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671. National Missile Defense: Examining the Options

Author:
Charles V. Peña and Barbara Conry
Publication Date:
03-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
To date, the debate surrounding national missile defense (NMD) has been dominated by political rhetoric. Supporters (usually conservatives) often paint a “doom-and-gloom” picture, pointing out that the United States is vulnerable to an attack by ballistic missiles. Critics (usually liberals) defend the Anti-Ballistic Missile Treaty as the cornerstone of deterrence and stability and argue that any defensive deployment would upset the balance between the offensive strategic nuclear forces of the United States and Russia.
Topic:
Defense Policy
Political Geography:
Russia and United States

672. U.S. Assistance for Market Reforms: Foreign Aid Failures in Russia and the Former Soviet Bloc

Author:
Janine R. Wedel
Publication Date:
03-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Since the fall of the Berlin Wall in 1989 and the subsequent breakup of the Soviet Union in 1991, the governments of the United States and other Western countries have provided massive aid to promote a transition to the free market in Central and Eastern Europe and the former Soviet Union. But aid for market reforms in the region has been largely ineffective. Whether provided in the form of technical assistance, grants to political groups or nongovernmental organizations, loans and guarantees to the private sector, or direct financial aid to post-communist governments, that aid has been plagued by a number of problems. The failed $22.6 billion bailout of Russia by the International Monetary Fund in July 1998 only confirmed the flawed nature of the aid-for-reform approach.
Topic:
Economics and Emerging Markets
Political Geography:
Russia, United States, Europe, Eastern Europe, Asia, and Soviet Union

673. Tilting at Windmills: Post-Cold War Military Threats to U.S. Security

Author:
Ivan Eland
Publication Date:
02-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Serious military threats to U.S. security have diminished dramatically since the end of the Cold War. The threat from conventional Russian military forces has all but disintegrated and would take many years to reconstitute. China would take 20 to 30 years to transform its bloated and obsolete military into a major threat to U.S. vital interests. The militaries in both nations should be watched, but they may never develop into credible threats.
Topic:
Security, Defense Policy, Arms Control and Proliferation, Cold War, Nuclear Weapons, and Terrorism
Political Geography:
United States

674. The Comprehensive Test Ban Treaty: The Costs Outweigh the Benefits

Author:
Kathleen C. Bailey
Publication Date:
01-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The Comprehensive Test Ban Treaty (CTBT) is now before the U.S. Senate for its advice and consent. The treaty bans all explosive testing of nuclear weapons. Advocates of the CTBT make several arguments in support of the treaty. The reasons reduce to two points: the ban will constrain the modernization and development of nuclear weapons by the nations that already possess them, and it will help prevent the spread of nuclear weapons to additional nations. Both objectives are set out in the CTBT's preamble.
Topic:
Security, Arms Control and Proliferation, and Nuclear Weapons
Political Geography:
United States

675. Does U.S. Intervention Overseas Breed Terrorism?: The Historical Record

Author:
Ivan Eland
Publication Date:
12-1998
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
According to Secretary of State Madeleine Albright, terrorism is the most important threat the United States and the world face as the 21st century begins. High-level U.S. officials have acknowledged that terrorists are now more likely to be able to obtain and use nuclear, chemical, and biological weapons than ever before.
Topic:
Foreign Policy and Terrorism
Political Geography:
United States

676. The Case for a Russian Currency Board System

Author:
Steve H. Hanke
Publication Date:
10-1998
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The devaluation of the Russian ruble this year was predictable, especially considering Russia's poor monetary history. State-manipulated money has been a Russian hallmark since the time of Peter the Great and shows that the country's money problems are endemic and do not depend on who controls the central bank. Czarist, Soviet, and post-Soviet governments have used the central bank printing press to finance deficit spending, resulting in high inflation, confiscation of savings, capital controls, or a combination of the three.
Topic:
Economics and International Political Economy
Political Geography:
Russia, Europe, Asia, and Soviet Union

677. Time to Terminate the ESF and the IMF

Author:
Anna J. Schwartz
Publication Date:
08-1998
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The International Monetary Fund and the U.S. Treasury Department's Exchange Stabilization Fund are undemocratic institutions unaccountable for their actions. Their current functions have little to do with their original missions. The ESF is used by the executive branch to circumvent Congress in the provision of foreign aid. Its foreign exchange interventions have, in any event, always been wasteful and ineffective at controlling the relative price of the U.S. dollar. The IMF has also been used to provide massive bailouts in the cases of Mexico in 1995 and of Asian countries since 1997. Defenders of the IMF as an international lender of last resort are misinformed since the IMF does not and cannot serve that purpose. Both institutions should be abolished, not reformed, because they are not needed to resolve currency crises and they preclude superior solutions.
Topic:
Economics, International Trade and Finance, and Political Economy
Political Geography:
United States, Asia, and Mexico

678. Perspectives From Four Continents: Solving the Global Public Pensions Crisis

Author:
Cato Institute
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
On December 8-9 the Cato Institute and The Economist cosponsored a conference on the global public pensions crisis at the Queen Elizabeth II Conference Centre in London. Among the speakers were Michael Tanner, director of the Cato Project on Social Security Privatization; Clive Crook, deputy editor of The Economist; Carlos Boloña, former finance minister of Peru; Mukul Asher of the University of Singapore; and Peter Ferrara, chief economist at Americans for Tax Reform and an associate policy analyst at the Cato Institute. Excerpts from their remarks follow.
Topic:
Economics, Government, and International Political Economy
Political Geography:
London

679. America's Maligned and Misunderstood Trade Deficit

Author:
Daniel T. Griswold
Publication Date:
04-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
America's annual trade deficit, already large by historical standards, could reach a new record in 1998, fueling protectionist sentiment in Congress. Political fallout from the trade deficit numbers could impede efforts to reduce barriers to trade in the United States and abroad. Contrary to popular conception, the trade deficit is not caused by unfair trade practices abroad or declining industrial competitiveness at home. Trade deficits reflect the flow of capital across international borders, flows that are determined by national rates of savings and investment. This renders trade policy an ineffective tool for reducing a nation's trade deficit.
Topic:
Economics and Political Economy
Political Geography:
United States

680. The Specter of Pervasiveness: Pacifica, New Media, and Freedom of Speech

Author:
Jonathan D. Wallace
Publication Date:
02-1998
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Under the legal doctrine of pervasiveness, media such as television and radio get much less protection from censorship than do print media. The Supreme Court should reject the pervasiveness doctrine as a dangerously broad and vague excuse for speech regulation. If the doctrine applies to any medium, it could arguably apply to all media. The pervasiveness doctrine thus threatens to curtail the First Amendment's protection of freedom of speech.
Topic:
Government, Industrial Policy, Political Economy, and Science and Technology