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 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
The Question of Intervention: John Stuart Mill and the Responsibility to Protect
Featuring the author Michael W. Doyle, Director, Columbia Global Policy Initiative, Harold Brown Professor of International Affairs, Law, and Political Science, Columbia University; with comments by Anne-Marie Slaughter, President and CEO, New America; and Christopher A. Preble, Vice President for Defense and Foreign Policy Studies, Cato Institute; moderated by Brad Stapleton, Visiting Research Fellow, Cato Institute.
Since the end of the Cold War, the United States has conducted a number of humanitarian interventions. Following the UN’s enshrinement of the “responsibility to protect,” and in the midst of ongoing international instability, Washington is bound to face pressure to perform more such operations. Given that likelihood, policymakers need standards for deciding when to intervene abroad. In his new book, Michael Doyle provides a sophisticated analysis of the circumstances in which moral and security considerations supersede the norm of state sovereignty and justify foreign intervention. Building on John Stuart Mill’s 1859 essay “A Few Words on Non-intervention,” Doyle argues that the default principle of non-intervention should only be overridden in grave situations following multilateral deliberation. Please join us for an engaging discussion.