• 00:01    |    
  • 2:19    |    
    Mercantilismo en Inglaterra
    • Tarifas
    • Monopolios: privilegios
    • Incentivos a la exportación
    • El gobierno controla las actividades económicas
    • Adam Smith "La Riqueza de las Naciones"
  • 8:25    |    
    La Revolución Industrial
    • The fallacy of criticisms
    • Life before the Industrial Revolution
  • 17:57    |    
    The period of freedom in the United States
    • No taxes on income
    • No licenses needed for any occupation
    • Free trade: no economic regulations
    • Open borders, "no limits"
    • Better lives for poor people
    • What caused wealth?
    • Massive accumulation of capital
    • The rising of the Welfare State
  • 54:48    |    
    Discussion and questions
    • El problema no es el Estado, el problema es cultural, lo cual no puede cambiar el gobierno. ¿Cómo podemos cambiar eso? ¿Qué podemos hacer para definir libertad?
    • Dr. Manuel Ayau: aclaración sobre carta publicada en el Wallstreet Journal (
    • Relación inherente entre la libertad y la persona
    • What do you think about the basic statements of Mises?
    • ¿Qué hacemos para quitarle el poder al Estado? ¿Cuál costo vamos a pagar?

The Austrian Economics and the libertarian ideal: The nature and causes of the wealth of nations

New Media  | 08 de agosto de 2001  | Vistas: 391

About this video

In 1776, Adam Smith wrote The Wealth of Nations, a book that is partially responsible for the Industrial Revolution and the increase of the standard of living. Previously, the world was mainly dominated by mercantilism in which the government had control over all the population’s economic activities and it falsely related wealth to the accumulation of gold. Adam Smith’s revolutionary ideas, according to Jacob G. Hornberger, were based on the fact that economic activities didn’t need to be controlled and that the real wealth was not based on gold but on the increase of standard of living and division of labor. Throughout his lecture, Hornberger points out that the criticisms directed towards the Industrial Revolution are fallacies considering the fact that this event created a great amount of wealth that gave better opportunities to the poorest people in society. Furthermore, he illustrates a period of time in which the United States had complete freedom – a time in which there was no income tax, no economic regulations, open borders and an increase of immigration and productivity.


The Austrian Economics and the Libertarian Ideal: The Nature and Causes of the Wealth of Nations
Jacob G. Hornberger

Auditorio Friedrich A. Hayek
Universidad Francisco Marroquín
Guatemala, August 8, 2001

A New Media - UFM production. Copyright New Media/UFM, 2001
Video production: Pedro Pablo Quezada, D'Todo Producciones; digital production: New Media, UFM; encoding: Christian Van Der Henst; index: Inés Zuñiga; synopsis: Sebastian del Buey; synopsis reviser: Daphne Ortiz; GML: Fernando De León


Jacob G. Hornberger is the founder and president of The Future…