The Chilean mine accident and subsequent dramatic rescue of 33 miners in Chile has prompted criticism of capitalism from the usual quarters. Happily, there is an increasing recognition of the real story, as noted by Dan Henninger in the Wall Street Journal: capitalism saved the miners. Chile, long Latin America’s freest economy and now the fifth freest economy in the world according to the Economic Freedom of the World report, was able to rely on the latest technology and expertise provided by capitalist companies from around the world to execute a rescue that would not have been possible before the current era of globalization. The Washington Post also editorialized to that effect, saying, “Thanks to Chile’s openness to the world and embrace of entrepreneurship, it was able to effectively deploy cutting-edge technologies.” Here, commentator Star Parker writes about the miners and Chile’s remarkable transformation that began in the 1970s.
Featuring Dan Ikenson, Director, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; Simon Lester, Policy Analyst, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; Daniel Pearson, Senior Fellow, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute; and Bill Watson, Policy Analyst, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute.
- Legal Briefs
- Cato Handbook for Policymakers
- Cato Journal
- Cato's Letter
- Cato's Letters
- Cato Papers on Public Policy
- Cato Policy Report
- Cato State Legislative Guide
- Cracking the Books
- Economic Freedom of the States of India
- Economic Freedom of the World
- Public Comments
- Supreme Court Review
In this issue of the Cato Journal, economists Geoffrey Black, D. Allen Dalton, Samia Islam, and Aaron Batteen offer one prominent example of allowing the market to work. Also in this issue, economists Jason E. Taylor and Jerry L. Taylor reexamine the relationship between marginal tax rates and U.S. growth, and Robert Krol looks at bias in CBO and OMB economic forecasts.
The 2008-2009 financial crisis and Great Recession have vastly increased the power and scope of the Federal Reserve, and radically changed the financial landscape. This new ebook examines those changes and considers how the links between money, markets, and government may evolve in the future.