Mises Institute
Saturday, November 22, 2025
One of the most damaging myths of history is the claim that Herbert Hoover made the Great Depression worse by embracing free markets. In truth, Hoover paved the way for the New Deal innovations that turned the 1929 crisis into a decade-long depression. The primary difference between Hoover and Roosevelt was that Roosevelt was an excellent politician adept at sweet-talking the voters and other politicians. Hoover was a notoriously cold fish. Joshua Mawhorter helps to expose the myth ([link removed]) today at mises.org.
Another myth smashed is the one claiming that the slave economy in the United States was highly capitalistic. In truth, the slave economy was never efficient or rational like real capitalism. Lipton Mathews explains ([link removed]) .
You’ll find much more at mises.org this weekend, including a send-up of the CPI ([link removed]) ([link removed]) and David Gordon’s takedown ([link removed]) of John Rawls.
Ryan
Editor-in-chief
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How Herbert Hoover Became Known as an Economic Non-Interventionist
Joshua Mawhorter
One of the most enduring myths of American history is that Herbert Hoover was a laissez-faire advocate who “did nothing” while the US economy slid into depression. How did he gain this undeserved reputation?
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Plantation Ledgers and the Illusion of Capitalist Rationality
Lipton Matthews
The New York Times claimed in its 1619 Project that plantation slavery was the basis for American capitalism. However, research shows that the plantations were anything but capitalist enterprises.
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Most popular this week
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Moving at a High Speed toward an Economic Abyss
As the US economy slowly deteriorates, the government’s response is to intervene and to inflate.
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Stablecoins: The US Dollar’s Unexpected Lifeline
If stablecoins continue to expand, the architecture of monetary control will inevitably change.
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Hobbes’s Accidental Case Against the State
Turns out, some of Hobbes’s key arguments for the state are actually key reasons against it.
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Featured Audio
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What Makes Economics Scientific?
Does the field of economics belong with the hard sciences?
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How to Actually Solve the Affordability Crisis
Affordability won’t be fixed by price controls.
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The Seven Deadly Economic Sins
Seven “economic sins” share one root: monetary inflation.
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Jobs Numbers, Dick Cheney, and Thanksgiving Turkey
Weak jobs, Cheney’s legacy, and why turkey costs more.
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The Misesian
In the latest issue of The Misesian, we give readers a sense of what happens at Mises University by featuring lectures and photos from the event, as well as testimonials from students.
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