A limited constitutional government calls for a rules-based, freemarket monetary system, not the topsy-turvy fiat dollar that now exists under central banking. This issue of the Cato Journal examines the case for alternatives to central banking and the reforms needed to move toward free-market money.
Americans are finally enjoying an improving economy after years of recession and slow growth. The unemployment rate is dropping, the economy is expanding, and public confidence is rising. Surely our economic crisis is behind us. Or is it? In Going for Broke: Deficits, Debt, and the Entitlement Crisis, Cato scholar Michael D. Tanner examines the growing national debt and its dire implications for our future and explains why a looming financial meltdown may be far worse than anyone expects.
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 authors Ronald Coase (by video), Nobel Laureate, University of Chicago; Ning Wang, Assistant Professor of Global Studies, Arizona State University; with comments by Albert Keidel, Senior Fellow, Atlantic Council, Asia Program moderated by James A. Dorn, Editor, Cato Journal, and Vice President for Academic Affairs, Cato Institute.
China has taken an extraordinary, and often unanticipated, journey in transforming itself from a closed agrarian socialist economy to a powerful economic force in the international arena. Coase and Wang persuasively argue that the reforms implemented by China’s leaders during the past 35 years did not represent a concerted attempt to create a capitalist economy, and it was “marginal revolutions” that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of “seeking truth from facts.” How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government’s monopoly of ideas and power. The authors argue that the development of a market for ideas — which has a long and revered tradition in China — would be integral to bringing about the Chinese dream of social harmony.