist. The New York Times. http://www.nytimes.com/1992/03/24/world/friedrich-von-hayek-dies-at-92-an-early-free-market-economist.html.
O’Brien, P. J. (1985). Authoritarianism and the New Economic Orthodoxy the Political Economy of the Chilean Regime, 1973–85. In P. J. O’Brien & P. A. Cammack (Eds.), Generals in Retreat: The Crisis of Military Rule in Latin America. Manchester: Manchester University Press.
Peterson, W. H. (2009). Mises in America. Auburn, AL: Ludwig von Mises Institute.
Popper, K. R. (1945a). The Open Society and Its Enemies Volume 1 the Spell of Plato. London: Routledge.
Popper, K. R. (1945b). The Open Society and Its Enemies Volume 1 the High Tide of Prophecy: Hegel, Marx, and the Aftermath. London: Routledge.
Popper, K. R. (1959). Logic of Scientific Discovery. London: Hutchinson.
Robin, C. (2014). The Hayek-Pinochet Connection: A Second Reply to My Critics. http://crookedtimber.org/2013/06/25/the-hayek-pinochet-connection-a-second-reply-to-my-critics/.
Rothbard, M. N. (1993, August). Who Are the Terrorists? (Rothbard Rockwell Report). Vol 4.8. http://www.unz.org/Pub/RothbardRockwellReport-1993aug-00001.
Rothbard, M. N. (1994a, September). Invade the World (Rothbard Rockwell Report). Vol 5.9. http://www.unz.org/Pub/RothbardRockwellReport-1994sep-00001.
Rothbard, M. N. (1994b, July). The Franciscan a Review of Samuel Francis, Beautiful Losers Essays on the Failure of American Conservatism (Rothbard Rockwell Report), pp. 11–24. http://www.unz.org/Pub/RothbardRockwellReport-1994jul-00011.
Rothbard, M. N. (2011). Economic Controversies. Auburn, AL: Ludwig von Mises Institute.
Salerno, J. (1996). Why We Are Winning an Interview with Joseph Salerno. Austrian Economic Newsletter, 16(3), 1–8. https://mises.org/library/why-were-winning-interview-joseph-t-salerno.
Skousen, M. (2009a, March 19). Glenn Beck Re-Energizes the Conservative Movement. Human Events. http://humanevents.com/2009/03/19/glenn-beck-reenergizes-the-conservative-movement/.
Skousen, W. C. (2009b [1981]). Five Thousand Year Leap: Twenty-Eight Great Ideas that are Changing the World. Malta, ID: National Center for Constitutional Studies.
Spargo, C. (2015, September 11). Donald Trump Hits Back As He Faces Claims His Father Was Arrested When Anti-Catholic Ku Klux Klansmen Attacked Police in New York in 1927 and Says: ‘It Never Happened.’ Daily Mail.
Spitznagel, M. (2009, November 6). The Man Who Predicted the Depression. The Wall Street Journal.
Spitznagel, M. (2013). The Dao of Capital: Austrian Investing in a Distorted World. New York: Wiley.
Zaitchik, A. (2009, September 16). Meet the Man Who Changed Glenn Beck’s Life Cleon Skousen Was a Right-Wing Crank Whom Even Conservatives Despised. Then Beck Discovered Him. Salon. https://web.archive.org/web/20090922170353/http://www.salon.com/news/feature/2009/09/16/beck_skousen/print.html.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2018 The Author(s)
About this chapter
Cite this chapter
Leeson, R. (2018). The Fall of Left Utopia and the Rise of ‘Free’ Market Euphoria. In: Hayek: A Collaborative Biography. Archival Insights into the Evolution of Economics. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-77428-2_6
Download citation
DOI: https://doi.org/10.1007/978-3-319-77428-2_6
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-77427-5
Online ISBN: 978-3-319-77428-2
eBook Packages: Economics and FinanceEconomics and Finance (R0)