India’s New Protectionism Threatens Gains from Economic Reform

Indian prime minister Narendra Modi has been hailed as an economic liberalizer, having sharply criticized rising U.S. protectionism under the Trump administration. Yet Modi too has embarked on measures to protect and support manufacturing jobs in India. The latest Indian budget raised import duties on more than 40 items, ranging from auto parts and toys to candles and furniture, in order to protect uncompetitive small businesses and create jobs in labor-intensive industries. In a new paper, Cato scholar Swaminathan S. Anklesaria Aiyar raises concerns that the new protectionism will get entrenched and reverse the major gains India has made since economic reforms began in 1991.

Fiscal Policy Report Card on America’s Governors 2018

In the new “Fiscal Policy Report Card on America’s Governors,” Cato scholar Chris Edwards examines the tax and spending decisions made by U.S. governors since 2016. Governors who have cut taxes and spending the most receive the highest grades, while those who have increased taxes and spending the most receive the lowest grades. Only five governors were awarded an “A” in this latest report card — Susana Martinez of New Mexico, Henry McMaster of South Carolina, Doug Burgum of North Dakota, Paul LePage of Maine, and Greg Abbott of Texas.

Immigrant Wages Converge with Those of Native-Born Americans

The degree and speed at which immigrant wages converge with the wages of native-born Americans are important indicators of economic assimilation. According to new research from Cato scholars Andrew Forrester and Alex Nowrasteh, newly arrived immigrants have wages lower than otherwise identical natives, but those wage differences diminish greatly or disappear entirely after about two decades of working in the United States. Forrester and Nowrasteh note that, while immigrant wages are converging with those of natives, legalizing illegal immigrants would likely narrow the gaps even further, as their lack of legal status explains a large percentage of the overall wage gap between all immigrants and all natives.

Freedom: Art as the Messenger

The Cato Institute welcomes artists working in any medium to address the concept of Freedom: Art as the Messenger. We are living in an era where people are finding their combative voice but having little conversation or dialogue. The goal of this inaugural exhibition is to provide a medium for that conversation.

This exhibition invites all investigative points of view in all media; 2-D, 3-D, audio, and video. A full spectrum of interpretation is invited — whether personal, emotional, general, realistic or imagined, communal, or individual — addressing Freedom in all its manifestations through art.

Recent Commentary

Nuclear Weapons Don’t Matter

John Mueller in Foreign Affairs

For nearly three-quarters of century, the world has been told it is perched precariously on Rube Goldberg’s precipice, perennially at risk of plunging into apocalyptic devastation. But oddly enough, both we and the weapons are still here.

Criminally Confidential

Jonathan Blanks in Democracy Journal
In reforming our criminal justice system, we must pay greater attention to one oft-neglected issue: the distorted use of criminal informants.

Ethanol Politics Trump Common Sense

Chris Edwards

The federal government imposes a mandate to blend corn ethanol and other biofuels into the nation’s gasoline. This “renewable fuel standard” or RFS produces a range of negative effects. 

Events

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Of Special Note

Monetary Policy in an Uncertain World

Monetary Policy in an Uncertain World: Ten Years after the Crisis

Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies. Although central banks will move gradually, unforeseen circumstances could trigger a flight to safety and a collapse of asset prices. Contributors to this new Cato Institute book draw lessons from the decade of unconventional monetary policies and offer proposals for reducing monetary uncertainty, including adopting a rules-based monetary regime.

Special! 10 Copies for $10

Cato Pocket Constitution

To encourage people everywhere to better understand and appreciate the principles of government that are set forth in America’s founding documents, the Cato Institute published this pocket-size edition.

Now Available

Home Study Resources

The Cato Institute offers a wealth of online educational audio and video resources, from self-paced guides on the ideas of liberty and the principles of economics, to exclusive, archived lectures by thinkers such as Milton Friedman and F. A. Hayek. Browse through some highlights of our collections, for personal study or for use in the classroom.

36th Annual Monetary Conference: Monetary Policy 10 Years after the Crisis

Ten years after the 2008 financial crisis, we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies. Although central banks will move gradually, unforeseen circumstances could trigger a flight to safety and a collapse of asset prices.