Find out the real history of how the US government dismantled the Constitution, thwarted our freedoms, and wrecked the economy.
Nineteenth-century America was the closest thing to pure free-market capitalism that has ever existed. There was no welfare state, no central bank, no deficit spending to speak of, no fiat money, and no income tax for most of the century, and no antitrust laws or federal regulatory agencies until the end of the century. The US Constitution protected individual liberty (with the exception of slavery) and limited the power of government, giving rise to an economy in which people were free to pursue their interests, free to start new businesses, free to create as much wealth as their ability and ambition allowed. This near laissez-faire system led to the wealthiest, most innovative nation ever.
During the 20th century, by contrast, American liberty declined as the size, scope, and power of government exploded. Federal spending, taxes, deficits, and debt have spiraled out of control. The dollar has lost most of its value due to the inflationary policies of the Federal Reserve. Entitlement programs now constitute the majority of the federal budget. And American businesses are hog-tied by mountains of red tape in the Code of Federal Regulations.
Where in our history did we go wrong? How did the American system shift from capitalism to statism, from limited government to big government, from a near free-market economy to a heavily regulated mixed economy? What acts, programs, interventions, and Supreme Court rulings brought America to its present state?
Liberty Lost answers these questions. It surveys the politico-economic history of the US from the founding to the present, showing how the erosion of the Constitution unleashed big government, undermining our liberties and hindering economic progress.