Wait a minute, isn't this the 21st?...
Why Hanoi was not a failure; and whether the focus of the US-China trade deal should be on the theft of American inventions instead of tariffs and trade deficits.
The Coronavirus, Taiwan Elections, and the Trade Deal.
Why Here, Why Now? Why Did The United States Enjoy Dramatic Improvements In The Standard Of Living During The Last Century?
Hoover Institution economists John Cogan, Lee Ohanian, Terry Anderson, and George Shultz examine the causes for and the reasons behind so many improvements being made to the quality of life in the United States over the past century. They analyze the role that free markets, property rights, innovation, regulation, taxes, and national security played in these remarkable achievements.
Why shouldn’t American universities give conservative ideas their due? By Peter Berkowitz.
Behind the headlines lies an old and basic question: in the clash between Islamism and the nation-state, who will win? By Charles Hill.
The low-tax beginnings of American prosperity
The greatest period of charitable activity occurred in the 19th century, when government spending was small as share of the economy.
According to the standard wisdom in international relations, authoritarian states hold an advantage over democratic states because they can act more quickly and decisively. Yet over the last several centuries, every extended rivalry between an authoritarian state and a liberal one has been won by the liberal state: the Dutch revolt against Spain (late sixteenth and early seventeenth centuries); the 125-year rivalry between England and France (1689-1815); the Anglo-French-American rivalry with Germany (late nineteenth through mid-twentieth century); and the American/Allied rivalry with the Soviet Union after World War II.
This paper shows why liberal democracies have a long-term advantage in international competition with authoritarian states. We argue that this reflects the greater ability of liberal states to establish credible limited government. This ability has both long-term advantages for growth and substantial short-term financial advantages during periods of intense international conflict. The financial advantages allow a liberal democracy to raise massive funds through debt, thus financing larger and longer wars. After developing the theoretical perspective, we study two cases, the 125-year rivalry between England and France and the more recent cold war between the United States and the Soviet Union.
I am often asked to opine about whether automation will destroy all jobs. Yes, we talk about tractors, which brought farm employment from something like 70% in the US at the beginning of the 20th century to about 3% today... about cars, which put horse drivers out of business. And about trains, which put the canal boats out of business.
[Subscription Required] In March of 1951, a year into the Korean War, the US Treasury offered long-term notes at 2 3/4 per cent in exchange for short-term notes at 2 1/2 per cent. According to a narrative written half a century later by the Richmond Fed, the Federal Reserve supported the price of the long-term notes, but: only up to a limited volume it had agreed on with the Treasury.
China has come to Africa. Can U.S. policy makers find ways to mesh, not clash, with Beijing’s interests? By Christopher C. Starling.
A new military command takes a broad, sophisticated view of the U.S. role in a neglected continent. Its job won’t be easy. By James J. Hentz.
For almost three decades the U.S. embargo of Cuba was part of America's cold war strategy against the Soviet bloc. It should have been lifted after that ‘‘war’’ ended since Castro ceased to threaten the United States and its neighbors and adopted the standard rules of international behavior. But inertia, a powerful Cuban American lobby, and misguided politicians set new demands: democracy, improved human rights, and economic reform. When Castro demurred we tightened the sanctions in 1992 and again in 1996 with the Helms-Burton Law. The United States has never committed the resources necessary to overthrow Castro, however, and the pressures we have applied have utterly failed to advance the three objectives. Worse yet, in the post–cold war world the policy and political outlook that sustain it have become a strategic liability. They promote conflict, both within Cuba—where a crisis might draw in the U.S. military—and abroad, as occurred in 1999–2000 after the arrival in Florida of the rafter boy, Elián González. They allow pressure groups to stand in the way of the policy-making process of the U.S. government. For example, the lobby manipulated wishy-washy politicians in 1998–1999 and got the president to turn down a widely supported proposal for a bipartisan commission to conduct the first comprehensive evaluation of the policy in four decades. Finally, the imperialistic Helms-Burton Law alienates allies worldwide and will poison relations between the United States and Cuba for decades to come. Castro will benefit no matter what we do, but on balance he gains more if we maintain the sanctions because they provide a scapegoat for his own repression and economic failures even as they enable him to maintain his cherished global image as the ‘‘scourge of U.S. imperialism.’’ Castro can wage a worldwide campaign against the embargo to bolster his image knowing Washington is too inflexible to change it. Indeed, whenever Washington has lightened up, Castro has tightened up and effectively prevented further improvement. Lifting sanctions need not mean establishing friendly relations with Castro—which he would reject in any event—or supporting his efforts to get international aid without meeting standard requirements. The ultimate responsibility for maintaining this antiquated and potentially dangerous policy falls on politicians who either do not understand the need for, or for political reasons are afraid to support, a new policy to benefit both Americans and Cubans in the post–cold war world.
Economics Working Paper WP16101
To succeed in the war on terror, Philip Bobbitt insists, the West needs an entirely new conceptual framework.
By Peter Robinson.
Matt Ridley, author of The Rational Optimist, insists that we humans must face the truth about ourselves—no matter how good it might be. An interview with Peter Robinson.
Thomas Sowell discusses the newly revised edition of his book Discrimination and Disparities.
A comprehensive book by Hoover senior fellow Alvin Rabushka shows how newborn America found its financial footing.