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Rothbard, The Ethics of Liberty

Murray Rothbard’s treatise, The Ethics of Liberty (New York: New York University Press, 1998) is online in a couple of obscure places, and some of its individual chapters or portions is available online in separate articles. I’ve listed below those I am aware of:

  1. The 1998 print version is missing some text on p. 139, that is present in the online version linked here. The bolded portion is the missing text:

    “Thus, if A agreed to sell a parcel of land in exchange for B’s agreed-upon payment of a money price, each would obligate himself to pay a certain sum, usually twice the value of his contractual obligation, in case of failure to pay. In the case of a money debt, called “a common money bond,” someone who owed $1000 agreed to pay $2000 to the creditor if he failed to pay $1000 by a certain date. (Or, more strictly the obligation to pay $2000 was conditional upon the debtor’s paying $1000 by a certain date. Hence the term “conditional penal bond.”) 

    It may be considered more moral to keep promises than to break them, but any coercive enforcement of such a moral code is itself an invasion of property rights and therefore impermissible in the libertarian society.

    In the above example of a contract to perform personal service, suppose that the failure of the actor to appear cost the theater owner $10,000 in damages; in that case, the actor would sign, or “execute,” a penal performance bond, agreeing to pay $20,000 to the theater owner upon failure to appear. []

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