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.
Realizing Freedom: Libertarian Theory, History, and Practice
Featuring the author, Tom G. Palmer, General Director, Atlas Global Initiative for Free Trade, Peace, and Prosperity, and Senior Fellow, Cato Institute; with comments by Tyler Cowen, Professor of Economics, George Mason University, and General Director, Mercatus Center.
For more than 25 years, Tom Palmer has studied the history and theory of liberty and has worked tirelessly to bring liberty to countries around the world. This book ranges from the theory of justice to foreign policy, from the economics of public goods to gay rights in Russia. Palmer addresses the nature of freedom, law, rights, and justice; the morality of markets; and the institutional frameworks of free societies. He considers and criticizes the arguments of political theorists such as John Rawls and Cass Sunstein, as well as popular “myths of individualism,” which he concisely refutes. But theory doesn’t stand alone. Palmer studies and explains ordered liberty and connects abstract liberal rights to their historical roots. Drawing on his activism in countries ranging from eastern Europe in the late 1980s to Russia, China, and the Arab world today, he also takes on current events and concerns, from multiculturalism to struggles for free speech to the war in Iraq. It is hard to find a contemporary scholar with more knowledge of the theory and history of liberty, and at last his major writings are collected in one place. Author, blogger, and New York Times columnist Tyler Cowen will comment.