The Hoover Institution hosted its annual Board of Overseers’ summer meeting during July 9–11, 2013.
The program began on Tuesday evening with before-dinner remarks by Paul D. Clement, a partner at Bancroft PLLC. Clement served as the forty-third solicitor general of the United States from June 2005 until June 2008. He has argued more than sixty-five cases before the US Supreme Court. During Clement’s speech, titled “Federalism in the Roberts Court,” he talked about the revitalization of federalism in the Rehnquist court “imposing some limits on the federal government’s power vis-a-vis the states.”
This week on Uncommon Knowledge columnist James Delingpole discusses, with Hoover research fellow Peter Robinson, the European Union, the Green movement, and socialized medicine. (47:41)
Rupert Murdoch weighs in on capitalism, China, Google, and more. . . .
Stephen Haber And Alexander Galetovic: Reopening The American Economy: Lessons From Around The World? | Hoover Virtual Policy Briefing
Stephen Haber And Alexander Galetovic Discuss Reopening The American Economy: Lessons From Around The World?
Analyzing the future of democracy with former prime ministers and presidents. Featuring Nick Clegg, Felipe Calderón, Toomas Henrik Ilves, and Anders Fogh Rasmussen.
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.
Hoover fellow Michael Spence ponders India, China, and the one essential element in economic growth: innovation. An interview with Peter Robinson.
The Nobel economist says the health-care bill will cause serious damage, but that the American people can be trusted to vote for limited government in November. . . .
Some economists can’t see mankind for the math. The latest Nobel Prize went to two who focus on how humans actually behave. By David R. Henderson.
The Bush administration always insisted that encouraging democracy abroad was critical for international security. Europeans—surprise!—now agree. By Amichai Magen.
In July 1944, delegates from forty-four nations gathered in Bretton Woods, New Hampshire, to design a postwar international monetary system that would promote world trade, investment, and economic growth. The framers created the International Monetary Fund (IMF or fund) to supervise the new "Bretton Woods monetary regime" that sought to keep national currencies convertible at stable exchange rates and to provide temporary, low-cost financing of balance-of-payments deficits resulting from misaligned exchange rates.
In reality, the framers of the Bretton Woods regime created an international price-fixing arrangement enforced by the IMF. After joining the fund, each member country declared a value for its currency relative to the U.S. dollar. The U.S. Treasury, in turn, tied the dollar to gold by agreeing to buy and sell gold to other governments at $35 an ounce; the inflation of the 1960s, however, made the U.S. commitment to sell gold at that price unsustainable. To preserve U.S. gold reserves, President Richard Nixon closed the gold window in August 1971, effectively uncoupling the dollar from gold and ending the fund's original mission of supervising a system of pegged exchange rates. Looking for a new mission, the IMF quickly evolved into a financial medic for developing countries. Beginning in the early 1970s, the IMF skillfully used a series of global economic crises to increase its capital base and financing activities.
Has the expansion of IMF financing activities alleviated the balance-of-payments problems of member countries and encouraged prudent, progrowth economic policies? The evidence, much of it supplied by the IMF, demonstrates that the fund does more harm than good. Historical studies as well as recent initiatives in Mexico, East Asia, and Russia reveal that IMF financing programs, which rarely prescribe appropriate economic policies or sufficient institutional reforms, are at best ineffective and at worst incentives for imprudent investment and public policy decisions that reduce economic growth, encourage long-term IMF dependency, and create global financial chaos.
It is time to scrap the IMF and strengthen market-based alternatives that would promote an orderly and efficient international monetary system. Key reforms include floating exchange rates, internationally accepted accounting and disclosure practices, unfettered private financial markets, and fundamental legal, political, and constitutional rules that would allow free markets to emerge and countries to achieve self-sustaining economic growth and development.
China has come to Africa. Can U.S. policy makers find ways to mesh, not clash, with Beijing’s interests? By Christopher C. Starling.