Book Reviews

Book Review: Power and Prosperity

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Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships by Mancur Olson (New York: Basic Books, 2000); 233 pages; $28. MANCUR OLSON, who died in 1998 at the age of 62, was one of the most insightful economic analysts of the political process. His most original and important work was The Logic of Collective Action: Public Goods and the Theory of ... [click for more]

Book Review: From Subsistence to Exchange and Other Essays

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From Subsistence to Exchange and Other Essays by Peter Bauer (Princeton, N.J.: Princeton University Press, 2000); 153 pages; $24.95. FREE-MARKET ECONOMIST Peter T. Bauer is 85 years old this year. During the 55 years since the end of the Second World War, Bauer has been one of the most articulate and insightful critics of economic planning and government intervention in the ... [click for more]

Book Review: Trust on Trial

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Trust on Trial: How the Microsoft Case Is Reframing the Rules of Competition by Richard B. McKenzie (Cambridge, Mass.: Perseus Publishing, 2000); 281 pages; $26. IN HIS 1942 BOOK, Capitalism, Socialism and Democracy, Joseph A. Schumpeter argued, “The fundamental impulse that set and keeps the capitalist engine in motion comes from the new consumers’ goods, the new methods of production or ... [click for more]

Book Review: 15 Great Austrian Economists

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15 Great Austrian Economists edited by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999); 258 pages; $15.95. TWENTY-SIX YEARS AGO, in June 1974, I was fortunate enough to be invited by the Institute for Humane Studies to be one of 40 people who attended a week-long conference on Austrian economics in South Royalton, Vermont. After a decades long hiatus, ... [click for more]

Book Review: The Invention of the Passport

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The Invention of the Passport: Surveillance, Citizenship and the State by John Torpey (New York: Cambridge University Press, 2000); 210 pages; $19.95. One of the most stupendous achievements of 19th-century classical liberalism was the right of freedom of movement. As one indication, between 1840 and the early decades of the 20th century almost 60 million people emigrated from Europe to other ... [click for more]

Book Review: Reflections on a Ravaged Century

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Reflections on a Ravaged Century by Robert Conquest (New York: W.W. Norton, 2000); 317 pages; $26.95. When the 19th century was ending, there was a great sense of optimism and confidence. The December 31, 1899, issue of the New York Times had devoted practically its entire editorial page to a summary of the magnificent achievements of the 19th century: the steam ... [click for more]

Book Review: Business Ethics

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Business Ethics by Norman Barry (West Lafayette, Ind.: Purdue University Press, 2000); 191 pages; $14.95. It is rarely appreciated how much the market economy has contributed to the growth of civilization and rules of good behavior among the members of society. For example, Adam Smith pointed out more than 200 hundred years ago: "When commerce is introduced into any country, probity and ... [click for more]

Book Review: The End of Privacy

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The End of Privacy: Personal Rights in the Surveillance Society by Charles J. Sykes (New York: St. Martin's Press, 1999); 282 pages; $24.95. At Menwith Hill in the North York moors of Great Britain, there is a spy center employing 1,400 U.S. National Security Agency personnel ... [click for more]

Book Review: The Black Book of Communism

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The Black Book of Communism: Crimes, Terror, Repression by Stephane Courtois, Nicolas Werth, Jean-Louis Panne, Andrzej Paczkowski, Karel Bartosek, and Jean-Louis Margolin (Cambridge: Harvard University Press, 1999); 856 pages; $37.50. In 1875, Karl Marx wrote an article entitled, "Critique of the Gotha Programme." At one point in the text there appear the following sentences: "Between capitalist and communist society lies the period ... [click for more]

Book Review: The Quest for Cosmic Justice

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The Quest for Cosmic Justice by Thomas Sowell (New York: The Free Press, 1999); 214 pages; $25. On August 18, 1919, during the Russian Civil War that resulted in the triumph of communism and the creation of the Soviet Union, there appeared the following passage in the first issue of The Red Sword, a newspaper published in Kiev by the Bolshevik ... [click for more]

Book Review: Patterns in the Dark

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Patterns in the Dark: Understanding Risk and Financial Crisis with Complexity Theory by Edgar E. Peters (New York: John Wiley & Sons, 1999); 222 pages; $39.95. In the 1920s, 1930s, and 1940s, the Austrian school of economics was considered one of the leading contributors to both economic theory and economic policy. The Austrian economists challenged the premises and arguments of the ... [click for more]

Book Review: What do Economists Contribute?

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What Do Economists Contribute? edited by Daniel B. Klein (New York: New York University Press, 1999); 156 pages; $14.95. The following is the abstract of an economics article that appeared in the November 1998 issue of the International Economics Review: "The authors investigate confidence intervals and inference for the instrumental variables model with weak instruments. Confidence intervals based ... [click for more]
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