Virginia’s stranglehold over American politics continues with President James Monroe. While high school textbooks refer to this period of one-party rule as the “Era of Good Feelings,” the reality is the Second Bank of the United States offers some of the most vulgar examples of corruption the American people have seen. In this episode, Patrick Newman and Tho Bishop discuss the Panic of 1819 and the impact it had on political alliances for decades to come.
Recommended Reading
The Panic of 1819: Reactions and Policies by Murray Rothbard — Mises.org/LP7_A
A Short History of Paper Money and Banking in the United States by William Gouge — Mises.org/LP7_B
“The Scandal of Smith and Buchanan: The Skeletons in the McCulloch vs. Maryland Closet” by David Bogen (PDF) — Mises.org/LP7_C
Cronyism: Liberty versus Power in Early America, 1607–1849 by Patrick Newman — Mises.org/LP_Crony
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The Mises Institute exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. These great thinkers developed praxeology, a deductive science of human action based on premises known with certainty to be true, and this is what we teach and advocate. Our scholarly work is founded in Misesian praxeology, and in self-conscious opposition to the mathematical modeling and hypothesis-testing that has created so much confusion in neoclassical economics. Visit https://mises.org