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.
Featuring the author Ann Bernstein, Founding Director, Centre for Development and Enterprise (Johannesburg, South Africa); with comments by Clive Crook, Senior Editor, The Atlantic, and commentator, Financial Times; moderated by Ian Vásquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
Business is regularly portrayed in public discourse as morally deficient and prone to despoil the environment, undermine democracy, and stunt development. Ann Bernstein will explain why such ill-founded views, prevalent in rich countries, are especially harmful to the world’s poor. She will criticize misguided campaigns to transform the way business behaves — such as the corporate social responsibility movement — and the acquiescence of business in those efforts. Instead the author calls on business leaders to stand up for themselves; vigorously promote market economics; and defend the role of companies as the powerful instruments of progress, innovation, and development that they are. Clive Crook will comment on the book and on the current climate of the debate.