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.
Mad about Trade: Why Main Street America Should Embrace Globalization
Featuring the author, Daniel Griswold, Director, Center for Trade Policy Studies, Cato Institute; with comments by Steven Pearlstein, Business and economy columnist, The Washington Post. Moderated by Daniel J. Ikenson, Associate Director, Center for Trade Policy Studies, Cato Institute.
Politicians and pundits can rage against free trade and globalization, but much of what they convey is myth. Mad about Trade is the much-needed antidote to a rising tide of protectionist sentiment in the United States. It details the benefits of free trade and globalization for middle-class “Main Street” Americans exposed to a barrage of negative claims from politicians and commentators. Griswold shows how middle- and low-income families benefit from import competition, and how a more globalized U.S. economy has created better jobs and higher living standards for American workers through the ups and downs of the business cycle. Mad about Trade tells the under-reported story of how a more open economy has made America stronger and spread our influence in an increasingly integrated world that has become more wealthy, democratic, and peaceful. And it exposes the scandal of how politicians conspire with producers to use trade barriers to stifle competition and raise prices.