Rothbard and the Post-High-Tech Meltdown

In his treatise on the Great Depression, Murray Rothbard showed that, unlike the laissez-faire approach, which led to a rapid recovery from the stock-market plunge of 1920 and 1921, the Hoover administration’s interventionist approach worsened a bad economic situation by keeping wages high. Many of the survivors of the high-tech meltdown and dot-com bust took advice from the pages of Rothbard’s treatise when they moved operations offshore to India and China.

India and China not only had large workforces with comprehensive technical educations, they also had the kind of economic foundation that many high-tech and information-sector companies needed: one with an absence of North American-style political participation. Entrepreneurs were free to go about their business and were not beholden to government officials who had generously opened the public purse to provide “investment revenue” or “a safety net.” FULL ARTICLE by Harry Valentine

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Technorati Tags: Approach, article, Bust, China, Economic Foundation, Economic Situation, Educations, Government Officials, great depression, Harry Valentine, India, Information Sector, Interventionist Approach, Meltdown, Murray Rothbard, North American-style, Political Participation, Public Purse, Rapid Recovery, Sector Companies, stock market plunge, Survivors, Treatise, treatise on, Wages, Workforces

Related posts:

1. Rothbard and the Post–High-Tech Meltdown (Ludwig von Mises Institute)
2. Rothbard Was Right — and Friedman Was Wrong — about the Great Depression
3. Post Office Finances Now Officially High Risk — No Kidding
4. Rothbard predicts Obamanomics
5. Rothbard predicts Obamanomics

Tags: Approach, article, Bust, China, Economic Foundation, Economic Situation, Educations, Government Officials, great depression, Harry Valentine, India, Information Sector, Interventionist Approach, Meltdown, Murray Rothbard, North American-style, Political Participation, Public Purse, Rapid Recovery, Sector Companies, stock market plunge, Survivors, Treatise, treatise on, Wages, Workforces

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