State-Based Visas: A Federalist Approach to Reforming U.S. Immigration Policy

U.S. immigration policy currently prevents many productive foreign workers and entrepreneurs from contributing to the American economy. In a new paper, Brandon Fuller and Sean Rust argue that policymakers should consider including principles of federalism as part of immigration reform. “A state-based visa program,” say Fuller and Rust, “would allow state governments to craft a better-functioning work-visa program that is more adaptable to their local economic conditions than the present system run by the federal government.”

The Business of Earth Day

Earth Day is traditionally a day for the Left — a celebration of government’s ability to deliver the environmental goods and for threats about the parade of horribles that will descend upon us lest we rededicate ourselves to federal regulators and public land managers. This is unfortunate because it’s businessmen — not bureaucrats or environmental activists — who deserve most of the credit for the environmental gains over the past century and who represent the best hope for a Greener tomorrow. Cato’s energy and environment research promotes policies that would help protect the environment without sacrificing economic liberty, goals that are mutually supporting, not mutually exclusive.

Leszek Balcerowicz Named Recipient of 2014 Milton Friedman Prize

The Cato Institute is pleased to announce that Leszek Balcerowicz, former Deputy Prime Minister and Finance Minister of Poland, will receive the 2014 Milton Friedman Prize for Advancing Liberty, a $250,000 biennial award presented to an individual for achievement in promoting freedom and individual liberty.  “Leszek Balcerowicz’s contributions to the advancement of liberty and free markets in Eastern Europe cannot be overstated,” said Cato CEO John A. Allison.  “Poland now serves as a model that other countries may follow in transitioning from socialism to a humane economy based on individual responsibility and the rule of law.”

The prize will be presented during a dinner at the Waldorf-Astoria Hotel in New York on May 21, 2014. Garry Kasparov, former world chess champion, Russian pro-democracy leader, and global human-rights activist, will deliver the Keynote Address.

Was Financial Crisis Panic over Institution Runs Justified?

Throughout history there has been a consistent fear of bank runs, particularly regarding large institutions during times of crisis. The financial crisis of 2007–09 was no exception. The interventions of the authorities in response to these runs, however, raise a number of questions. In a new paper, Vern McKinley considers the facts surrounding each of the runs, and assesses what the various runs induced the authorities to do. “Serious analysis of the risks facing the financial sector was sorely lacking,” concludes McKinley, “and outright misstatement of the facts was evident.”

Recent Commentary


April 30

Is College Worth It?

Featuring Bryan Caplan, Professor of Economics, George Mason University, and Adjunct Scholar, Cato Institute; Beth Akers, Fellow, Brown Center on Education Policy, Brookings Institution; and Neal McCluskey, Associate Director, Center For Educational Freedom, Cato Institute; moderated by Chip Bishop, Director of Student Programs, Cato Institute.

6:00pm Hayek Auditorium

May 6

Bruno Leoni at 101

Featuring Roger Pilon, Vice President for Legal Affairs, Cato Institute; Peter Boettke, University Professor of Economics and Philosophy, George Mason University; and Todd J. Zywicki, George Mason University Foundation Professor of Law, George Mason University School of Law; moderated by Alberto Mingardi, Director General, Istituto Bruno Leoni.

12:00pm Policy Center with Foyer

Of Special Note

Realizing Freedom: Libertarian Theory, History, and Practice

Realizing Freedom: Libertarian Theory, History, and Practice

What is freedom? How is freedom related to justice, law, property, peace, and prosperity? Tom Palmer has spent a lifetime-as a scholar, teacher, journalist, and activist-asking and answering these questions. This expanded paperback edition of the widely acclaimed Realizing Freedom adds even greater depth and dimension to the book, with newly added essays that confirm Palmer’s role as one of liberty’s most articulate advocates. The essays in this volume are drawn from his decades of work on the theory of justice, democracy and limited government, and globalization, among many other topics.

Special! 10 Copies for $10

Cato Pocket Constitution

To encourage people everywhere to better understand and appreciate the principles of government that are set forth in America’s founding documents, the Cato Institute published this pocket-size edition.

2014 Milton Friedman Prize

Attend the 2014 Milton Friedman Prize Biennial Dinner

The Milton Friedman Prize for Advancing Liberty, named in honor of perhaps the greatest champion of liberty in the 20th century, is presented every other year to an individual who has made a significant contribution to advance human freedom. The prize, a cash award of $250,000, will be presented at the Milton Friedman Prize for Advancing Liberty’s Biennial Dinner on May 21, 2014, in New York City at the Waldorf-Astoria Hotel.