From the directors

The Institute is one of the world’s leading To promote these same ideals today, the Adam Smith policy think tanks. Yet our aim is not just to think about Institute has assembled Westminster’s most talented and public policy: our aim is to change events. effective policy team. In the last year, they have trebled our media exposure. We are doing more, and better- Clear principles assist us in that aim: freedom, choice, com- quality, events than ever before. Sales and downloads of petitive markets, smaller and less costly government. On such our reports are at a record high. Hundreds of thousands foundations we build innovative and practical , using of people read our . And our outreach to young reports, events and the media to transform the public debate. people is second to none.

Our name comes from the great Scottish economist Adam The indebtedness and over-centralization of government Smith (1723- 1790), whose book The Wealth of Nations are of course huge threats to economic and personal showed the importance of a free economy and a free freedom. But, working alongside policymakers and with the society. It became the blueprint for a century of , backing of our many loyal supporters, that is something we growth and prosperity. can change.

Dr , President Dr , Director Tom Clougherty, Executive Director The Adam 02 ANNUAL REVIEW 2010

History and Mission Statement Contents

The was founded in the 1970s, as competition and enterprise. And yet in many ways govern- post-war socialism reached its high-watermark. Then, ment is bigger and more intrusive than ever, whether it is Policy areas as now, its purpose was to educate the public about free regulating businesses, interfering with lifestyle choices, Tax and Spending 04 markets and economic policy, and to inject sound ideas or undermining historic civil liberties. Meanwhile public Reforming the State 06 into the public debate. It has always been a practical think- spending has grown out of control, and Britain faces a tank rather than an academic organization, and despite fiscal crisis unprecedented in peacetime. In short, there are Education and Culture 08 its strict political independence, it has endeavored to work many battles still to be won. Liberty and Free Markets 10 with policymakers to deliver real change, and to make ideas reality. In its early days, the Institute was The Adam Smith Institute has a number of overarching Events 12 known for its pioneering work on , , objectives: to make liberty a consideration in every political and tax reform, and for its advocacy of internal markets in argument; to win once-and-for-all the intellectual arguments Investing in our Future – Students 14 healthcare and education. against Keynesian economic policy; and to make people Media Outreach 16 realize that our current fiscal path is completely unsustain- New Media Engagement 18 As well as engaging in traditional activities – able, as demographic change begins to take its toll on the Staff 20 like conducting research, publishing reports, and holding welfare state. It has a number of policy areas on which it is seminars and conferences – the Institute has also, through- actively campaigning for radical, free market solutions – like Looking Forward to 2011 22 out its history, paid a great deal of attention to developing flat taxes, free banking, and consumer-directed healthcare. Support the ASI 23 the next generation of policymakers and opinion formers, with its well known and highly regarded youth programmes Ronald Reagan once said, “Freedom is a fragile thing and is forming a major part of its activities. The Adam Smith never more than one generation away from extinction. It is Institute also prides itself on being forward-looking and not ours by inheritance; it must be fought for and defended media-savvy, and being quick to embrace new technology constantly by each generation, for it comes only once to a and new opportunities to promote its ideas. people. Those who have known freedom and lost it, have never known it again.” Those words encapsulate the role of Today the Adam Smith Institute faces new challenges. The the Adam Smith Institute: it exists to fight for freedom, to industrial landscape has changed beyond recognition since defend it where necessary, and to extend it where possible. the 1970s. Communism has fallen. And most politicians It is a task the Institute takes very seriously. at least pay lip service to the free market ideas of choice, The Adam Smith Institute The Adam Smith Institute 04 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 05

POLICY AREA: Tax and Spending

The Adam Smith Institute has always supported low taxes and balanced budgets, and in 2010 – with taxes going up and spending spiraling out of control – these issues formed a key part of its research agenda.

Tax was a priority issue for the Adam Smith Institute in responsibility, with Nigel Hawkins’ The Party is Over making 2010. As well as making the general case for lower, simpler, detailed proposals for eliminating the budget deficit by 2015. flatter taxes in numerous newspaper articles and media appearances, the Institute ran a campaign against the Britain’s long-term fiscal government’s plans to raise Capital Gains Tax – potentially problems are far more severe to as much as 50 percent. “ than most policymakers and The campaign was launched with a robust critique of economists realize the coalition proposals in the Mail on Sunday, which was followed up by two influential briefing papers prepared by ” Institute fellows Peter Young and Richard Teather. Both used Public spending is one policy area where the Adam Smith international evidence to show how raising Capital Gains Tax Institute has gone further than other think tanks and could hit government revenue as well as economic growth. commentators, showing that Britain’s long-term fiscal problems are far more severe than most policymakers and When the government announced that they would raise economists realize. Miles Saltiel’s On Borrowed Time laid Capital Gains Tax to 28 percent, while also expanding the this bare: even with the coalition’s cuts, Britain could face entrepreneurs’ allowance, ConservativeHome identified the an Irish-style fiscal crisis as early as 2019 as demographic Adam Smith Institute as one of the key players in making changes start to bite. them change course – a claim backed up by the hundreds of national and local media hits the campaign generated. Eamonn Butler’s Why Britain Needs an Economic Responsibility Act tackled this issue head on, calling for Of course, given that the government continued to borrow a series of legally binding restraints on government’s almost £20m per hour throughout 2010, public spending economic policy, including caps on spending and bor- was a big issue too. Here the Adam Smith Institute consist- rowing, referenda on tax rises, and transparency about ently made the case for spending cuts and renewed fiscal off-balance-sheet obligations.

RIGHT: Capital Gains Tax coverage in Daily Express & City AM; cover of The Party is Over report; Dr Madsen Pirie’s article on flat tax for ; further CGT coverage in the and Daily Telegraph The Adam Smith Institute The Adam Smith Institute 06 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 07

POLICY AREA: Reforming the State

The Adam Smith Institute is a leading proponent of market- oriented public service reform and privatization. But its publications also look at the big picture, exploring ways of completely transforming the role of government in our lives.

One of the Adam Smith Institute’s key messages in 2010 On Work and Pensions, at least, the government looks set was that reducing public spending should be about more to implement many of the reforms that Adam Smith Institute than just ‘cuts’. Instead, it should be about taking a has been pushing for throughout its existence – like the uni- genuinely zero-base approach to government, sweeping versal credit, the work requirement, and the use of private away decades of legislative detritus, and focusing on organizations to get the unemployed back to work. Matthew those few, important things that we actually need the Triggs’ Welfare Reform: The Case for Radicalism, which was state to do. published in response to a government consultation, argued that the coalition should not shy away from overhauling the The Institute’s reformist approach was outlined in Eamonn benefits system. Butler’s Re-Booting Government, which compared the state to a computer that is overloaded with unwanted files and So far less progress has been made on regulation, but unnecessary applications, and called for Whitehall to be another 2010 report by Tim Ambler and Keith Boyfield fundamentally streamlined. suggested a way forward. Reforming the Regulators pro- posed that the UK’s regulators first return to their original, Tim Ambler, Keith Boyfield and Liam Ward-Proud picked purely economic role, before being merged into a single, up the same theme in Taxpayer Value: Rolling Back the competition-focused agency. State, which assessed the strategic objectives and staff levels of every government department. It suggested the Nigel Hawkins’ Privatization Revisited, meanwhile, called abolition of several departments, the jettison of countless on the government to launch a new wave of asset sales spending programmes, and a thirty percent reduction in – including its stakes in Lloyds-HBOS and RBS – which staffing. Particularly far-reaching proposals were made for could raise more than £90bn over the next five years. The reforming the Ministry of Defence and the Department of Adam Smith Institute is set to continue looking for imagina- Work and Pensions. tive ways to roll back the state in 2011 and beyond.

LEFT: Coverage in , Spectator and Guardian; cover of the Privatization Revisited report The Adam Smith Institute The Adam Smith Institute 08 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 09

POLICY AREA: Education and Culture

The Adam Smith Institute is well known for its support of school choice and a free market higher education sector. In 2010, it also became a leading opponent of government intervention in media, science, and the arts.

The area in which the coalition government made the Although the Browne Review endorsed uncapped tuition strongest start was schools reform, with Michael Gove’s ‘free fees, the coalition later backed away from this position, schools’ agenda bringing to fruition policies long promoted instead proposing that the cap merely be raised to by the Adam Smith Institute. But the Institute will be pushing £9,000. Nevertheless, the Adam Smith Institute will the government to go further in 2011, making the case for continue to argue for the full liberalization of British profit-making schools – at home and in the developing world higher education. – and arguing for less regulation and further liberalization. Another issue on which the Adam Smith Institute has been On higher education policy, the picture has been more ahead of the curve is the BBC. In the summer of 2010, it mixed. Early in 2010, James Stanfield’s The Broken released David Graham’s Global Player or Subsidy Junkie? University called for a shift to a genuinely free market Decision time for the BBC, which suggested that the university system. In particular, it suggested the complete licence fee be scrapped and that the BBC become a sub- abolition of the cap on tuition fees, arguing that the cap scription service. The report received widespread coverage artificially increases the demand for university places, in the print and broadcast media, became ’s highest causes students to value their education less, results in trending topic, and was spoofed by the Daily Mash. Mark less overall investment in higher education, and encourages Thompson, the BBC’s director-general, even addressed the universities to be less responsive to student needs. report’s proposals in his annual speech.

Sunday Times coverage of the BBC report (left); Philip Salter’s article on science funding on BBC Online; BBC report coverage in and covers of The Broken University and The Global Player or Subsidy Junkie? The Adam Smith Institute The Adam Smith Institute 10 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 11

POLICY AREA: Liberty and Free Markets

The Adam Smith Institute doesn’t just develop policies that advance the cause of freedom. It also endeavours to further and deepen public understanding of classical liberal principles like liberty, free markets, and limited government.

A principled commitment to free markets and individual concepts are understood, and escorted its readers through liberty is one of the things that sets the Adam Smith these fundamentals in clear, straightforward, and jargon- Institute apart from other policy research organizations. free language. Aimed at the non-economist, Understanding But as well as applying the timeless principles of unraveled the apparent mysteries of trade and liberalism to a whole host of contemporary policy issues, finance, and exposed many of the common errors to which the Adam Smith Institute attempted in 2010 to further economic commentators are prone. popular understanding of these ideas, by publishing a series of short, accessible books explaining them. Eamonn Butler’s Austrian Economics: A Primer performed a similar role, providing a genuinely non-technical introduc- At the beginning of 2010, the Institute began to distribute tion to the work of Austrian school economists like Ludwig copies of Richard Wellings’ Beginner’s Guide to Liberty, von Mises and Friedrich Hayek. It highlighted the Austrian which introduced its readers to spontaneous order and school’s powerful critique of conventional economics, and the price mechanism, theory and business explained how it has revolutionized our understanding of cycles, free trade and the laffer curve, and explored the what money is, why booms turn to busts, the role of time legitimate role of government. As well as being made and information in economic decision-making, and the available to buy or download from the Institute’s website, crucial importance of entrepreneurship. the Beginner’s Guide to Liberty was given free to hundreds of students who attended the Institute’s events and Future Adam Smith Institute publications – like a forthcom- conferences. ing primer on Smith’s Wealth of Nations and Theory of Moral Sentiments – will continue to help people understand Madsen Pirie’s Understanding Economics took the position the paramount importance of liberty, free markets, and that economics is intuitive and simple once its basic limited government.

LEFT: Front covers of Understanding Economics, A Beginner’s Guide to Liberty and Austrian Economics: A Primer The Adam Smith Institute The Adam Smith Institute 12 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 13

Events

The Adam Smith Institute hosts some of the best events in Westminster, bringing together high-profile speakers and first- rate guests, and providing a relaxed atmosphere for the in-depth discussion of policy and ideas.

Power Lunches Regular Power Lunches offer Adam Smith Institute support- ers the chance to meet with leading players in Westminster. Prompted by the inimical impact of overregulation, 2010 saw the heads of all the major regulators pass through the Institute’s doors. The Editors’ Series of Power Lunches also continued into 2010 with Roger Alton (Independent) and James Harding (Times), who both discussed the newspaper industry, the media and politics at large. MP spoke at a Power Lunch on direct democracy, while John Penrose MP spoke on business regulation. Other highlights include US policy expert Iain Murray (Vice President for Strategy, CEI) discussing America’s economic Daniel Hannan MEP, further elaborated on their agenda for bureaucratic discretion and interference into a constitution. As well as our annual Bloggers’ Bash (featuring Guido and culture wars, the inimitable Hugh Hendry (CIO & CEO, localism and reform. At the Liberal Democrat Party Confer- In June Irwin Stelzer (Columnist and Senior Fellow of the Fawkes, Tim Worstall and Perry de Havilland), there were Eclectica) on the state of the UK and the global economic ence, Paul Staines (Guido Fawkes), Jeremy Browne MP, Hudson Institute) delivered the Annual Adam Smith Lecture. two other parties for the Institute’s supporters in 2010. The outlook, and William D. Eggers, author of If We Can Put a Lembit Opik, Prof Richard Grayson (Professor of History, first was our Summer Boat Party on the Thames, which Man on the Moon, on the scope for government reform. Goldsmiths) and Julian Harris (Executive Director, Liberal brought together our supporters, friends and student group. Vision) discussed whether coalition government was an You people are always right. You are In December, Fraser Nelson, editor of , spoke Party Conferences attractive option for the Lib Dems. Events at both Confer- always ahead of the curve to supporters at our Christmas Party. The Adam Smith Institute held events at both the Conserva- ences were filled to the rafters, with large crowds having to “ Daniel Hannan MEP speaking at an Adam Smith Institute event tive and Liberal Democrat Party Conferences in 2010. At be turned away. ” Patrons’ Dinners the Conservative Party Conference, Douglas Carswell MP, Every year private dinners are held for the Institute’s most Geoff Cook (Chief Executive, Jersey Finance), Allister Heath Seminars, book launches and parties Director of the Adam Smith Institute, Dr Eamonn Butler, significant donors and supporters. In 2010 we had Lado (Editor, City AM), and Richard Teather (Senior Lecturer in In February, Mikheil Saakashvili, the President of Georgia, launched his book The Alternative Manifesto in March, Gurgenidze, former Prime Minister of Georgia, David Davis Tax Law, University of Bournemouth) set out an agenda for came to the Adam Smith Institute to discuss his govern- while in November the renowned humorist and author PJ MP, and The Right Honourable Lord Lawson of Blaby. radical tax reform. Also at the Conservative Party Confer- ment’s Economic Liberty Act. The Economic Liberty Act O’Rourke launched his book, Don’t Vote, at the Institute. These dinners were all off-the-record and presented a ence, the authors of The Plan, Douglas Carswell MP and attempts to enshrine fiscal responsibility and freedom from Adam Smith Institute fellow Tim Worstall followed suit a unique opportunity to hear the most eminent political week later, with Chasing Rainbows. figures talk candidly about current events.

RIGHT: Guests enjoy the Institute’s Summer Boat Party; P J O’Rourke launches his latest book (far right) The Adam Smith Institute The Adam Smith Institute 14 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 15

Investing in our future – students

Student activities at the Adam Smith Institute are going from strength to strength. The use of social media and networking platforms like Facebook, Twitter and YouTube enable the Institute to communicate very effectively with the next generation, and is one of the reasons so many young people pass through the Institute’s doors.

School Visits Young Writer on Liberty Dr Madsen Pirie undertakes the majority of the school vis- After its inaugural success in 2009, the student writing its. His talks are renowned in the school calendar for their competition, Young Writer on Liberty, continued this year. original and challenging content and lively Q&A. Dr Pirie Students were asked to submit three short articles on “Ways to is adept at countering the many prejudices against liberty advance freedom”. The competition attracted a lot of attention that are endemic in much teaching throughout the country. and many excellent submissions from students. Funding Beyond this, most people at the Institute visit schools, permitting, this competition will continue in 2011 and beyond. speak at sixth form conferences and take part in university 93% of attendees at the most recent cians, journalists and business people came as students to debates during the course of the year. Independent Seminar on the Open Society ISOS rated it ‘Good’ or ‘Excellent’ the monthly meetings. Speakers in 2010 included the serial The Adam Smith Institute’s biannual Independent Seminar entrepreneur Luke Johnson, the author Jamie Whyte, Steve on the Open Society (ISOS) has been running since the The Liberty Lectures Baker MP, the undercover economist Tim Harford, and 1980s. It is now an established fixture for many schools, 2010 saw the Institute’s first ever Liberty Lectures. This journalists of the Spectator and Telegraph noted for its high profile, high quality speakers. ISOS is was an opportunity to see many of the UK’s best libertarian and Brian Carney of . named after Karl Popper’s ideal, in which challenging academics and thinkers in action. The line-up was Dr opinions are freely expressed in public debate. This ideal Tim Evans, President of the , on The Work Experience & Internships forms the basis for choosing speakers, with all speeches Importance of Liberty, Dr Eamonn Butler of the Adam Smith One by-product of being the hub of student activity is that confronting received wisdoms. Half of each talk is devoted Institute on How Markets Work, Dr John Meadowcroft of the Adam Smith Institute gets hundreds of requests for to Q&A to ensure that the students are able to question King’s College on Sex, Drugs & Liberty, Dr Mark work experience and internships. Wherever possible it tries the speaker and be fully involved in the day’s event. In the Pennington of Queen Mary, University of London on The to give talented individuals the opportunity to get more afternoon a debate is put on, which has proved to be an Lessons of Public Choice Theory, Professor Anthony J. involved in our work. Interns always leave the Institute extremely popular addition. For many of the students, it is Evans of ESCP Europe on Banking, Inflation & Recessions, having learnt a lot, and more committed than ever to the their first experience of debating. and Dr Richard Wellings of the Institute of Economic Affairs cause of liberty. on The Proper Role of Government.

The Next Generation The Next Generation Group has met on the first Tuesday of Members of the TNG with Daniel every month for many years. In fact, many of today’s politi- Hannan MEP (above); our first Liberty Lectures at the Cass Business School (right) The Adam Smith Institute The Adam Smith Institute 16 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 17

Media Outreach

Media outreach is a core part of the Adam Smith Institute’s day- to-day activities, and its spokesmen regularly appear in the print, broadcast and online media, analyzing government policies and making the case for freer, more competitive markets.

Media outreach is one of the most important tasks any Print think tank faces, and the Adam Smith Institute takes it very The ASI also frequently feature in print media worldwide. seriously. With a new coalition government open to fresh We often write op-ed articles for the Sunday Times on our thinking and seeking to bring about change there have latest policy ideas and also regularly appear across a wide been more opportunities than ever for the ASI to influence range of titles, from The Sun and Daily Mail to the Daily and shape public debate. Telegraph and Wall Street Journal.

To capitalize on these opportunities we have stepped up Online our media outreach this year, taking on a new Communica- Online we contribute op-ed articles to ConservativeHome tions Director and tripling our media coverage. We currently and the Spectator’s Coffee House blog, to complement have, on average, three media hits a day, whether in print, our ever-popular ASI blog. Our opinion articles sometimes on radio or on television, and have hugely increased the also appear on ’s Comment is Free website amount of op-ed articles we write for the national and and Telegraph.co.uk, attracting a great deal of comments regional papers. from the public and sparking lively debate.

Commentary Apart from promoting our latest publications, representa- tives of the Institute comment on topics as diverse as tax cuts, university fees, financial and business regulation, the public sector and education reform.

Broadcast We regularly take part in panel discussions, debates and interviews on a range of programmes, like Radio 4’s Today Programme, Radio 2’s Jeremy Vine Show, Sky’s Jeff Randall Show, and the Sky and BBC News. The ASI are also regulars on CNBC’s Strictly Money and Europe This Week programmes, with over 20 appearances this year – including special, extended episodes following the Tom Clougherty on CNBC (left); Dr Eamonn Butler featuring in Channel elections, budget and spending review. 4’s documentary ‘Britain’s Trillion Pound Horror Story’; Sam Bowman on Al-Jazeera; Dr Madsen Pirie defending Capitalism on Sky’s Jeff Randall Show. The Adam Smith Institute The Adam Smith Institute 18 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 19

New Media Engagement

The Adam Smith Institute prides itself on being ahead of the crowd in its uptake of online and social media platforms. In 2010, its website and blog were key elements of its communications strategy, as were Facebook and Twitter.

The Adam Smith Institute was the first UK think-tank with Twitter and Facebook their own website, and over the years online engagement Twitter and Facebook are important social networking has become an increasingly important part of our com- tools for us, playing a vital part in our student engagement. munications strategy. There are currently over 1,000 members of our student ‘The Next Generation’ group on Facebook, 2,700 fans of The London think tank with the best our ASI Facebook page and around 2,750 people following us on Twitter. These platforms allow us to take our message “ blog is the Adam Smith Institute... out to a younger generation and help to build a growing it is always thoughtful, newsworthy community of friends across the UK and beyond. Twitter and polite. and Facebook also play an important role in promoting the ASI’s publications and research. Tim Montgomerie, ConservativeHome” e-bulletins The Blog Dr Eamonn Butler emails over 6,000 subscribers every Our blog continues to attract thousands of visitors every fortnight to give an update of our work and his views on day and is regularly linked to and referenced by popular the news from parliament. We also send out a monthly sites such as Guido Fawkes, Iain Dale’s Diary, and the update of our work, highlighting our key publications and LSE Economics blog. It was recently listed as the 4th most media appearances. popular economics blog in the UK by Wikio. But the blog also has an international audience, with 23% of its visitors living in North America and a further 22% coming from over 200 different countries. The Adam Smith Institute The Adam Smith Institute 20 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 21

Staff

Dr Madsen Pirie Dr Eamonn Butler Tom Clougherty Philip Salter president director executive director programmes director

Ranked Ranked NO.2 THINK TANK NO.3 INTERNATIONAL IN WESTERN EUROPE ECONOMIC POLICY THINK TANK Global Go To Think Tank Ranking, Global Go To Think Tank Ranking, University of Pennsylvania University of Pennsylvania

Sally Thompson Sam Bowman JP Floru Tim Evans communications director research manager parliamentary liaison consultant director Voted Voted 4th most popular blog BEST THINK TANK on the economy in the UK AT DEVELOPING NEW TALENT by Wikio By ConservativeHome

Voted Madsen Pirie and Eamonn Butler awarded THINK TANK NATIONAL FREE OF THE YEAR 2009 ENTERPRISE AWARD 2010 By the readers of Iain Dale’s Diary By the Institute of Economic Affairs

RIGHT: Dr Eamonn Butler and Dr Madsen Pirie receiving the National Free Enterprise Award The Adam Smith Institute The Adam Smith Institute 22 ANNUAL REVIEW 2010 ANNUAL REVIEW 2010 23

Looking forward to 2011 Support the Institute

2010 marked a turning point in British policymaking, with the We will also be looking at the financial services sector, Support the Adam Smith Institute We also offer a partner membership option, with exclusive election of a coalition government committed to public service with a new project examining proposed Whitehall, EU and You can support all the important work of the Adam Smith benefits, for those giving over £1,000 per year. In particular, reform, civil liberties, and fiscal responsibility. In many areas, international regulations, and highlighting the perverse Institute through an individual or company subscription. partner members are invited to attend at least one private the government made a good start, with spending restraint, incentives, unintended consequences, and moral hazards dinner a year with a prominent political speaker. Recent schools liberalization, and welfare reform dominating the that many of the new interventions will create. We will Become an insider guests have included Sir , Lord Lawson and political agenda. But there remains much to be done. be injecting a much-needed dose of rationality into the The ASI is a non-profit organization. Its effectiveness depends David Davis MP. Some partner members choose to give banking debate, and developing policies that recognize on the voluntary support of people who appreciate its key role at a Patron level of £5,000 a year (or more if they choose) In 2011 and beyond, the Adam Smith Institute will be the fallibility of regulators, as well as the importance in promoting the values of individual freedom, smaller govern- to make an extremely generous contribution to the Adam working to ensure that there is no turning back. Indeed, in of stability. ment, lower taxes, deregulation and competition. You can Smith Institute’s work. many areas the Institute will be pushing policymakers to support these values – and become more closely involved go further and faster, and providing them with the ideas There will also be reports assessing the importance of with the Institute’s work – as an Adam Smith Insider. How to support us that will allow them to do it. Part of that involves making the profit-making schools, and taking a critical look at our The easiest way to give donate to the Institute is by sending general case for free markets, educating the public about approach to education in the developing world. There will With a minimum subscription of £150 for individuals, or £500 a cheque to our offices at 23 Great Smith Street, London how economics really works, and continuing to stand up to be reports looking at the economic case for drug reform, for companies and institutions, you’ll receive hard copies of SW1P 3BL. Just remember to include your contact details those in politics and the media who believe we can borrow and making the case for greater of political our reports and policy briefings, invitations to our events, and so we know who you are. Alternatively, you can make dona- our way out of debt and tax ourselves to prosperity. power. And there will be much more besides. copies of our annual report and quarterly newsletter, as well tions via our website using PayPal. For more information, go as regular email updates about our work and activities. to www.adamsmith.org/support-the-adam-smith-institute. But we’ll also be getting specific, tackling in detail some of the Of course, our goal is not just to say the right things. greatest policy challenges the country faces. In the run-up The Adam Smith Institute exists to change events, and to the budget, we will be making the case for a pro-growth this ambition will be our guiding principle in 2011. The agenda, which would liberate enterprise and encourage entre- challenges are enormous, but so too are the opportunities. preneurship. Without policies that boost the private sector, and With the support of our donors, and the commitment of harness the ingenuity and effort of business, fiscal stability will our talented staff, I’m confident that we can make a real remain elusive. So we’ll be arguing in favour of lower, simpler difference. taxes and publishing plans for the long-term reform of the Brit- ish tax system, as well as coming up with proposals for cutting Tom Clougherty red tape and reducing the regulatory burden. Executive Director