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611. State Sanctions and the Decline in Welfare Caseloads

Author:
Michael J. New
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Much of the scholarship analyzing fluctuations in welfare caseloads focuses on such factors as the strength of the economy and the generosity of welfare benefits. However, with the passage of the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) in 1996, states obtained significantly more control over welfare policy. Despite this shift, there has been relatively little academic research on the role of state policy variation in welfare caseload fluctuations. This article provides solid evidence that strength of state sanctioning policies, which give caseworkers the ability to restrict the benefits of welfare recipients, has played a very significant role in recent welfare caseload declines. A comprehensive regression analysis of welfare caseloads from all 50 states from every year from 1996 to 2002, finds that strong state sanctioning policies are highly correlated with both large welfare caseload declines and low caseload levels.

612. Creating Financial Harmony: Lessons for China

Author:
James A. Dorn
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The current turmoil in global financial markets, which began with the U.S. subprime crisis in 2007, has shed a bad light on market liberalism. But it was the socialization of risk—not private free markets—that precipitated the crisis. Government sponsored enterprises (GSEs), not private enterprises, politicized investment decisions and overextended credit to high-risk households by buying up and guaranteeing subprime and Alt-A mortgages.
Political Geography:
China

613. Termites in the Trading System: How Preferential Agreements Undermine Free Trade by Jagdish Bhagwati

Author:
Daniel Griswold
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
This may sound like a “man bites dog” story—“Leading free trade economist denounces free trade agreements!”—but it is not such a strange tale in the world of international economics. Since the pioneering work of Jacob Viner in the 1950s, economists have known that bilateral and regional trade agreements can actually reduce a nation's welfare by merely diverting trade rather than creating new trade. In his latest book, Jagdish Bhagwati of Columbia University makes a tough, passionate, and concise, if not airtight, argument that the proliferation of such agreements is fatally undermining the global effort to advance free trade.

614. The Swiss National Bank: 1907–2007 by Werner Abegg, Ernst Baltensperger, et al., contributors

Author:
Kurt Schuler
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The Swiss franc is the world's best-performing currency over the last century: it has lost only about 87 percent of its value in terms of gold, compared to 97 percent for the U.S. dollar and more than 99 percent for almost all other currencies. Switzerland's avoidance of wars, which is part policy and part lucky geography, has contributed to the relative stability of the franc. So have the conservative financial habits of its citizens, which have been reflected in the country's generally prudent government finances. But some credit undoubtedly belongs to the central bank, the Swiss National Bank. It has consistently pursued monetary policies that have produced low inflation, and has made few consequential errors since it was established in 1907. Its experience therefore should be of interest far beyond the borders of Switzerland. This centennial volume, by a constellation of 40 Swiss and foreign authors, is a history and an examination of issues in monetary policy the central bank has faced. It is typically Swiss in its occasionally ponderous thoroughness, pleasing design, and high quality.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
France and Switzerland

615. Nudge: Improving Decisions about Health, Wealth, and Happiness

Author:
Ike Brannon
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
When it comes to social policy, inertia can be a bitch. While the sentiment may not seem all that profound, its gradual realization by economists and policymakers is beginning to have an impact on public policy. It has already wreaked havoc within the economics discipline.
Topic:
Economics and Health

616. Forgotten Continent: The Battle for Latin America's Soul

Author:
Juan Carlos Hidalgo
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
For most of this decade, Latin America has been neglected by the developed world. At least that is a recurring grievance from leaders and specialists in the region. The attention of rich countries has switched to terrorism in the Middle East and poverty in Africa, while pressing needs and conflicts remain unattended in Latin America.
Topic:
Terrorism
Political Geography:
Africa, Middle East, and Latin America

617. Heads in the Sand: How Republicans Screw Up Foreign Policy and Foreign Policy Screws Up the Democrats by Matthew Yglesias

Author:
Brendan Rittenhouse Green
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Credit where credit is due: At 229 pages, Matthew Yglesias has written the world's longest blog post. The first of a generation of journalists who came to prominence through their personal weblogs, Yglesias now blogs professionally for the Center for American Progress. Heads in the Sand has all the virtues and flaws of the medium Yglesias helped pioneer. It tends toward bite-sized arguments and pith over substance, which leaves some of the chapters with a stapled-together feel. Heads in the Sand gives the impression of a Web journal read straight through, with an extremely thin set of foot-notes substituting for links. Nevertheless, the book is by and large excellent. It is full of wit and erudition, stringing together a series of incisive arguments about politics and foreign policy.
Topic:
Foreign Policy and Politics
Political Geography:
America

618. Is the Gold Standard Still the Gold Standard among Monetary Systems?

Author:
Lawrence H. White
Publication Date:
02-2008
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a “crazy” idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration.
Topic:
Economics and Government
Political Geography:
United States

619. WHO's Fooling Who? The World Health Organization's Problematic Ranking of Health Care Systems

Author:
Glen Whitman
Publication Date:
02-2008
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The World Health Report 2000, prepared by the World Health Organization, presented performance rankings of 191 nations' health care systems. These rankings have been widely cited in public debates about health care, particularly by those interested in reforming the U.S. health care system to resemble more closely those of other countries. Michael Moore, for instance, famously stated in his film SiCKO that the United States placed only 37th in the WHO report. CNN.com, in verifying Moore's claim, noted that France and Canada both placed in the top 10.
Topic:
Health, Human Welfare, Humanitarian Aid, and International Organization
Political Geography:
United States

620. What to Do about Climate Change

Author:
Indur M. Goklany
Publication Date:
02-2008
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The state-of-the-art British-sponsored fasttrack assessment of the global impacts of climate change, a major input to the much-heralded Stern Review on the Economics of Climate Change, indicates that through the year 2100, the contribution of climate change to human health and environmental threats will generally be overshadowed by factors not related to climate change. Hence, climate change is unlikely to be the world's most important environmental problem of the 21st century.
Topic:
International Relations, Climate Change, Environment, and Globalization
Political Geography:
Britain