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.
Greatest Emancipations: How the West Abolished Slavery
Featuring the author, Jim Powell
Senior Fellow, Cato Institute, and author of The Triumph of Liberty,
FDR’s Folly, Wilson’s War, and Bully Boy
For thousands of years, slavery went unchallenged in principle. Then in a single century, slavery was abolished and more than seven million slaves were freed throughout the Western hemisphere. The scope and speed of this transformation make it one of the most amazing feats in modern history. Greatest Emancipations tells this fascinating story, focusing on abolitionists in areas where slavery was most entrenched: Haiti, the British Caribbean, the United States, Cuba, and Brazil. In this lively book, Jim Powell concisely illuminates the beginnings of the abolitionist movement, then proceeds through the processes, the battles, the final victory of emancipation, and the incredible impact of its aftermath. Ultimately, Powell argues, the more violence was involved in the emancipation process, the worse the outcomes were, making a provocative case for peaceful antislavery struggles.