Tom Clougherty was editorial director of the Center for Monetary and Financial Alternatives at the Cato Institute. He is also managing editor of the Cato Journal. Before joining Cato in February 2015, Clougherty was managing editor at Reason Foundation. He previously served as executive director of the Adam Smith Institute, a free‐market think tank based in London. Clougherty holds a B.A. in law from the University of Cambridge.