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  • Author: Robert A. Levy, Michael I. Krauss
  • Publication Date: 04-2004
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: Critics of federal tort reform have usually come from the political left and its allies among the trial lawyers, who favor a state-based system that can be exploited to redistribute income from deep-pocketed corporations to "deserving" individuals. We offer a totally different criticism—constitutional in origin—that embraces the need for reform but reaffirms this principle: The existence of a problem, however serious, does not justify federal remedies outside the scope of Congress's enumerated powers.
  • Topic: Conflict Resolution, Government, Nationalism
  • Political Geography: United States
  • Author: Veronique de Rugy, Richard W. Rahn
  • Publication Date: 10-2003
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: Global economic growth and personal freedom are under attack by governments and international organizations seeking to squelch financial privacy and tax competition. Privacy rights and international tax competition are beneficial constraints on the monopoly power of governments. But high-tax nations and organizations such as the European Union are pressing for international agreements to remove those limits on government power at the expense of prosperity and freedom.
  • Topic: Economics, Government, International Organization
  • Political Geography: United States, Europe
  • Author: William D. Hartung
  • Publication Date: 08-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: The defense and foreign aid budgets are the largest single source of government funding for private corporations. More than half of U.S. weapons sales are now being financed by taxpayers instead of foreign arms purchasers. During fiscal year 1996 (the last year for which full statistics are available), the government spent more than $7.9 billion to help U.S. companies secure just over $12 billion in agreements for new international arms sales. The annual $7.9 billion in subsidies includes taxpayer-backed loans, grants, and government promotional activities that help U.S. weapons makers sell their products to foreign customers. Also, the provision of low-cost facilities and extensive subsidies for research and development and mergers and acquisitions to major contractors fosters a “risk-free” environment in which weapons makers have little economic incentive to produce effective systems at affordable prices. Furthermore, a portion of the $120 billion the Pentagon spends each year on contracts with U.S. defense contractors is being wasted on defense pork—that is, redundant or unneeded weapons systems. Such subsidies and spending for defense pork can interfere with the fulfillment of legitimate security needs.
  • Topic: Defense Policy, Arms Control and Proliferation, Climate Change, Government, Industrial Policy
  • Political Geography: United States
  • Author: Kurt Schuler, George A. Selgin
  • Publication Date: 06-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
  • Topic: Debt, Economics, Government, Financial Crisis
  • Political Geography: Russia, Europe, Asia
  • Author: L. Jacobo Rodriguez
  • Publication Date: 04-1999
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: The privatization of Mexico's government-run pay-as-you-go social security system, which went into effect in July 1997, is the Ernesto Zedillo administration's most important structural reform. It is a measure that, if successful, will help bring much-needed social and economic stability. The Mexican peso crisis of 1994–95 underscore d the fragility of Mexico's economy, its need for independent institutions, and its need for a large pool of long-term domestic savings. An increase in the rate of private savings in Mexico, which this reform will promote, would make the Mexican economy less dependent on short-term fluctuations of international capital flows and, thus, more stable. More important still, the privatization of social security will erect one of the basic pillars of a free society by turning Mexico into a country of property-owning workers.
  • Topic: Economics, Government, International Political Economy, Privatization
  • Political Geography: Latin America, Mexico
  • Author: Cato Institute
  • Publication Date: 04-1998
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: On December 8-9 the Cato Institute and The Economist cosponsored a conference on the global public pensions crisis at the Queen Elizabeth II Conference Centre in London. Among the speakers were Michael Tanner, director of the Cato Project on Social Security Privatization; Clive Crook, deputy editor of The Economist; Carlos Boloña, former finance minister of Peru; Mukul Asher of the University of Singapore; and Peter Ferrara, chief economist at Americans for Tax Reform and an associate policy analyst at the Cato Institute. Excerpts from their remarks follow.
  • Topic: Economics, Government, International Political Economy
  • Political Geography: London
  • Author: Jonathan D. Wallace
  • Publication Date: 02-1998
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: Under the legal doctrine of pervasiveness, media such as television and radio get much less protection from censorship than do print media. The Supreme Court should reject the pervasiveness doctrine as a dangerously broad and vague excuse for speech regulation. If the doctrine applies to any medium, it could arguably apply to all media. The pervasiveness doctrine thus threatens to curtail the First Amendment's protection of freedom of speech.
  • Topic: Government, Industrial Policy, Political Economy, Science and Technology