The old balance struck between rich and poor in a democracy has been circumvented, says Madsen Pirie. A third option, to borrow from the voters of tomorrow, has given politicians around the world a blank cheque to spend their way into oblivion.
Competition for highly-skilled migrants is more intense than ever. In this policy paper, Alexander Ulrich assesses the importance of highly skilled migrants to the British economy and the factors that migrants consider when deciding where to move. He finds that, of the five biggest factors, the only significant one that government can influence in the short term is income tax levels. If Britain is to attract the best workers from around the world, it has to offer a competitive tax system.
The Vickers Commission got it wrong, says Miles Saltiel. By focusing on linkages between retail and investment banks, it missed the real causes of the 2008 financial crisis and an opportunity to fix the problems in the financial sector. Rather than giving increased competition the lowest priority, as the Commission has, increasing competition in the banking sector should be the main goal in the government's banking policy.
An article claiming that libertarians support autocracy has made ripples online. In this article, Sam Bowman rebuts that article and argues that its author fundamentally misunderstands – and misrepresents – his topic.
A Tobin tax is a proportional tax on all spot conversions from one currency to another. There are now growing calls for a Tobin tax to be introduced into the UK, both to raise revenues and to reduce market volatility. In this policy paper, Adam Baldwin examines the case for the Tobin tax and the associated "Robin Hood Tax" that was inspired by the Tobin tax. Looking at the underlying economics and the international experiences with Tobin taxes, he argues that such a policy would at best be ineffective, and at worst hugely counterproductive and harmful to the UK's financial sector and wider economy.
With so much bad news coming from the financial markets, it is becoming difficult to see the wood for the trees. In this think piece, ASI executive director Tom Clougherty identifies the main problems we face, explores their policy implications, and examines the bigger economic picture.
Adam Smith’s The Wealth of Nations is one of the most important books ever written. Smith recognised that economic specialization and cooperation was the key to improving living standards. He shattered old ways of thinking about trade, commerce and public policy, and led to the foundation of a new field of study: economics. And yet, his book is rarely read today. It is written in a dense and archaic style that is inaccessible to many modern readers. The Condensed Wealth of Nations condenses Smith’s work and explains the key concepts in The Wealth of Nations clearly. It is accessible and readable to any intelligent layman. This book also contains a primer on The Theory of Moral Sentiments, Adam Smith’s other great work that explores the nature of ethics.
Should libertarians support assisted suicide? Or is the question akin to Locke's consideration of legalized slavery? Henry Oliver weighs the debate and argues that freedom over ones body is intrinsically linked to the freedom to die.
Basel III requires an increase in the size of banks’ equity relative to their loans and a more formal assessment of risk, says Tim Ambler. Big companies will be able to shop around within the competitive international markets. However, in a situation where five big banks dominate the UK market, Britain’s small and medium-sized enterprises (SMEs) will be hit both by the reduced availability of loans and by higher interest rates. Since SMEs drive the UK economy, the consequence of Basel III is negative for the UK.
Subversion has been subverted, says PJ Byrne. Mass media gives us a sanitized and dumbed-down mélange of culture. LulzSec was so popular precisely because it lacked the solemn pompousness of most "subversives", and it was beholden to nobody. What matters is not our bank balance but our internal liberty to think and act freely.
The Adam Smith Institute is the UK’s leading libertarian think tank...
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