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.
The Tragedy of Liberation: A History of the Chinese Revolution 1945-1957
Featuring the author Frank Dikötter, Chair Professor of Humanities, University of Hong Kong; with comments by Harry Wu, Founder, Laogai Research Foundation; moderated by Marian L. Tupy, Policy Analyst, Center for Global Liberty and Prosperity, Cato Institute.
Following a bloody civil war and the defeat of Chiang Kai-shek in 1949, Mao Zedong hoisted the red flag over Beijing’s Forbidden City. Due to the secrecy surrounding the country’s records, little has been known about the early years of the communist rule. Drawing on previously classified documents, secret police reports, and eyewitness accounts, Dikötter bears witness to a shocking, largely untold history. People of all walks of life were brutalized, imprisoned, and executed. Others were forced to write confessions and denounce their friends. “The Chinese Communist party refers to its victory in 1949 as ‘liberation,’” Dikötter writes. “In China the story of liberation and the revolution that followed is not one of peace, liberty, and justice. It is first and foremost a story of calculated terror and systematic violence.” Harry Wu, a human rights advocate who saw the communist takeover and later spent 19 years in various Chinese forced-labor camps, will comment on the book and life under Mao’s tyrannical regime.