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Money, Bank Credit, and Economic Cycles Hardcover – March 16, 2006

Russian Edition by Jesús Huerta de Soto (Author)
4.5 4.5 out of 5 stars 9 ratings
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Can the market fully manage the money and banking sector? Jesús Huerta de Soto, professor of economics at the Universidad Rey Juan Carlos, Madrid, has made history with this mammoth and exciting treatise that it has and can again, without inflation, without business cycles, and without the economic instability that has characterized the age of government control.

Such a book as this comes along only once every several generations: a complete comprehensive treatise on economic theory. It is sweeping, revolutionary, and devastating--not only the most extended elucidation of Austrian business cycle theory to ever appear in print but also a decisive vindication of the Misesian-Rothbardian perspective on money, banking, and the law.

Jörg Guido Hülsmann has said that this is the most significant work on money and banking to appear since 1912, when Mises's own book was published and changed the way all economists thought about the subject.

Its five main contributions:

a wholesale reconstruction of the legal framework for money and banking, from the ancient world to modern times,
an application of law-and-economics logic to banking that links microeconomic analysis to macroeconomic phenomena,
a comprehensive critique of fractional-reserve banking from the point of view of history, theory, and policy,
an application of the Austrian critique of socialism to central banking,
the most comprehensive look at banking enterprise from the point of view of market-based entrepreneurship.

Those are the main points but, in fact, this only scratches the surface. Indeed, it would be difficult to overestimate the importance of this book. De Soto provides also a defense of the Austrian perspective on business cycles against every other theory, defends the 100% reserve perspective from the point of view of Roman and British law, takes on the most important objections to full reserve theory, and presents a full policy program for radical reform.

It was Hülsmann's review of the Spanish edition that inspired the translation that led to this Mises Institute edition in English. The result is astonishing: an 875-page masterpiece that utterly demolishes the case for fiat currency and central banking, and shows that these institutions have compromised economic stability and freedom, and, moreover, are intolerable in a free society.

De Soto has set new scholarly standards with this detailed discussion of monetary reform from an Austro-libertarian point of view. Huerta de Soto’s solid elaboration of his arguments along these lines makes his treatise a model illustration of the Austrian approach to the study of the relationship between law and economics.

It could take a decade for the full implications of this book to be absorbed but this much is clear: all serious students of these subject matters will have to master this treatise.
875 page hardback
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  1. Print length
    875 pages
  2. Language
    Russian
  3. Publisher
    Ludwig von Mises Institute
  4. Publication date
    March 16, 2006
  5. ISBN-10
    0945466390
  6. ISBN-13
    978-0945466390
  7. See all details
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Product details

  • Publisher ‏ : ‎ Ludwig von Mises Institute (March 16, 2006)
  • Language ‏ : ‎ Russian
  • Hardcover ‏ : ‎ 875 pages
  • ISBN-10 ‏ : ‎ 0945466390
  • ISBN-13 ‏ : ‎ 978-0945466390
  • Item Weight ‏ : ‎ 3.3 pounds
  • Customer Reviews:
    4.5 4.5 out of 5 stars 9 ratings

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Jesús Huerta de Soto

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Customer reviews

4.5 out of 5 stars
4.5 out of 5
9 global ratings

Top reviews from the United States

S Smyth
5.0 out of 5 stars Informed and contemporary.
Reviewed in the United States on June 3, 2007
Verified Purchase
The first eight chapters of this comprehensive book detail the historical failings of banks to observe the law and government's failure to implement the law with regard to the irregular deposit, and then goes on to explain how this has been beneficial for bank profits and government goals at the expense of an ill-informed and deceived public. Chapter nine considers how this state of affairs can be reformed by a return to the gold standard, the abolition of the central banking system, etc.

The language of the book is fairly straightforward, but it is a dense read from chapter five onwards, so be prepared to stick with it. A good study guide would be a useful addition.

Readers of this book should also consider George Reisman's, Capitalism: A treatise on economics.
25 people found this helpful
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Aaron Abell
5.0 out of 5 stars If you read just one book on banking in your lifetime...
Reviewed in the United States on February 3, 2014
Verified Purchase
Ok, make that one "The Theory of Money and Credit" by Ludwig Von Mises, but if you read TWO in your lifetime, make this the second. Captivating from first page to the last, it is written for any financial level ranging from the ignorant to the initiate. Be prepared to take notes and have your startpage search engine open to do some research while reading! A book not to be missed.
2 people found this helpful
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Samuel Woodall
5.0 out of 5 stars Heavy reading which was recommended by a friend
Reviewed in the United States on November 13, 2017
Verified Purchase
Heavy reading which was recommended by a friend. I have read other books from the Austrian school and found them helpful. This one, I am still plodding thru.
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Glenn Corey
5.0 out of 5 stars Great explanation of the evils of fractional-reserve banking
Reviewed in the United States on January 19, 2008
This is a brilliant work that shows with great clarity exactly what is wrong with fractional-reserve banking. While our politicians talk about stimulus packages and ways to save our ailing economy, they should read this book and work toward the reforms it proposes. The madness of boom-and-bust cycles won't stop until this wretched practice of fractional-reserve banking is stopped. The language is clear and the explanations very thorough. A great read that will give you a very deep understanding of our economy.
26 people found this helpful
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Irene Van Passel
1.0 out of 5 stars teleology
Reviewed in the United States on January 1, 2009
This work proves nonetheless the complicity between bankers and governments. That part is sound enough. Yet the early development in medieval europe of an economy was greatly enhanced by discounting bills by merchant bankers. Discount and interest differ vastly in nature. However, a discussion of real bills is anathema to cultists or otherwise dogmatic doctrines, it seems. It is a lost opportunity to bring up epistemological truth, instead of teleological spin to prove a point. The former would have yielded a sound conclusion.
Some chapters are usefull, but the entire work is handicapped by the absence of the discussion on bills and discount.
Sad. I had expected more.
7 people found this helpful
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Luis Torras Consolacion
5.0 out of 5 stars The new classic about economic cycles
Reviewed in the United States on September 27, 2007
Huerta de Soto explains in detail and with an extraordinary wise structure why we have economic cycles in our economies, and what we should do to avoid this economic fluctuations and set up a truly free society.

The book is master piece, full of references about the main authors and thesis that had rise about money, banking, economic cycles and its contribution to the history of economic thinking. This makes Money, Bank Credit and Economic Cycles an essential reading for anyone interested in economy or banking.

Huerta de Soto is one of the most stimulating and brilliant economist of the Austrian School of Economy.

Money, Bank Credit and Economical Cycles guarantees a full and passionate learning on economics, banking and history of the economic thinking.

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14 people found this helpful
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Amazon Customer
5.0 out of 5 stars Money, Bank Credit, and Economic Cycles
Reviewed in the United States on November 4, 2006
One of the valuable book that covers the depth of key economics i.e. inflation, business cycles, and how they are linked with the government controls. A complete comprehensive book on business cycle theory, money, banking, and the law. Worth to buy.
17 people found this helpful
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