# Fall/​Winter 1995 

Vol. 15 No. 2 

José Piñera on the privatization of Social Security in Chile, Walter E. Williams on arguments for free markets, James M. Buchanan on federalism and individual sovereignty, and more...

##### Articles 

#### [Empowering Workers: The Privatization of Social Security in Chile ](/cato-journal/fall/winter-1995/empowering-workers-privatization-social-security-chile)

By [José Piñera](https://www.cato.org/people/jose-pinera) 

#### [Governments and Money ](/cato-journal/fall/winter-1995/governments-money)

By [Jerry L. Jordan](https://www.cato.org/people/jerry-jordan) 

#### [The Argument for Free Markets: Morality vs. Efficiency ](/cato-journal/fall/winter-1995/argument-free-markets-morality-vs-efficiency)

By [Walter E. Williams](https://www.cato.org/people/walter-williams) 

#### [The Case against Civil Ex Post Facto Laws ](/cato-journal/fall/winter-1995/case-against-civil-ex-post-facto-laws)

By Steve Selinger 

#### [The Effect of Race and Sex on Welfare Benefits ](/cato-journal/fall/winter-1995/effect-race-sex-welfare-benefits)

By Howard Gensler 

#### [Regional and Mutlilateral Trade Agreements: Complementary Means to Open Markets? ](/cato-journal/fall/winter-1995/regional-mutlilateral-trade-agreements-complementary-means-open-markets)

By [Edward L. Hudgins](https://www.cato.org/people/edward-hudgins) 

#### [Are Higher Alchohol Taxes Justified? ](/cato-journal/fall/winter-1995/are-higher-alchohol-taxes-justified)

By Dale M. Heien 

#### [Federalism and Individual Sovereignty ](/cato-journal/fall/winter-1995/federalism-individual-sovereignty)

By [James M. Buchanan](https://www.cato.org/people/james-buchanan) 

#### [Federalism and Individual Sovereignty: Comment on Buchanan ](/cato-journal/fall/winter-1995/federalism-individual-sovereignty-comment-buchanan)

By Jean-Luc Migue 

##### Book Review 

##### [*Perfect Competition and the Transformation of Economies* by Frank M. Machovec](/cato-journal/fall/winter-1995/perfect-competition-transformation-economies-frank-m-machovec)

By John B. Egger 

##### [*Regulatory Takings: Law, Economics, and Politics* by William A. Fischel](/cato-journal/fall/winter-1995/regulatory-takings-law-economics-politics-william-fischel)

By Steven J. Eagle 

##### [*Policy, Exchange Rates, and the International System* by W. Max Corden](/cato-journal/fall/winter-1995/policy-exchange-rates-international-system-w-max-corden)

By Giulio M. Gallarotti 

##### [*No Turning Back: Dismantling the Fantasies of Environmental Thinking* by Wallace Kaufman](/cato-journal/fall/winter-1995/no-turning-back-dismantling-fantasies-environmental-thinking-wallace)

By Ben Bolch 

##### [*An Essay on Rights* by Hillel Steiner](/cato-journal/fall/winter-1995/essay-rights-hillel-steiner)

By [Tom G. Palmer](https://www.cato.org/people/tom-g-palmer) 

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