At the end of the 18th Century, English cleric Thomas Malthus surmised that, as the worlds population grew, the Earth would reach its carrying capacity, the number of people that could be sustained over the long term would reach critical mass, and the Earth would essentially fail. Famine would grow, and people all over the planet would starve.
Sugar, a staple with massive economic implications worldwide, is also generally regarded as the commodity with the most market distortions associated with it.
Free trade works, and our efforts to promote US interests abroad should be based on this precept. We should be using what remaining power we have to promote a system in which no country uses cronyism to a competitive advantage—and that we, as a nation, will not unilaterally disarm when it comes to trade until they do.
Everyone knows that the farm subsidy system is in dire need of reform. Yet rather than take on this subsidy system and engage in a thorough examination of what needs to be changed, Congress punted, just like it has in every farm bill for the last eight years.
On the foreign policy front, two stories have tended to dominate the news in recent months—terrorism and cyber warfare. With terrorist plots being foiled by our economic allies, and horrific cyberspace crimes being perpetrated by our economic competitors, it is easy to forget that there are very real battles taking place in the trade world, with the US again being the major target.
It is cliché to say that insanity is doing the same thing over and over again and to expect a different result. And while political optimists work hard to try and "massage" outcomes for tough but important pieces of public policy, sometimes political inertia makes that an impossible task. As a free-marketeer, onerous regulatory regimes that cover every aspect of economic liberty deeply trouble me.
One of the great benefits of free markets is that they are eminently adaptable, constantly changing to meet the forces of supply, demand, and price.
As the President scrambles to delay implementation of Obamacare, while at the same time trying to prevent Republicans from legislating his executive branch goals, opponents of Obamacare are missing a key point: it’s not that Obamacare leads to socialism, it’s that it is, fundamentally, a scam!
The axiom that nature abhors a vacuum applies well-beyond the physics of the universe. Economics is an organic sphere in its own right—where the tinkering of states can have severe consequences.
In this new era of budget cuts and Department of Defense reform, Congress’s job of ensuring adequate resources for military readiness has become yeomen’s work. Competing priorities and dwindling funds due to sequestration will make this authorization and appropriation season on Capitol Hill among the toughest in decades.
When it comes to global trade, free-marketeers like it simple: no tariffs, no subsidies. But the most well-intended, highly-principled policy proposals always buck up against stark political and economic realities—and never was this more true than when it comes to the global market for sugar.
With some polls showing Barack Obama down five points to Mitt Romney, it’s clear that Americans are far from convinced that the president deserves a second term in office. But as Obama ramps up his re-election campaign he can find solace in the fact that key members of his coalition, namely the green movement and labor unions, have decided to stand by his candidacy.
With the arrest of Illinois Governor Rod Blagojevich, the calls have come once again for reigning in the ability of wealthy donors to give money to candidates.
The longer one works in DC, the more one gets used to things that make that city unique.
Federalism, a system of dual sovereigns and multiple levels of government, was envisioned by the founders a method of protecting and securing individual rights.
A bedrock principle underlying the American tort reform movement is the understanding that litigation drains resources from a business—time, money, manpower, and attention.
Coming on the heels of the Supreme Court’s decision in Heller, a great deal of dialogue has happened both on and off line about the nature of rights in America, and the powers of government.
When it comes to the individual nature of rights, history has long obscured what the founders intended.
Oil’s role in the economy has become increasingly clear as the Unites States wrestles with mixed economic signals—and unless we get a handle on the supply of that oil, and other economic tinkering will be an exercise in futility.
As valuable as it is to America and the world, free trade as a policy is facing hard political times.
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