[![Cato - Fall 2020 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2020-09/cj-v40n3-cover.jpg?itok=9jXN2iCd)](https://www.cato.org/sites/cato.org/files/2020-09/cato-journal-v40n3.pdf) 

# Fall 2020 

Vol. 40 No. 3 

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##### Articles 

#### [Perspectives on Balance Sheet and Credit Policies: A Tribute to Marvin Goodfriend ](/cato-journal/fall-2020/perspectives-balance-sheet-credit-policies-tribute-marvin-goodfriend)

By Esther L. George 

#### [Lessons from the Swedish Experience with Negative Central Bank Rates ](/cato-journal/fall-2020/lessons-swedish-experience-negative-central-bank-rates)

By Fredrik N. G. Anderson and Lars Jonung 

#### [Financial Transactions Taxes: Inaccessible and Expensive ](/cato-journal/fall-2020/financial-transactions-taxes-inaccessible-expensive)

By [Diego Zuluaga](https://www.cato.org/people/diego-zuluaga) 

#### [Immigration and State Institutions: Does Region of Origin Matter? ](/cato-journal/fall-2020/immigration-state-institutions-does-region-origin-matter)

By Meg Tuszynski and Dean Stansel 

#### [Economic Liberalizations Around the World Since 1970: Shock Therapy Versus Gradualism ](/cato-journal/fall-2020/economic-liberalizations-around-world-1970-shock-therapy-versus-gradualism)

By Kerianne N. Lawson and Robert A. Lawson 

#### [The Fall of Chile ](/cato-journal/fall-2020/fall-chile)

By Axel Kaiser 

#### [U.S. Policy Options Toward China: An Appraisal ](/cato-journal/fall-2020/us-policy-options-toward-china-appraisal)

By [Simon Lester](https://www.cato.org/people/simon-lester) 

#### [The American News Media’s Volatile Perspectives on China ](/cato-journal/fall-2020/american-news-medias-volatile-perspectives-china)

By [Ted Galen Carpenter](https://www.cato.org/people/ted-galen-carpenter) 

#### [Assessing State Capacity Libertarianism ](/cato-journal/fall-2020/assessing-state-capacity-libertarianism)

By Ryan Murphy and Colin O’Reilly 

#### [On the Origins of Entrepreneurial Alertness: Did Bauer and Yamey Precede Kirzner? ](/cato-journal/fall-2020/origins-entrepreneurial-alertness-did-bauer-yamey-precede-kirzner)

By J. Robert Subrick 

#### [How the Classical Gold Standard Can Inform Monetary Policy ](/cato-journal/fall-2020/how-classical-gold-standard-can-inform-monetary-policy)

By [James A. Dorn](https://www.cato.org/people/james-dorn) 

##### Book Reviews 

##### [ *Markets Against Modernity: Ecological Irrationality, Public and Private*](/cato-journal/fall-2020/markets-against-modernity-ecological-irrationality-public-private)

By [Nicholas Anthony](https://www.cato.org/people/nicholas-anthony) 

##### [ *The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy*](/cato-journal/fall-2020/deficit-myth-modern-monetary-theory-birth-peoples-economy)

By [Kevin Dowd](https://www.cato.org/people/kevin-dowd) 

##### [ *America’s Revolutionary Mind: A Moral History of the American Revolution and the Declaration That Defined It*](/cato-journal/fall-2020/americas-revolutionary-mind-moral-history-american-revolution-declaration)

By [Paul Meany](https://www.cato.org/people/paul-meany) 

##### [ *Free to Move: Foot Voting, Migration, and Political Freedom*](/cato-journal/fall-2020/free-move-foot-voting-migration-political-freedom)

By [Alex Nowrasteh](https://www.cato.org/people/alex-nowrasteh) 

Immigration policy is the most debated and controversial issue of our time. Across the developed world, political parties have greatly diverged on this issue. In Europe, political parties with a nativist bent have won elections and governed in coalition with other mainstream parties. But even mainstream parties, such as the Danish Social Democrats, have adopted anti‐​immigration platforms as they adapt to the opinions of voters skeptical of immigration—and have maintained power as a result.

##### [ *The Light that Failed: A Reckoning*](/cato-journal/fall-2020/light-failed-reckoning)

By Matt Warner 

##### Latest Issues 

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