[![Media Name: cato-journal-v38n1-cover.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/cato-journal-v38n1-cover.jpg?itok=SdvvGYhM)](https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2018/2/cato-journal-v38n1.pdf) # Winter 2018 Vol. 38 No. 1 [ Download PDF ](https://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2018/2/cato-journal-v38n1.pdf) ##### Articles #### [The Case for a Targeted Criticism of the Welfare State ](/cato-journal/winter-2018/case-targeted-criticism-welfare-state) By Leszek Balcerowicz and Marek Radzikowski #### [Welfare: Savings Not Taxation ](/cato-journal/winter-2018/welfare-savings-not-taxation) By Roger Douglas and Robert MacCulloch #### [Liquidity Risk after the Crisis ](/cato-journal/winter-2018/liquidity-risk-after-crisis) By Allan M. Malz #### [Reorganization of Failing Financial Firms: A Capital Structure Solution ](/cato-journal/winter-2018/reorganization-failing-financial-firms-capital-structure-solution) By Steven Gjerstad #### [Monetary Policy in an Uncertain World: The Case for Rules ](/cato-journal/winter-2018/monetary-policy-uncertain-world-case-rules) By [James A. Dorn](https://www.cato.org/people/james-dorn) #### [Reforming the Rules That Govern the Fed ](/cato-journal/winter-2018/reforming-rules-govern-fed) By Charles Calomiris #### [Improving Monetary Policy by Adopting a Simple Rule ](/cato-journal/winter-2018/improving-monetary-policy-adopting-simple-rule) By Athanasios Orphanides #### [Against Helicopter Money ](/cato-journal/winter-2018/against-helicopter-money) By [Kevin Dowd](https://www.cato.org/people/kevin-dowd) There is a good reason why the issue of paper money has traditionally been subject to tight constraints: it is a dangerous power that once unleashed can easily get out of control. #### [Sorting Out Monetary and Fiscal Policies ](/cato-journal/winter-2018/sorting-out-monetary-fiscal-policies) By Mickey D. Levy #### [Health, Sustainability, and the Political Economy of Food Labeling ](/cato-journal/winter-2018/health-sustainability-political-economy-food-labeling) By Colin Fristoe #### [A Review of the Regional Greenhouse Gas Initiative ](/cato-journal/winter-2018/review-regional-greenhouse-gas-initiative) By David T. Stevenson #### [A Teacher’s Perspective on What’s Wrong with Our Schools ](/cato-journal/winter-2018/teachers-perspective-whats-wrong-our-schools) By Peter McAllister #### [What Leads to Successful School Choice Programs? A Review of the Theories and Evidence ](/cato-journal/winter-2018/what-leads-successful-school-choice-programs-review-theories-evidence) By [Corey A. DeAngelis](https://www.cato.org/people/corey-deangelis) and Heidi Holmes Erickson #### [Former Centrally Planned Economies 25 Years after the Fall of Communism ](/cato-journal/winter-2018/former-centrally-planned-economies-25-years-after-fall-communism) By [James D. Gwartney](https://www.cato.org/people/james-gwartney) and Hugo M. Montesinos #### [Extending the Economic Freedom of the World Index to the Cold War Era ](/cato-journal/winter-2018/extending-economic-freedom-world-index-cold-war-era) By Ryan Murphy and Robert A. Lawson ##### Book Reviews ##### [*China’s Great Migration: How the Poor Built a Prosperous Nation* by Bradley M. Gardner](/cato-journal/winter-2018/chinas-great-migration-how-poor-built-prosperous-nation-bradley-m-gardner) By [Daniel Griswold](https://www.cato.org/people/daniel-griswold) ##### [*Taxing the Rich: A History of Fiscal Fairness in the United States and Europe* by Kenneth Scheve and Daniel Stasavage](/cato-journal/winter-2018/taxing-rich-history-fiscal-fairness-united-states-europe-kenneth-scheve) By Ari Blask ##### [*Churchill and Orwell: The Fight for Freedom* by Thomas E. Ricks](/cato-journal/winter-2018/churchill-orwell-fight-freedom-thomas-e-ricks) By [Matthew Feeney](https://www.cato.org/people/matthew-feeney) ##### [*The Limits of the Market: The Pendulum between Government and Market* by Paul De Grauwe](/cato-journal/winter-2018/limits-market-pendulum-between-government-market-paul-de-grauwe) By Thomas A. Hemphill ##### [*Oppose Any Foe: The Rise of America’s Special Operations Forces* by Mark Moyar](/cato-journal/winter-2018/oppose-any-foe-rise-americas-special-operations-forces-mark-moyar) By [Brad Stapleton](https://www.cato.org/people/brad-stapleton) ##### [*Against the Grain: A Deep History of the Earliest States* by James C. Scott](/cato-journal/winter-2018/against-grain-deep-history-earliest-states-james-c-scott) By [Jason Kuznicki](https://www.cato.org/people/jason-kuznicki) ##### Latest Issues [![Cato Journal - v41n3 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-10/cj-v41n3-cover-img.jpg?itok=5oFdtHHE)](https://www.cato.org/cato-journal/fall-2021) [Fall 2021](/cato-journal/fall-2021) [![Cato Journal - v41n2 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-05/cj-v42n2-cover.jpg?itok=Gsu0q9wJ)](https://www.cato.org/cato-journal/spring/summer-2021) [Spring/​Summer 2021](/cato-journal/spring/summer-2021) [![Cato Journal - v41n1 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2021-01/Cover.jpg?itok=FSh0s6W_)](https://www.cato.org/cato-journal/winter-2021) [Winter 2021](/cato-journal/winter-2021) [![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/cato-journal/fall-2020) [Fall 2020](/cato-journal/fall-2020)