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 Roy Prosterman, Founder and Chairman Emeritus, Landesa; and Keliang Zhu, Attorney, China Team, Landesa; with comments by Xiaobo Zhang, Senior Research Fellow, International Food Policy Research Institute; moderated by Ian Vasquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
China now has one of the largest rural-urban income gaps in the world, with the vast majority of its 120 million extreme poor living in the countryside. A fundamental cause of enduring rural poverty is that many Chinese farmers do not have secure property rights to land. Roy Prosterman and Keliang Zhu will review the findings of Landesa’s recent large-scale survey of the status of farmers’ land rights. They will describe advances in the protection of such rights, the emergence of a land transactions market, and the growth of long-term investments by farmers. They will also discuss significant, ongoing violations of farmers’ property rights and the impact on Chinese stability and food production. Xiaobo Zhang will comment on China’s uneven protection of property rights.