Unconventional monetary policy—characterized by “zero interest rate policy” (ZIRP) and “quantitative easing” (QE), along with macro-prudential regulation—has increased the power of central banks in the United States, Japan, and Europe. In the new issue of Cato Journal, contributors revisit the thinking behind unconventional monetary policy and the “new monetary framework,” make the case for transparent monetary rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
When the Danish newspaper Jyllands-Posten published the cartoons of the prophet Muhammad in 2005, Denmark found itself at the center of a global battle about the freedom of speech. The paper’s culture editor, Flemming Rose, defended the decision to print the 12 drawings, and he quickly came to play a central part in the debate about the limitations to freedom of speech in the 21st century. In The Tyranny of Silence, Flemming Rose provides a personal account of an event that has shaped the debate about what it means to be a citizen in a democracy and how to coexist in a world that is increasingly multicultural, multireligious, and multiethnic.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Africa’s Third Liberation: The New Search for Prosperity and Jobs
Featuring the co-author Jeffrey Herbst, President, Colgate University; with comments by Todd Moss, Vice President, Center for Global Development, and Former Deputy Assistant Secretary, Bureau of African Affairs, State Department; moderated by Marian L. Tupy, Policy Analyst, Center for Global Liberty and Prosperity, Cato Institute.
If Africa’s first liberation was from colonialism, and its second from the tyranny of many of its liberators, the third must concentrate on economic development. Africa has to overcome its racial, tribal, and religious divisions and offer Africans the opportunity to set their own agendas. To achieve economic development, African governments must embrace a “growth ideology.” Many African governments have to drop their animus to capitalism and create a welcoming environment for domestic and foreign capital. Please join our panel for a discussion about the future prospects for growth on the African continent.