The Cato Journal

The Cato Journal is a leading free-market public policy journal. The Cato Journal features articles discussing politics and the economy of interest to scholars and professionals but accessible to a general audience as well.

Articles from Vol. 33, No. 1, Winter

Brazilian Land Tenure and Conflicts: The Landless Peasants Movement
This article analyzes conflicts in Brazil involving landless peasants and the violence that frequently results from their invasion and occupation of privately owned rural land for the period 2000--08. Land ownership in Brazil is overwhelmingly and...
Diminishing Quality of Fiscal Institutions in the United States and European Union
The value of government debt relative to the size of the economy has become a serious problem, and the problem is likely to grow in the future. Total debt of the U.S. government relative to gross domestic product increased substantially since the financial...
Economic Freedom and Financial Development: International Evidence
This article arises from two related research programs. One examines the relationship between financial development and economic growth. The basic conclusion from this work is that countries that experience greater financial development also experience...
IMF Subsidies, Cancellations, and Resumptions: New Empirical Evidence
For a long time, the International Monetary Fund has been criticized for subsidizing its credits. According to Walter Bagehot (1873), a lender of last resort ought to "lend freely but at a penalty.'" Otherwise moral hazard results (see Dreher and Vaubel...
Incredible Commitments: Why the EMU Is Destroying Both Europe and Itself
When the merits of a European Monetary Union were first being debated, many skeptics fell into one of two camps. The first camp consisted of "Keynesians" (for example, Eichengreen and Bayomni 1997, Salvatore 1997) who, referring to the theory of optimal...
Is Public Expenditure Productive? Evidence from the Manufacturing Sector in U.S. Cities, 1880-1920
This article provides the first examination of the relationship between public expenditures mad labor productivity that focuses on municipalities, rather than states or nations. We use data for 1880-1920, a period of rapid industrialization in which...
Kill or Capture: The War on Terror and the Soul of the Obama Presidency
Kill or Capture: The War on Terror and the Soul of the Obama Presidency Daniel Klaidman New York: Houghton Mifflin Harcourt, 2012, 304 pp. The Republican Party at least has the decency not to get its civil libertarian supporters' hopes up. Bemused...
Knowledge and Cooperation: A Liberal Interpretation
Knowledge and Cooperation: A Liberal Interpretation Daniel B. Klein New York: Oxford University Press, 2012, 3,51 pp. Daniel B. Klein's fascinating exposition of the case for limited government argues that understanding of the complexity of knowledge...
Providing Access to Electricity for the Unserved: A Free-Market Solution
The traditional problem often called "electricity development" is to improve and expand services from an established monopolistic electricity supplier. The lack of an effective dominant utility, however, is a defining condition for the 1.4 billion...
School Choice and Development: Evidence from the Edgewood Experiment
On April 22, 1998, the Children's Educational Opportunity Foundation announced the availability of CEO Horizon Scholarships to residents of the Edgewood Independent School District (EISD) in San Antonio, Texas. The CEO Foundation did not limit eligibility...
The Case for Polarized Politics: Why America Needs Social Conservatism
The Case for Polarized Polities: Why America Needs Social Conservatism Jeffrey Bell New York: Encounter Books, 2012, 328 pp. It might seem odd that, in a time when political pundits routinely condemn the rampant if not unprecedented polarization...
The Role of China in the U.S. Debt Crisis
In 2001, the U.S. gross public debt was about $6 trillion; a decade later it was $14 trillion; by the end of 2012 it exceeded $16 trillion. A large part of that increase was absorbed by foreign holders, especially central banks in China mad Japan....
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