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.
Robust Political Economy: Classical Liberalism and the Future of Public Policy
This new book offers a comprehensive defense of classical liberalism against contemporary challenges. It sets out an analytical framework of “robust political economy” that explores the economic and political problems that arise from the fact of imperfect knowledge and imperfect incentives. Using this framework, the book defends the classical liberal focus on markets and the minimal state from the critiques presented by “market failure” economics and communitarian and egalitarian variants of political theory. Mark Pennington applies the lessons learned from responding to these challenges in the context of contemporary discussions surrounding the welfare state, international development, and environmental protection. Thinkers addressed include Joseph Stiglitz, Jurgen Habermas, Karl Polanyi, John Rawls and Ronald Dworkin. Uniquely, the book explores the lessons learned from responding to these critics in the context of contemporary discussions surrounding the welfare state, international development, and environmental protection. The book has been described by Professor Bruce Caldwell, general editor of The Collected Works of F.A. Hayek, as “almost custom-made for those who want to defend classical liberalism against the common arguments.”