Books published by Cato Institute

What do we mean by liberalism or liberal history? It seems that every scholar in the social sciences would like to define liberalism in their own way. Certainly there is plenty of room for differences of opinion on this matter. But defining any "-ism" requires circumscribing a set of beliefs or drawing lines in such a way as to connect ideas that we believe form a coherent tradition.Liberal history is primarily concerned with ideas and with the reasons why individuals acted as they did in the past. Liberal historians prefer to study themes of power and liberty, particularly as they relate to the rise and fall of political systems that protect liberties and individual rights. As the selections in this reader show, the liberal approach to the past is generally skeptical of laws of history and suggestions of historical determinism.

As the United States adjusts to a changing global balance of power, nuclear deterrence is poised to return to a level of importance in U.S. national security not seen since the end of the Cold War. However, U.S. nuclear strategy will have to contend with emerging issues like arms control in a multipolar world, the evolution of strategic technology, and the new contours of great power competition.America’s Nuclear Crossroads: A Forward-Looking Anthology is a useful reference tool for policymakers and laypeople alike as they navigate an increasingly complex nuclear security environment. The debates and policy decisions that play out over the next few years will likely affect America’s nuclear deterrence and arms control strategies for decades to come. This anthology offers a wide view of the most pressing challenges the United States is facing at this crossroads. While it cannot resolve every emerging problem, we hope America’s Nuclear Crossroads sparks a broader dialogue and offers some initial recommendations for solving said challenges.

Presidential impeachments are rare in American constitutional history: in the 230 years since ratification, only three presidents have faced serious attempts to remove them from office. Indispensable Remedy is a comprehensive primer on the purpose, history, and scope of the Constitution's impeachment provisions-and a corrective to myths that have grown up around the remedy. First among the myths is the notion that impeachment is reserved solely for criminal abuses of office."Perversely, as the power of the office has grown," writes author Gene Healy, "that misconception has ensured that the federal official with the greatest capacity to do harm now enjoys stronger job protection than virtually any other American." But the remedy James Madison described as "indispensable. . .for defending the community against the incapacity, negligence, or perfidy of the Chief Magistrate" isn't limited to violations of the law or abuses of official power. The power to impeach, writes Healy, "should never be involved lightly, but neither should Americans fear to wield it, should it become necessary."

In October 2008, as the U.S. economy plunged, the Federal Reserve began paying interest on banks' reserve balances. The resulting switch to a "floor system" of monetary control, in which changes in the interest rate on reserves, rather than reserve creation or destruction, became the Fed's chief tool for influencing economic activity, was to have far-reaching consequences-almost all of them regrettable.Besides intensifying the downturn by causing banks to hoard reserves, the floor system all but destroyed the market for unsecured interbank loans that had been banks' ordinary "first resort" source of last-minute liquidity. By depriving the Fed's asset purchases of the ability to stimulate investment and spending, it also compelled the Fed to compensate by purchasing assets on an unprecedented scale. All of this resulted in a substantial increase in the Fed's role in allocating scarce credit. Finally, by severing the ordinary connection between the stance of monetary policy and the extent of the Fed's asset holdings, the floor system risks turning the Fed's balance sheet into a fiscal-policy playground.Floored! offers a matchless account of our post-crisis monetary system's history and shortcomings.

Throughout his life, Walt Whitman was dazzled by the 19th century's seemingly endless cascade of political, economic, technological, and social revolutions. He spent his career in search of the Great American Artist who could capture the incredible nature of the country and the age. In Democratic Vistas, Whitman offered his own vision of the world's evolving liberal Manifest Destiny, complete with castles in the air, exploration of the stars, and the conquest of death. Whitman believed there were no discernable limits to human achievement, if only we would leave each other in peace.

John Ponet (ca. 1514-1556) was the Anglican Bishop of Winchester at a raucous and revolutionary time in English history. King Henry VIII had recently inaugurated the English Reformation and established the Anglican Church, staffed in part at least with emerging radicals like Ponet. When the Catholic Queen Mary I determined to roll back Protestantism, Ponet and hundreds of others fled to Europe. During his exile, Ponet wrote a Short Treatise on Political Power (1556), which argued that the people can and should punish-perhaps even execute-wicked monarchs. Ponet's tract anticipated great liberal thinkers for centuries to come. By 1776, the Short Treatise rested (well-worn) on many Patriots' bookshelves.

In this new edition of his highly praised 1997 book, George Selgin argues that monetary policy should not have the goal of price stability, but should aim to allow prices to move in-line with movements in productivity (the so-called "productivity norm"). Radical and contrarian, this hugely original book remains a mini-classic.

Ten years after the 2008 financial crisis we are again facing the possibility of economic turmoil as the Fed and other central banks exit their unconventional monetary policies by raising interest rates and shrinking their balance sheets. This book brings together leading scholars and former policymakers to draw lessons from the decade of unconventional monetary policies relied upon to stimulate the global economy in the aftermath of the financial crisis. The articles included in this book combine historical perspectives and forward-looking views of the Fed's exit strategy and monetary normalization, along with the arguments for a rules-based monetary policy both at the domestic and international levels.

Most political debate is superficial. Just turn on cable news. Philosophy is for people who want to understand the deep questions. The goal of political philosophy is to determine the standards by which we judge different institutions good or bad, just or unjust. Some people might think they don't have much need of political philosophy: "e;Who cares about wishy-washy obtuse notions of justice? I'm a pragmatist. I just want to know what works."e; But this isn't a way of avoiding political philosophy; it's a way of being dogmatic about it. Before we can just do "e;what works,"e; we have to know what counts as working. This book serves as an introduction to some of the major theories of justice, to the arguments philosophers have made for and against these theories, and, ultimately, to how to be more thoughtful and rigorous in your own thinking.

Liberty and Power takes readers through a documentary tour of the timeless and fundamental social conflict between individuals seeking liberty from external control and those seeking power over others.

Anti-Piketty: Capital for the 21st Century offers a resounding critique of Thomas Piketty's 2014 best-seller, Capital in the 21st Century.

Liberal democracies such as the United States face an acute dilemma in the conduct of foreign relations. Many states around the world are repressive or corrupt to varying degrees. Unfortunately, American national interests require cooperation with such regimes from time to time. To defeat Nazi Germany during World War II, the United States even allied with the Soviet Union, despite the barbarity of Josef Stalin's regime.But such partnerships have the inherent danger of compromising, or even making a mockery of, America's values of democratic governance, civil liberties, and free markets. Close working relationships with autocratic regimes, therefore, should not be undertaken lightly. U.S. officials have had a less than stellar record of grappling with that ethical dilemma. Especially during the Cold War, policymakers were casual about sacrificing important values for less-than-compelling strategic rationales. Since the 9-11 attacks, similar ethical compromises have taken place, although policymakers now seem more selective than their Cold War-era counterparts.In Perilous Partners, authors Ted Galen Carpenter and Malou Innocent provide a strategy for resolving the ethical dilemmas between interests and values faced by Washington. They propose maintaining an "e;arm's length relationship"e; with authoritarian regimes, emphasizing that the United States must not operate internationally in ways that routinely pollute American values. The degree of appropriate cooperation with an authoritarian regime should vary depending on the severity of the security threat the United States faces in each situation, how valuable a given ally is in meeting that threat, how odious is the ally's domestic conduct, and whether there are reasonable alternatives for achieving U.S. strategic objectives. It is a strategy based on ethical pragmatism, which is the best way to reconcile America's strategic interests and its fundamental values.

Our growing national debt has dropped out of the headlines recently - but that doesn't mean that the problem has gone away. The truth is that there is no way to address America's debt problem without reforming entitlements. This book provides a critical analysis of these entitlement programs and lays out much needed solutions for real reform.