0)JSH

Volume S

A Report to Membersfor 1990

Dear Members,

The good news: 1990 was the year that Poland freed its prices,Czechoslovakia privatized many industries, Lithuania consid

ered free banking, and the Soviet Union talked about selling off 80% ofthe state's assets.

The bad news: the U.Sgovernment imposed more taxes, morespending, and more regulation on us.

It seems as if Eastern Europe's biggest intellectual export is socialism, and most of it is coming here. So the Ludwig von Mises Institute isworking—at both the scholarly and popular levels—in favor of privateproperty, individual liberty, sound money, and free markets. Here are thehighlights of 1990:

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New Publications

The Review ofAustrianEconomics is the only schol-

arly publication devoted toAustrian economics. Its publisher,Kluwer Academic Publishers, has

taken it to twice yearly, a real milestone for us and for Austrian eco

nomics.

Money,

Method,

and the

Market Process

Essays byLudwig von Mises

This year's publication ofMoney, Method, and the Market Process by Ludwig von Mises (essaysselected by Margit von Mises, edited by Richard Ebeling, and pub

lished by Kluwer Academic Publishers) was a seminal event in Institute history. Acollection of some ofhis best work, much of it previouslyunpublished, it is already beingadopted as a text. But the book is notjust for academics—as a book review in the Washington Times byWilliam Peterson of Campbell University pointed out.

What Has Government Done to

Our Money? is among MurrayRothbard'S most popular works. Itteaches more about monetary theory, in a shorter space, than anything else yet written. But thequality of the edition did not do itcredit, and was sometimes hard to

find. So the Mises Institute has published a beautiful new and ex

panded edition with a foreword byMises Institute president Lew Rockwell. We plan a wide distribution.

The Economics of Liberty editedby Lew Rockwell will soon be available, and it is the most exciting collection of short articles on the

economy and the government sinceThe Free Market Reader. You won't

want to miss this fiery collection.

busy from 8:00am until 10:00pm,closing the evening with a socialhour to discuss ideas presentedduring the lectures that day. Students say it is the most tiring eightdays of their life, but also the most

And speaking of The FreeMarket, this year our influentialnewsletter carried 60 articles on

how the economy should workand why it doesn't because of government interference. And The

Austrian Economics Newsletter, our

student publication, continues toreceive high praise.

Economic Calculation in the

SocialistCommonwealth by Ludwigvon Mises set the world on its ear

when it first appeared in 1920.Since this publication first showedwhy socialism could never work,we wanted to commemorate the de

molition of that monstrous ideologyby republishing ECSC—a sometimes hard-to-find work—in a

new and more attractive format.

And we added a foreword by former Gorbachev advisor Yuri N.

Maltsev, an introduction by University of Warsaw economist JacekKochanovicz, and a revisionist

postscript by Pace University economist Joseph T. Salerno.

1990 was also the year wesigned an agreement with KluwerAcademic Publishers to act as gen-

intellectually rewarding.

"The schedule was tough,"said Rose Kilburn, a student at theUniversity of California, SantaCruz, "but it was necessary toprovide a full picture of the Aus

trian school. Besides, Idon't hear these ideas anyother time during theschool year. I wanted totake advantage of it while Icould." Added John Moser,a student at the Universityof Illinois: "The beauty ofthe Austrian school is that

it has an irresistible logic toit. It was a very productiveweek. I learned an incredi

ble amount."

In choosing our MisesUniversity students fromthe many who apply, we

Through our active O.P.Alford III Center, we

held our annual Mises Univer

sity program at Stanford July7-14. The comprehensive instruction we offer in Austrian

economics is available

no where else in the

world. It teaches stu

dents, and even professors, about the Austrianschool, in nearly 60classes, over a dozenseminars, four plenarylectures, and much individual tutoring, by 16 ofthe most accomplishedAustrian economists in

the world. And it all

takes place on three lev-elsofinstruction.

The students are

mm

Professor Murray N. Rothbard gives the openinglecture at our Mises University.

eral editor of their series: "Studies in

Austrian Economics." Two vol

umes have appeared so far, and upcoming are The Meaning of Ludwigvon Mises, edited with an introduc

tion by Jeffrey Herbener of Washington & Jefferson College. It is anear-comprehensive collection onMises by important Austrian scholars.

Economic Calculation

in the

Socialist Commonwealth

h luJ-i..., Mbn

For series 1991 we have

p\anr\ed a collection of MurrayRothbard's best work on Austrian

economics, Roger Garrison's essays

look for those who have exhibited

intellectual credentials, academicachievements, and also the moralcourage needed to survive intoday's hostile economics classes.

The faculty, chaired by Murray Rothbard, included Robert Batemarco of MarymountCollege; Walter Block of theFraser Institute; WilliamsonEvers of the Hoover Institu

tion; Roger Garrison of Auburn University; DavidGordon of the Ludwig vonMises Institute; JeffreyHerbener of Washingtonand Jefferson College; Robert Higgs of Seattle University; Hans-Hermann Hoppeof the University of Nevada,Las Vegas; Yuri N. Maltsev;Sheldon Richman of the In

Conferences and Meetings

on capital theory and the businesscycle, a volume on the economics,history, and politics of the FederalReserve System, and a book on thehistory, economics, and politics oftaxation.

George Selgin, who teacheseconomics at the University ofGeorgia, was the first recipient of aMises Institute fellowship. Now heis the author of "Praxeology andUnderstanding," which the Institute is publishing as a monograph.

"The Rise and Decline of Re

form in China" by Sheldon Rich-man was published in ourpolicy-studies format. Its history ofChina's economic reforms explainswhat went wrong and what to donext.

An informative new brochure

about the Mises Institute was published in 1990. If you'd like some forfriends or associates, just tell us onthe enclosed card. Or send us their

names and addresses and we'll do

the mailing for you.

Our new book catalog appeared this year, and it both sellsbooks and teaches economics.

stitute for Humane Studies; Joseph Salerno; George Selgin;Mark Skousen of Rollins College;Mark Thornton of Auburn Uni

versity; and Deborah Walker ofLoyola University.

If *Students at the Mises University.

In a column about the con

ference, Joseph Sobran, senior editor of National Reviezv, mentioned"attending the summer sessionoffered by the Ludwig von MisesInstitute at Stanford University.Von Mises, of course, was thegreat genius of the Austrian schoolof economics, whose central tenetis simply that economics is best understood in terms of rational

human action. The session was

spearheaded by Murray Rothbard,possibly the most colorful intellectual who ever lived. If there's a sub

ject on which he doesn't have anoriginal opinion, I don't know of it.You can't be around Murray foreven a few days without findingyour views changed, or at leastdeepened, by the challenges he unfailingly presents.

"The Institute did a marvel

ous job of organizing the session.The courses and seminars were

led by as brilliant a set of thinkersas I've ever encountered. One of

the most heartening features ofthe experience was the students.There were about 160 of them,eager and intelligent young people who were worthy of theirteachers. They got no academiccredit for attending. They simplycame to think. There is hope."

The bigger and better catalogof the Mises University 1991 Quly7-14) is now available. You can getone by writing us. For this program, we've added three new faculty: Thomas DiLorenzo of the

University of Tennessee,Chattanooga (on monopoly and competition); Roy Cordato of theInstitute for Research on

J the Economics of Taxa

tion (on taxation, publicgoods, and externalities); and John Egger ofTowson State University(on unemployment,Keynesianism, and production).

For 1991, we addanother treat: the Mises

3

Conferences and Meetings

Weekend on Austrian Economics

also at Stanford, for InstituteZ|. Members who want to expand

their knowledge. It runs from Friday, July 5th to Sunday the 7th.The faculty is Murray Rothbard,Roger Garrison, Flans-HermannFloppe, Yuri Maltsev, Burton S.Bluinert of the Center for Liber

tarian Studies, and Lew Rockwell.

In 1990, the Mises Institute

sponsored the first Austrian lookat the post-socialist age: "Afterthe Revolution: De-Socializingthe Socialist Bloc," April 23,1990,in Washington, D.C. It went a longway toward developing a blueprint, consistent with the Austrian tradition, for dismantlingthe command economy.

The participants includedKrzysztof Ostaszewski of theUniversity of Louisville, a Polishemigre; Hans-Hermann Hoppe, aGerman emigre; Yuri N. Maltsev;Kestutis Baltramatis, chiefprivatization economist of theLithuanian Council of Ministers;Murray N. Rothbard; JosephSobran; Gottfried Haberler of theAmerican Enterprise Institute;and Sheldon Richman.

Gottfried Haberler—former

president of the American Economic Association and a student of

Ludwig von Mises's in Vienna—expressed his elation at the revolutionary events: "I only wishLudwig von Mises couldhave seen his predictionscome true."

Attending the conference were university professors and students, localthink-tank scholars, andMises Institute Members

from around the country.The papers will be published and tapes from theconference are now avail

able.

Our Austrian Eco

nomics Colloquium at Auburn University hasfeatured such speakers asLawrence White; Hans

Cohrssen of the University ofFrankfurt; Murray Rothbard;George Selgin; and Roy Cordatoof the Institute for Research on the

Economics of Taxation. In addi

tion to the regular Auburn student and faculty attendees, guestscome from all over the area.

We also sponsor a colloquium in Austrian economics atour Fertig Student Center nearGeorge Mason University. Recentspeakers have included RoyCordato; Joe Cobb of the JointEconomic Committee; JohnEgger; Joe Salerno; William G.Laffer of the Heritage Foundation; Charles Rowley of GeorgeMason University; and MichaelKrauss of the George Mason University Law School.

Our Fertig Center alsohosted a high-level delegation ofLithuanian economic officials,

headed by a deputy prime minister, for a productive meeting onthe free market. Our speakers included Ed Hudgins of the Fleri-tage Foundation; DavidMeiselman of Virginia Polytechnic University; Richard Hile andAlex Tabarrok of the Mises Insti-

tute; Roy Cordato; SheldonRichman; Edwin Vieira of theNational Right To Work Foundation; Joe Cobb; syndicated columnist Doug Bandow; and YuriN. Maltsev. Fertig Center directorJeffrey A. Tucker organized the

The Lithuanians visit our Fertig Center.

conference and moderated the

discussion. The Lithuanians

asked lots of questions, and weprovided them with lots of answers, on the free market, sound

money, and private property, andwe are—at the request of theprime minister—serving as continuing advisors in their struggleagainst socialism and for a capitalist economy.

Afterwards, Dr. KazimieraPrunskicnc, prime minister ofLithuania, wrote to Lew Rock

well: "I would like to pay you mygreatest respect and gratitude fora well-ordered tour for the six

economists from our newly rebuilt State to visit America. Mydeepest regards for the possibilityto contact with the well-known

American economists and for

new acquaintance with otherwonderful people of your country. We are also thankful for theknowledge we've got about thefree market economy that has soold traditions in your State andfor those unforgettable minuteswe've spent in Ludwig von MisesInstitute, inimitable in its beauty,free spirit and ideas.

"Many thanks to your colleagues and brothers in arms fortheir attention as well as for in

valuable support to Lithuania,going to free and democratic society. I hope that the first contacts

between Ludwig von MisesInstitute and our econo

mists in future will growinto friendly collaborationthat will never end." Amen

to that!

Our seminar at the Her

itage Foundation in Washington, D.C., featured Yuri N.Maltsev, our Russian Mises-

ian. He spoke about the necessity of a free price systemand how its absence has de

stroyed Russia and the Balticstates. Thanks in part to anadvanced write-up in theWashington Times, the auditorium was packed.

Watch for TheseConferences in 1991

♦ Democracy, Equality, andthe Free Market

♦ Bureaucracy and theEconomics of Stagnation

-♦• Dcsocialization(in Vilnius, Lithuania)

We assisted Ron Howard of

Stanford University in organizingthe Dofflemyer Lecture Series onthe Free Society at Stanford.Speakers included MurrayRothbard debating Nobel laureate Kenneth Arrow on Austrian

economics; Doug Bandow ondrug laws; George Selgin on freebanking; author James Bovard onfarm subsidies; Joseph Sobran oncivil rights; Yuri Maltsev on theSoviet economy; and attorneySteve Halbrook on gun control.

Yuri N. Maltsev was invited

to UNLVby Murray N. Rothbardand the College of Business to de-

This year, our outstanding team of adjunct

scholars and senior fellows was

most active. Here are the highlights:

Dominick Armentano of

the University of Hartford, published "Time to Repeal AntitrustRegulation" in The Antitrust Bulletin of theJournal ofAmerican andForeignAntitrust Regulation. DonBellante of the University ofSouth Florida published "A Sub-jectivist Economic Analysis ofGovernment-Mandated Em

ployee Benefits," in the HarvardJournal of Law and Public Policyand "Labor Markets and the

WelfareState" in Economic Policyand the Market Process, edited by

Conferences and Meetings

liver the annual S.J. Hall University Lecture. He talked about socialist poverty in the Soviet Unionand the futility of anything lessthan a capitalist revolution.

Lew Rockwell, when heworked at Hillsdale College in the1970s, helped start the Ludwigvon Mises lecture series. Thisyear, in lieu of its normal series,Hillsdale hosted an Austrian eco

nomics conference. Organized byHillsdale's Mises Professor and

our adjunct scholar, Richard Ebel-ing, the participants includedsome of our scholars: Hans-Her

mann Hoppe; Charles Baird ofCalifornia Stale University, Hay-ward; Roger Garrison; Joseph Salerno; Mark Skousen; GeorgeSelgin; and Robert Formaini ofthe University of Texas, Dallas.The papers will be published byHillsdale College Press.

Members of the Institute's

staff hosted booths at various con

ferences this year in conjunctionwith Lew Rockwell's speechesand seminars. Four of the biggestwere the Jim Blanchard investment conference in New Orleans,where Lew spoke on the dangersof environmentalism, and held

R. Groenveld, J.A.H. Maks, J.Muysken.

Thomas J. DiLorenzo of theUniversity of Tennessee at Chattanooga, and faculty member ofthe 1991 Mises University, spokeon "The Origins of Antitrust:Rhetoric vs. Reality" at a Washington conference on antitrustand presented a paper on "DoesCapitalism Cause Pollution?" at aconference on environmentalism

at Washington University of St.Louis (which was also publishedas a monograph). Among the articles he published are "The Subjec-tivist Roots of James Buchanan'sEconomics" in the Review ofAustrian Economics, "NationalService: A Solution in Search of

two seminars with Lawrence

Reed of the Mackinac Center (andour adjunct scholar) on AustrianEconomics 101; the Council forNational Policy in Hot Springs,Virginia, where Lew debatedIraqi policy with former DefenseDepartment official FrankGaffney; the Lake Forest Graduate School of Management nearChicago, where Lew served as avisiting faculty member, and wasasked to do a video-taped fol-lowup by the students; and the ISIConference on Money in LasVegas, where Lew's two talks defended sound money and opposed world statism. We alsoserved as a member of the free-market National Consumer Co

alition.

In November, the SouthernEconomic Association held a special panel entitled: "Eastern Europe: Mises Was Right."Participants included MurrayRothbard; Leland Yeager, Gertrude Schroeder of the Universityof Virginia, John H. Moore ofGeorge Mason University, andRoger Koppl of Fairleigh Dickinson University. It was organizedby our Mark Thornton.

a Problem" {Vie Freeman), and"Collectives and Pollution"

(Christian Science Monitor). Healso wrote a book, Patterns of Corporate Philanthropy: Ideas, Advocacy, and the Corporation publishedby the Capital Research Center.

Steve H. Hanke of the JohnsHopkins University, associate editor of the Rruiew of Austrian Economics, wrote Capital Markets andDevelopmentwith Sir Alan A. Walters, published by the Institute forContemporary Studies, and hewas appointed personal economic advisor to the vice-president of Yugoslavia.

Robert F. Hebert of Auburn

University delivered a paper on

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Adjunct Scholars and Senior Fellows

"Dupuit's Characteristics-BasedTheory of Consumer Behaviorand Entrepreneurship" for theAustrian Economics Colloquiumat Auburn University. Amonghis papers published this yearare "Menger, Bohm-Bawerk,Wieser: The Origins of the Austrian School—Contemporary"and "The Austrian Tradition:

Schumpeter and Mises," in Neoclassical Economic Theory, 1870-1930 (Boston: Kluwer). With ourdistinguished adjunct scholar,Robert B. Ekelund, Jr., of AuburnUniversity, Bob Hebert published"Cournot and His Contemporaries: Is an Obituary the Only BadReview?" (Southern EconomicJournal), "E. H. Chamberlain and

also presented "Ludwig vonMises and the Austrian Tradition"

at a conference of the American

Private Enterprise Educators.

Robert Higgs of the University of Seattle edited a new book,Arms, Politics, andthe Economy forthe Independent Institute. His article "Eighteen Problematic Propositions in the Analysis of theGrowth of Government" will be

published in the forthcoming ReviewofAustrian Economics. He alsopresented a number of papers:"Wartime Prosperity DuringWorld War II?" and "Growth of

Government in the U.S." at the

University of Arizona, "A CloserLook at the Debt and the Deficit"

at Seattle University, and partici-

and Theology), "Politics and Generosity" (The Journal ofApplied Philosophy), "Exploring ExtremeViolence (Torture)" (Journal of Social Philosophy), and "Do AnimalsHave Rights?" (Public AffairsQuarterly). Papers presented include "Capitalism and Individualism" at an IHS Europeanmeeting, "On the Teaching ofBusiness Ethics" at the HeritageFoundation and "Capitalism andPollution" at a Washington, D.C.,conference.

David Osterfeld of St.

Joseph's College published"Hope for the World Food Situation" (Journal of Economic Growth),"The Fallacies and Failures of For

eign Aid" (The Freeman), and a re-

Four ofour scholars (from left to right): Deborah Walker of Loyola University; Murray N. Rothbard oftheUniversity of Nevada, Las Vegas; Yuri N. Maltsev of the U.S. Institute of Peace; Jeffrey Herbener, ofWashington and Jefferson College; and graduate student Amy Marie Marshall ofNotre Dame University.

Contemporary Industrial Organization Theory" (Journal of Economic Studies), and "AlternativeVisions of the Entrepreneur: Can-tillon, Say,Dupuit," in Perspectiveson the History ofEconotnic Thought,edited by D.E. Moggridge. Theyalso attended the Adam Smith Bi

centenary in Edinburgh, Scotland.

Jeffrey Herbener of Washington and Jefferson College is theeditor of The Meaning of Mises(Kluwer, 1990), and author ofmany articles appearing this year,including three papers (on ISLM,the multiplier, and the PhillipsCurve) in a forthcoming Praegervolume on Keynes that grew outof our Harvard conference. He

pated in several conferences, including a Liberty Fund programon the Old Right sponsored by theIndependent Institute, PublicChoice Society meetings, a PacificInstitute conference, and an Intercollegiate Studies Institute conference on economics and national

security.

Randall Holcombe of Flor

ida State University published"The Tax Cost of Privatization"

(Southern Economic Journal) andpresented "Constitutional Rulesin the Exchange Model of Government" at the Annual Meetingof the Public Choice Society.

Tibor Machan of Auburn

University published "NaturalRights Liberalism" (Philosophy

view of Beyond the Informal Sectoredited by Jerry Jenkins (Journal ofEconomicGrowth). He was also thefeatured speaker at the 1990Spring Bowman Lecture Series atIndiana Wesleyan University on"Famine and Poverty in the ThirdWorld."

Sheldon Richman of the In

stitute for Humane Studies published an article on education

reform in Chronicles, a defense ofH.L. Mencken (The AmericanScholar), presented a paper on"The Old Right" at a Liberty Fundconference, and substituted forLew Rockwell (who was speaking elsewhere) at a panel discussion on Iraq for the IntercollegiateStudies Institute.

Murray N. Rothbard of theUniversity of Nevada, our head ofacademic affairs and dean of the

Austrian school of economics,kept his usual busy schedule thisyear. In addition to working onhis multi-volume history of economic thought, he edited The Review of Austrian Economics andwrote for TheJournal of LibertarianStudies, contributed to The FreeMarket (every month), TheRothbard-Rockwell Report published by the Center for Libertarian Studies (every month), andChronicles, and reviewed manybooks for both popular and scholarly forums. He taught courses onAustrian economics, and servedas an advisor for hundreds of fac

ulty and students in Austrian economics.

Joseph Salerno of Pace University presented his paper "TheConcept of Coordination in Austrian Macroeconomics: A Com

ment on Garrison" at Hillsdale

College and at our Austrian colloquium. He wrote "Why SocialistEconomy is 'Impossible'" for us,an article with Robert Batemarco

on "A New Measure of the U.S.

Money Supply" (The Mid-AtlanticJournal ofBusiness), and publishedan article on "Ludwig von Misesas Social Rationalist" in the Re

viewofAustrian Economics. He alsoserved as a commentator at a

Washington, D.C., conference onmoney and banking.

Barry Smith of the University of Liechtenstein presented apaper on "The Austrian School ofNational Economy" at the International Academy for Philosophy. And Thomas C. Taylor ofWake Forest University published a series of papers on business and accounting.

Mark Thornton of Auburn

University planned his newcourse on Austrian economics at

Auburn and has a book on the

economics of prohibitionismforthcoming from the Universityof Utah Press. He attended the

Adjunct Scholars and Senior Fellows

Southwest Economics Associa

tion as a discussant and was

named a member of the ProgramCommittee. He also representedthe Institute at a large number ofgatherings, from Rotary Clubs tostudent seminars.

Deborah Walker of LoyolaUniversity received the SearsRoebuck Foundation TeachingExcellence and Campus Leadership Award.

Our senior fellows did ex

traordinary work. Walter Blockofthe Fraser Institute published"Earning Happiness ThroughHomesteading Unowned Land"(Journal of Social and Political Economic Studies), "Rent Control: ACase Study of British Columbia"(Mid-Atlantic Journal of Business),"Jewish Economics in Light ofMaimonides" (International Journal of Social Economics), "Pay Equity Laws—Plague or Panacea?"(British Columbia Employment andLabour Law Report), "The Discounted Marginal Value ProductControversy" (Review of AustrianEconomics), among others. He alsohad numerous interviews on

radio and television.

David Gordon publishedmany book reviews in the ReviewofAustrian Economics, a review ofErrol Harris's "Formal and Tran

scendental Logic" (InternationalPhilosophy Quarterly), and a newbook entitled Resur

recting Marx (Transaction Press, 1990)demolishing "analytical Marxism."

Hans Hoppepublished "The Economics and Sociol

ogy of Taxation"(journal Dcs Economists a et des Etudes

Humaine), "Marxistand Austrian Class

Analysis" (Journal ofLibertarian Studies),"Entrepreneurshipand Economic Con

sulting" (Future-Oriented Trainingof Economic Consultants), has apaper on "German De-Socialization" forthcoming in a book published by the Mises Institute, andpresented a paper on "AustrianRationalism in the Age of the Decline of Rationalism" at Hillsdale

College.

Yuri Maltsev is in constant

demand as a speaker and writer.His articles have appeared inmany publications, includingAmerican Enterprise, The Freeman,The Free Market, the Journal of Economic Growth, the WashingtonTimes, and the Seattle Times. Articles about him have appeared innewspapers all over the country.And most recently he publishedan article in the Washington Timespredicting that the 500-day planof Soviet reformers will end as an

utter failure. Yuri's constant

message: Mises best understoodthe failings of socialism, and hispoint of view offers the only wayout for both the Soviet Union

and the West. Yuri is also president of Second Helping, a charitable organization that helps theimpoverished peoples of theU.S.S.R. during what we hopewill be their transition to capitalism.

Among our new adjunctscholars are Roy Cordato andPaul Gottfried of Elizabethtown

Professor Joseph Salerno ofPace Universityand the Mises Institute.

7

Adjunct Scholars and Senior Fellows

College and the Rockford Institute,and editor of a new conservative

Q journal on religion and politics.Samuel T. Francis, the much honored essayist for the WashingtonTimes and Chronicles, is our new

media fellow.

Our students had a busy year,in studying, attending classes, andpublishing papers and reviews. Forexample, Peter Kleinof Berkeley was

invited to attend conferences on

Adam Smith in Scotland and on

Carl Menger at Duke University,and published several articles inthe Austrian Economics Newsletter.

Fiammetta Zahnd started an Aus

trian colloquium at UNLV John Mc-Callie and Parth Shah of Auburn

University successfully defendedtheir PhD dissertations (Parth is continuing his research and John isleaching economics at the Univer

sity of Alabama at Birmingham);Amy Marshall received her MAfrom UNLV and entered Notre

Dame's PhD program; RichardHite entered George Mason's PhDprogram, along with AlexTabarrok and Sofia Bump. MarkThornton received his PhD from

Auburn University where he isnow the Institute-sponsored O.P.Alford III assistant professor ofeconomics.

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A11 told, we were able to

-help students at morethan 500 colleges and universities inthe U.S. through scholarships, teaching programs, books, and other publications. These included:

Abilene Christian University

Abraham Baldwin College

AJbright College

Alfred University

Allegheny College

Allentown College

American International College

American University

Amherst College

Andrews University

Anna Maria College

Appalachian State University

Arapahoe College

Arizona State University

Arkansas Tech University

Asbury College

Ashland CollegeAssumption College

Auburn University

Babson College

Bard College

Barnard College

Baruch College

Bates College

Baylor University

Belhaven College

Bellarmine College

Bellevue College

Belmont Abbey College

Benedictine College

Bennington College

Bentley College

Bethany College

Biola University

Birmingham Southern College

Bishop College

Bloomfield College

Boise State University

Boston College

Bowdoin College

Bowling Green University

Brandeis University

Brigham Young University

Brown University

Bryn Mawr College

Bucknell University

California State Polytechnic Inst.

California Slate University,Bakersfield

California State University, Chico

California State University, Fresno

California State University,Fullerton

California State University,Hayward

California State University,Long Beach

California State University,Los Angeles

California State University,Northridge

California State University,Sacramento

Calvin College

Campbell University

Cameron University

Carleton College

Carnegie Mellon University

Carroll College

Case Western Reserve University

Catholic University

Centenary College

Central State University

Centre College

Chaminade University

Chapman College

Christendom College

CBN University

The Citadel

City University of Bellevue

City University of New York

Claremont Graduate School

Claremont McKenna College

Clark University

Clarkson University

Clearwater Christian College

Clemson University

Cleveland State University

Clinch Valley College

Colby College

Colgate University

College of the Holy Cross

College of Marin

College of Notre Dame

College of Saint Thomas

College of the Southwest

College of William and Mary

Colorado State University

Columbia University

Columbus College

Connecticut College

Cornell University

Dartmouth College

Davidson College

DeAnza College

DeKalb College

Denison University

DePaul University

Drake University

Drew University

Drexel University

Duke University

Eastern Carolina University

Eastern College

Eastern Illinois University

Eastern Oregon State University

Elizabethtown College

Emory University

Fairfield University

Fitchburg State College

Florida Atlantic University

Florida Community College

Florida Institute of Technology

Florida State University

Foot Hills College

Fordham University

Framingham State College

Franklin and Marshall College

Furman University

George Mason University

Georgetown University

Georgia Southern University

Georgia State UniversityGeorgia Tech University

Gettysburg College

Golden Gate University

Gordon Con well Theological Sem.Goucher College

Graceland College

Grove City College

Guilford College

Hamilton College

Hampshire CollegeHampton-Sydney College

Harding University

Harvard University

Harvey Mudd College

Haverford College

Hillsdale CollegeHiram College

Hobart College

Hofstra University

Hope College

Howard Payne University

Howard University

Hudson Valley College

Humboldt State University

Hunter College

Huntington College

Hyles-Anderson College

Idaho State University-

Illinois Institute of Technology

Illinois State University

Indiana State University

Indiana University

Indiana Wesleyan University

International University

Itawamba College

Ithaca College

Jacksonville College

Jacksonville State University

John Carroll University

Johns Hopkins University

Juanita College

Kansas State University

Kennesaw College

Kent State University

Kenyon College

Kirk wood College

Kutztown University

Lake Erie College

Lake Forest School ofMgmt.

Lake Superior State University

La Salle College

Lawrence Tech University

Lehigh University

Lehman College

Le Moyne College

Lesley College

Liberty University

Linfield College

Long Island University

Louisiana State University

Loyola College

Loyola Marymount UniversityLoyola University

Macalester College

Manhattanville College

Marine Military Academy

Marquette University

Marymount College

MassachusetLs Institute of Tech.

McNeese State University

Memphis State University

Merced College Saint John's College Tuskegee Institute University of South Alabama

Mercer University Saint John's University Union College University of South Carolina

Mercyhurst College Saint Joseph's University United States Military Academy University of South Florida .

Merrimack College Saint Lawrence University United States Naval Academy University of Southern California yMesa College Saint Leo College University of Akron University of So. Mississippi

Metropolitan State College Saint Louis University University of Alabama University of Tampa

Miami University Saint Mary's College University of Arizona University of Tennessee

Michigan Christian College Saint Mary's University University of Arkansas University of'Iexas, Arlington

Michigan State University Saint Olaf College University of Baltimore University of'Iexas, Austin

Middlebury College Salem State College University of California, Berkeley University of'Iexas, Dallas

Millsaps College Salisbury State College University of California, Davis University of Texas, Houston

Mission College Samford University University of California, La Jolla University of'Iexas, Odessa

Mississippi State University Sam Houston State University University of California,University of'Ibxas, Richardson

Monmouth College San Diego State University Los Angeles University of Texas, San Antonio

Montana State University San Jose State University University of California, Riverside University of Toledo

Montclair State College Sarah Lawrence College University of California, San Diego University of Tulsa

Mount Holyoke College Seattle University University of California University of Utah

Muhlenberg College Seton Hall UniversitySan Francisco University of Vermont

Murray State University

Naval Postgraduate School

New Mexico HighlandsUniversity

Shepherd College

Siena College

Sierra Nevada College

Simmons College

University of California,Santa Barbara

University of California, Santa Cruz

University of Central Florida

University of Virgin Islands

University of Virginia

University of Washington

University of West Florida

New Mexico State University Simon Fraser University

Skidmore College

Slippery Rock State College

University of Chicago University of West Texas

New York State University University of Colorado University of Wisconsin

New York University University of Connecticut University of Wyoming

Newport College

Nichols College

Nicholls State University

Northeastern University

Smith College

Sorrell Business College

South Dakota State University

Southeast Missouri State

University of Dallas

University of Delaware

University of Durham

University of Georgia

Ursinus College

Utah State University

Utica College

Valdosta State University

Northern Illinois University University University of Hartford Valparaiso University

Northern Kentucky University Southeastern MassachusettsUniversity of Hawaii Vanderbilt University

Northern Michigan University University University of Houston Vassar College

Northern Montana College Southern Connecticut State University of Idaho Villanova University

North Carolina State University University University of Illinois Vincennes University

North Dakota State University Southern Illinois University University of Iowa Virginia Commonwealth

North Texas State University Southern Methodist University University of Kansas University

Northwest College Southern Union College University of Kentucky Virginia Military Institute

Northwest Missouri State Southwest Baptist University University of Maine Virginia Polytechnic Institute

University Southwest State University University of Maryland Wabash College

Northwestern University Southwestern Community College University of Massachusetts Wake Forest University

Northwood Institute Spring Hill College University of Miami Walsh College

Nyack College Stanford University University of Michigan Walters College

Oakland University State University of New York, University of Minnesota Washington and Jefferson College

Occidental College AlbanyUniversity of Mississippi Washington and Lee University

Ohio State University State University of New York,Buffalo

State University of New York,Potsdam

University of Missouri Washington State University

Ohio University

Ohio Wesleyan UniversityUniversity of Montana

University of Montevallo

Washington University

Wellesley College

Oklahoma State University State University of New York, University of Nebraska Wesleyan University

Olivet Nazarene University Stony Brook University of Nevada, Las Vegas West Georgia College

Oregon State University State University of New York, University of New Hampshire West Texas State University

Pace University Syracuse University of New Mexico West Virginia University

Pacific Lutheran University Stern College University of New Orleans Western Kentucky University

Pacific Bible College Stetson University University of North Alabama Western Maryland College

Pan Am University Suffolk University University of North Carolina,Chapel Hill

Western New England College

Patrick Henry Comm. College Sul Ross State University Western Oregon State College

Pennsylvania State University Summit University University of North Carolina, Western Washington University

Pepperdine University Swarthmore College Greensboro Westminster College

Pomona College Syracuse University University of North Dakota Westmont College

Princeton University Temple University University of North Texas Wheaton College

Principia College Texas A&M University University of Northern Iowa Whitman College

Purdue University Texas Christian University University of Oklahoma Whittier College

Radford University Texas Southern University University of Oregon Wichita State University

Ramapo College Texas Tech University University of the Pacific William Woods College

Randolph Macon College Thomas Aquinas College University of Pennsylvania Williams College

Rensselaer Polytechnic Institute Towson State University University of Pittsburgh Wittenberg University

Rice University Trinity College University of Richmond WolTord CollegeRicks College Trinity Evangelical School University of Rochester Worcester Polytechnic Institute

Rollins College Trinity University University of San Diego Yale University

Roosevelt University Troy State University University of Santa Clara York College of Pennsylvania

Rutgers University Tufts University University ofScranton Youngstown State University

Sacramento City College Tulane University University of the South Xavier University of Ixiuisiana

Media

Llewellyn H. Rockwellwrites a regular column

\ Q for theOrange County Register andis the "Bad for Business" colum

nist for the New American. He is

also a frequent contributor to theLos Angeles Times. One of their editors said he called Lew when he

wanted "something funny andfree market." Lew also publishedin Conservative Review, The G.E.O.Report (which appointed him acontributing editor), Patrick J.Buchanan's From theRight (whichappointed him a member of theeditorial board), The BirminghamNezvs, The Arizona Republic, Chronicles, Antithesis, The Cleveland PlainDealer, National Review, HumanEvents, The Rothbard-Rockwell Report, and The Boston Globe, amongother publications.

Lew also did hundreds of

radio and TV interviews on the

federal budget, environmentalism, taxes, regulation, and manyother topics. He has appearedseveral times on CNN's Crossfire

and the Financial News Network.

The Washington Times's influential columnist John Elvin, reporting on Lew's FNN debate withDenis Hayes, founder of EarthDay, named Lew "Mr. Anti-EarthDay," and said he left Hayes looking a "little green."

Lew received raves for his

writing from such notables asWalter Williams and Howard

Philips. And Pat Buchanan calledit "rich, spicy, tough, brims withconfidence, and sends a message:'Hey, fellas, you've been pushingus around for a long time; whydon't you come outside and let'sget it on?'"

A letter to the editor of the

New American about one of Lew's

columns said "I loved it! It zings!It's pure von Mises!" And talk-show hosts say Lew...

"...is a troublemaker—myhighest compliment. What makeshim good is not just his point ofview, but the fervor with which heproclaims it. He goads, he infuri-

Mises Institute founder and president, Llewellyn H. Rockwell

ates, and worst of all, he makessense."—Bruce Bradley, KMOX,St. Louis.

"...is in my hall of fame ofguests. He always provides an informed, articulate, biting, conservative view of the world. Lew, Ilove you!"—Bob Lee, KSL, SaltLake City.

"...is an extraordinarily provocative guest, not only becausehe says things that strike manypeople as outrageous, but because he backs his views with icylogic."—Lee Rogers, KGO, SanFrancisco.

The media are taking greaternotice of our ideas, especially inlight of last year's events in thesocialist bloc. Even a WashingtonPost business column admitted

that Mises "had been right allalong—the command economysimply couldn't do without theinformation conveyed by a price

Wee are producingan important filmwith IndependentTelevision News ofSan Francisco on

Ludwig von Mises slife and work.

system." Mises was mentioned inthe Wall Street Journal, the LondonIndependent, Forbes, The Neiv Republic, and many other publications. And Time Magazine andReaders' Digest quoted Free Marketarticles.

On Czechoslovakian reform,

the Washington Times reportedthat Tomas Jesek, a key adviser toFinance Minister Vaclav Klaus,

called himself a follower of Mises.

Our student Alex Tabarrok was

interviewed and quoted in Insight magazine on internationaltrade because of his article in The

Free Market, a typical occurrence.And the writings of our studentand Free Market managing editorJeffrey A. Tucker appeared insuch publications as The Worldand I, Crisis (where he has beenappointed a columnist), Antithesis, and Chronicles.

John Elvin's "Inside theBeltway" column for the Washington Times, the paper's most-read feature, has mentioned Lewand the Mises Institute a number

of times this year. Mr. Elvinfrequently quotes from ourpublications.

Columnist George Willpraised Ludwig von Mises andFA. Hayek: they "taught not onlythe efficacy of free markets as rational allocators of resources but

also the morality of capitalism byvirtue of its connection with free

political arrangements." And columnist Warren Brookes wrote an

article honoring Ludwig vonMises for his role in the collapseof socialism.

We are producing an important film with Independent Television News of San Francisco on

Ludwig von Mises's life andwork. Our director is the Emmy-Award-winning Sandy Gar-ritano. Amazingly, this is the firstfilm to be made on this great manand his significance. Intended primarily for classroom use, it willalso appear on television. Already, a producer for PBS has expressed interest.

The collapse of communism abroad, and the

rise of statism at home, has led toa remarkable shift in the ideological climate, as the right splits overthe use of American militarypower for a "New World Order."

As a result of this, MurrayRothbard and Lew Rockwell

were invited to be charter mem

bers of the Main Street Commit

tee of the Rockford Institute, andMurray was a featured speakerat the first Main Street meeting,held in conjunction with thePhiladelphia Society, on "AnAgenda for the Right." Othermembers of the committee in

clude Forrest McDonald of the

University of Alabama; ourmedia fellow William Murchison

of the Dallas Morning Nezvs;Howard Philips of the Conservative Caucus; Robert Nisbet of Co-lumbia University; and M.E.Bradford of the University ofDallas.

In November, we helped hostthe first meeting of the John Randolph Club. Named after thehardcore Jeffersonian who occasionally thought his friendThomas had sold out to big gov

On the Movement Front

ernment, this new scholarly organization—created by the Mises Institute, the Rockford Institute, andthe Center for Libertarian Stud

ies—is building a coalition forconservatives, libertarians, andclassical liberals who have refused

to sell out to Washington.

We met in Dallas, and heardfrom M.E. Bradford, MurrayRothbard, Samuel T. Francis, JoeSobran, Thomas Fleming of Chronicles, Lew Rockwell, Ronald Ham-owy of the University of Alberta,Christian Kopff of the Universityof Colorado, and Bill Murchison.

John Judis, writing in American Progress, said Murray and Leware spearheading this new movement.

Our Eastern European mailing list has exploded, and we havearranged for many boxes of free-market books to be delivered

there. An assistant minister of finance in Czechoslovakia vowed

that our books will "be used bythe entire Ministry of Finance aswe move forward to change oureconomic structure." Now if we

could only say that about theUnited States Treasury!

One man wrote us: "It is a

pleasure to be able to work withthe Institute toward the development of truly free markets. It isvery important, from a personalstandpoint, for an individual froma country with a strong socialisticprejudice in all the political options of government, universities,the press, you name it... to be intouch with an uncompromisinginstitution on individual libertyand private property."

This year, as was fitting, twofamous Marxist academics ad

mitted "Mises was right": RobertHeilbroner of the New School, in

weasely fashion in an article inthe New Yorker, and Eugene Gen-ovese of the University of Georgia much more forthrightly inCommentary. Genovese said the"socialist collapse" was caused by"state ownership of the means ofproduction" and for the "reasonsthat Ludwig von Mises long agoidentified." In the same article,Genovese praised the "morally responsible Murray Rothbard" forhis "admirable protest" against"cultural unraveling" and"libertinism."

Mrs. Ludwig von Mises, our chairman,celebrated her 100thbirthday in July.Mur

ray and Joey Rothbard represented the Institute at thesmall party in her New York apartment, the one she andher husband moved into in 1940. After several hours,

they wondered if Mrs. Mises wasn't getting tired, andoughtn't they to go. "No," she answered. "After all, onedoesn't have an affair like this every day!"

Our new building: With a magnificent matchinggift, O.P. Alford, III, will make possible a permanent O.P. Alford, III (left) accepts the neon Mises

Institute logo from Greg Baron.

home for the Institute on the Auburn University campus—for our students, library, and work areas. Butwe'll need your help as well. More about this next year!

Gracing the lobby of our new building will be alarge neon representation of the Institute's logo, a giftof neon artist Greg Baron of Illinois. Mises's ideashave always shincd in the academic world, but nowthey really do!

Margit von Mises

11

o

ro

Patron Members, Corporations, and Foundations

Pi'resident James Martinof Auburn University

,, — says: "The Miscs Institute contrib-| /j utes significantly to the economics

program at Auburn, and wc appreciate the visibility the Institute provides Auburn through itsassociation with the campus."

Nothing would be possiblewithout our thousands of individ

ual and family Members. Our gratitude goes to all of them, as well asour pledge to work even harder in1991 for the free market, privateproperty, and sound money.Specialthanks, of course, go to our PatronMembers, as well as to our corporate and foundation supporters.

Patron Members

O.P. Alford, III

Gene E. Allen

Anonymous

Thomas K. Armstrong

Dr. J.C. Arthur

Bernard Baltic

Edward Banczak

Greg Baron

George H. Barry

Everett Berg

James U. Blanchard, III

Ronald L. Blewitt

Eugene W. Bluemly

Burton S. Blumert

Sam Bright

William R. Burgess

Louis Carabini

Philip L. Carrot

William B. Coberly, Jr.

Christopher P. Condon

Morgan Cowperthwaite

Charles G. Dannelly

Tad Dekko

Robert T. DofTlemyer

John I,. Doyle

Dr. William A. Dunn

Mrs. Card G. Elliott, Jr.

Jane M. Erickson

Alice R. Fawcett

Arthur C. Fennekohl

Nancy A. Follansbee

William A. Galbraith, Jr.

Richard H. Gamble

Thomas Happ

Albert L. Hillman, Jr.

Roland F. Hirsch

Harry II. Hoiles

Ilerrick Jackson

Mr. and Mrs. Frank Karoly

Michael L. Keiser

Robert D. Kephart

H.E. King

Jane P. King

Atlee Kohl

Julie Lauer-Leonardi

Hugh E. Ledbetter

William Lowndes, III

Ronald Mandle

Forrest E. Mars

Mr. and Mrs. G.F. Maughmer

John E. McCleskey

Ellice McDonald

Raymond E. McGowan

A. Minis

Mr. and Mrs. Alexander Moore

Wiley L. Mossy

Frank Mutz

Mr. and Mrs. Gregory T. MutzVictor Niederhoffer

Dr. Richard W. Pooley

Mildred A. Reeves

James M. Rodney

Catherine Dixon Roland

Leslie Rose

Sheldon Rose

Steven Rothacker

Adolf Schoepe

Leland W. Schubert

Raymond Shamie

Clifton SiegelinMark Skousen

Theron SkylesLouis M. Stcfanelli

Robert T. Stevens

David F. Swain, Jr.

Dr. Benjamin H. Thurman

Jay Van Andel

Lawrence Van Someren, Sr.

Mrs. Somers von Behron

Dallas R. Woir

Foundations

AHS Foundation

Amway Foundation

Adams Fund

Armstrong Foundation

AT&T Foundation

W.R. Burgess Foundation

Caterpillar Foundation

Chicago Title & Trust Co.Foundation

Communities Foundation of

Texas

Thelma Dixon Foundation

Ralph and Marion FalkFoundation

Fanwood Foundation

Greene View Foundation

Hendricks Foundation

M.I I. King Foundation

Monsanto Fund

Nationwide Foundation

PieperPower Foundation

Phelps Dodge FoundationR & R Foundation

Boh and Ruth New Foundation

Saint Gerard Foundation

Corporations

Ada Block Company

Alvan, Inc.

Anderson Pallet PackagingAnonymous

Applied Biosystems

Archer Lumber Company

Artios Window Cleaning Supplies

Bay Cities Ixjck and Safe

BEA Associates

Beck Construction

R.W. Beckett Corporation

Bedford Investment Group

Blanchard and Company

BOC Group

Boss Trucking CompanyBrazosport Clinic

Camino Company

C.N. Carley Associates

Carnel, Inc.

Carret and Company

Carrizo Creek Corporation

Carver Hunt, Inc.

Cloud and Associates

Creative Computer Systems

Cross Industries

Daley Enterprises

Dan's Carpet Cleaning

Davis-Lynch, Inc.

Detroit Forming

Digital Equipment Corporation

Dow Chemical Company

Dunn Capital Management

Eagle Chemicals

EBCO EnterprisesElkhart Brass Manufacturers

Equitable Life Assurance Society

Eye Surgical Centers

Fiesta Salons

Fluidmaster

Franklin and Downs Funeral

Homes

Freeway Fasteners

Guardian Life

Gobins Properties

Frank W. Gorman and Sons

Grober Company

Group Dekko International

Halam Corporation

Hodde Agency

Huff Furniture-

Inland Ocean

Investment Rarities

JBM London Insurance

Company

Jefferson-Pilot Data Services

K-Mart Corporation

S.B. Koehler Company

Kolen and Company

Krampitz Partnership

Lazy Creek, Inc.

Leger Production CompanyLesco Industries

Liquid Controls CorporationIx)ve Box Company

Lowndes Corporation

M & M Sales and Service

MacBeath Hardwood

MADCO Enterprises

Mahaska Bottling Company

Mahoning Meat Company

Marine Chartering Company

Maryland Infirmary

Master Graphics

Material Exchange Agency

Matrix Enterprises

McCleskey Gin

Medart, Inc.

Meyeres Real Estate

Michigan Carbonic Company

Miles and Associates

Mis-Pat Enterprises

Mobil Oil

Monex International

W.R. Montgomery and Associates

Morehouse Printing

Mother Lode Gold Mines

Moundridge Telephone Company

Northern States Power Company

New England Plating

Newcastle Industries

New England Electric Company

Niederhoffer, Cross, andZeckhauser

Omneon

Omni Apex Management

ORBEX

Orbit Finer Foods

Paola Lumber and Coal Co.

Ron Paul and Associates

Perkins and Associates

Phillips Petroleum

Physical Therapy Association ofSan Antonio

Pittsburgh Valve and Fitting

Pool Investment Company

Professionals Unlimited

Quality Farm Services

Rayser Advertising

Ring Can Corporation

The Recyclery

Romer Ltd. Partnership

Santangini Financial Planners

Shamie Management Corp.

Shaw Oxygen Company

Shell Oil Company

Shoemaker's Candies

Silver River Logging &Trucking

Southern Bell

Steinberg Steel Company

Stoeser Construction Company

Sylvan Associates

Tandy Corporation

Teledyne Corporation

Telemechanics

L.H. Thomson Company

Tierra Lindn Ranch

Times Mirror Company

Tooley and Company

Top Dog

Trammell-Whitfield Company

TRW

Twin Oil Company

Tyson Buick

Thomas Volk Agency

Unicorn Enterprises

United Technologies

Upjohn Company

Varian Instruments

Virginia Power Company

L.C. Vought Company

Jim Ware Company

Warner Properties

Weaver Potato Chip Company-

Weil Enterprises

Woodwind Repair Service

F.W. Woolworth Company

Zignego Company