Newsletter of The Independent Institute

Volume 20, Number 3 Fall 2010 Can We Finally Give Free Markets a Chance? by Mary L. G. Theroux*

theory of “market failure” worse schools with fewer graduates, at a massively is widely touted as the higher cost. The Department of Defense’s failure cause of our current econom- to provide for the common defense resulted only in ic woes, despite the theory’s the addition of more bureaucracy in the form of the own failure and the inherent Department of Homeland shortcomings of its various in- Security. And, most recently, carnations, as revealed in the we have the inept response Independent Institute’s book, Market Failure or of the Environmental Pro- Success. Rather, systemic government tection Agency—tasked by failure is the far more consistent expla- law since 1994 to plan for nation for disasters such as the 2008 and be first responder to oil fi nancial crash, as detailed spills—and other federal in “Anatomy of a Train agencies to the BP blowout. Wreck: Causes of the Mort- And the list goes on. gage Meltdown”—a chap- Such continued acceptance of govern- ter in our recent book, ment failure must result from a false Housing America—which assumption that since government pro- shows the role of govern- vides a service now, government must be ment failure in creating the necessary for that service’s provision—i.e., these are fi nancial bubble that misdi- “public goods” that a market would not provide— rected resources into inher- or at least, not sufficiently—if government did not ently unsustainable activities. provide them. Indeed, we see such failure at nearly every Which brings us to the significance of the turn when we examine government operations: Independent Institute’s logo, the lighthouse, and thirty years of centralized, command-and-control the promise it is meant to convey. For, contrary to at the U.S. Department of Education has produced the long-accepted assumption that lighthouses— with services available to all regardless of their *Mary L. G. Theroux is Senior Vice President at paying—would be provided only if the government the Independent Institute. provided them, Nobel Prize-winning economist Ronald Coase revealed their actual history, show- ing that, when allowed, lighthouses were privately IN THIS ISSUE established and operated until the government took them over. Give Free Markets a Chance ...... 1 The stark fact is that markets have been fettered, President’s Letter ...... 2 regulated, and stifled by government control for The Independent Review ...... 3 decades, with resultant handicapped abilities to Independent Institute in the News ...... 4 respond to our needs and desires. Research and topical commentary by the Institute’s array of New Book: Property Rights ...... 5 scholars provide sound, workable, market-based Independent Policy Forum ...... 5 answers for society’s concerns: Government Cost Calculator ...... 6 • Prior to government involvement, literacy and Why I Give: Sally S. Harris ...... 8 (continued on page 7) 2 The INDEPENDENT President’s Letter EXECUTIVE STAFF DAVID J. THEROUX, Founder and President MARY L. G. THEROUX, Senior Vice President “Regime Uncertainty” MARTIN BUERGER, Vice President & Chief Operating Officer ALEXANDER TABARROK, Ph.D., Research Director BRUCE L. BENSON, Ph.D., Senior Fellow he recession continues IVAN ELAND, Ph.D., Senior Fellow ROBERT HIGGS, Ph.D., Senior Fellow with official unemploy- ROBERT H. NELSON, Ph.D., Senior Fellow T CHARLES V. PEÑA, Senior Fellow WILLIAM F. SHUGHART II, Ph.D. Senior Fellow ment nearly 10% nationally, ALVARO VARGAS LLOSA, Senior Fellow RICHARD K. VEDDER, Ph.D., Senior Fellow reaching 12.3% in California, CARL P. CLOSE, Research Fellow, Academic Affairs Director EMILY C. SKARBEK, Research Fellow and Center Director ROY M. CARLISLE, Marketing and Sales Director and Treasury Secretary Timo- LINDSAY M. BOYD, Communications Director JULIANNA JELINEK, Development Director thy Geithner expects the job- GAIL SAARI, Publications Director ROLAND DE BEQUE, Production Manager less rate to increase further as BOARD OF DIRECTORS gilbert i. collins, Private Equity Manager private sector hiring weakens. JOHN HAGEL III, Co-Chairman, Center for the Edge, Deloitte & Touche USA, LLP SALLY S. HARRIS, Vice Chairman, Albert Schweitzer Fellowship Meanwhile, total federal debt has climbed to $13.4 PETER A. HOWLEY, Chairman, Howley Management Group PHILIP HUDNER, ESQ., Lawyer, Botto Law Group, LLC trillion with no end in sight as Washington politicos Isabella S. johnson, President, The Curran Foundation W. Dieter Tede, President, Hopper Creek Winery David J. Theroux, Founder and President, The Independent Institute push for even greater profligacy. Mary L. G. Theroux, Former Chairman, Garvey International According to the Washington Post: SALLY von behren, Businesswoman BOARD OF ADVISORS herman belz “[A]s analysts ponder the mystery of weak Professor of History, University of Maryland Thomas Borcherding private-sector hiring despite signs of economic Professor of Economics, Claremont Graduate School Boudewijn Bouckaert Professor of Law, University of Ghent, Belgium growth, it’s worth asking what role is played James M. Buchanan Nobel Laureate in Economic Science, George Mason University ALLAN C. CARLSON by government-induced uncertainty. With the President, Howard Center for Family, Religion, and Society ROBERT D. COOTER federal government promoting major changes in Herman F. Selvin Professor of Law, University of California, Berkeley Robert W. Crandall Senior Fellow, Brookings Institution health care, financial regulation and energy law, RICHARD A. EPSTEIN James Parker Hall Distinguished Service Professor of Law, University of Chicago A. ERNEST FITZGERALD it wouldn’t be surprising if some companies are Author, The High Priests of Waste and The Pentagonists B. Delworth Gardner more inclined to wait and see than they might Professor of Economics, Brigham Young University George Gilder Senior Fellow, Discovery Institute otherwise be. And that’s especially true when Nathan Glazer Professor of Education and Sociology, Harvard University WILLIAM M. H. HAMMETT they look at looming American indebtedness Former President, Manhattan Institute Ronald Hamowy and the effect that could have on long-term Emeritus Professor of History, University of Alberta, Canada STEVE H. HANKE Professor of Applied Economics, Johns Hopkins University interest rates.” JAMES J. HECKMAN Nobel Laureate in Economic Science, University of Chicago H. ROBERT HELLER Exactly! And this profound insight, “regime un- President, International Payments Institute wendy kaminer certainty,” was first explained by Senior Fellow Robert Contributing Editor, The Atlantic Monthly LAWRENCE A. KUDLOW Chief Executive Officer, Kudlow & Company Higgs and then featured in his Institute book Depres- JOHN R. MacARTHUR Publisher, Harper’s Magazine sion, War, and Cold War. Just as FDR’s New Deal DEIRdre N. McCloskey Distinguished Professor of Liberal Arts and Sciences, Univ. of Illinois at Chicago J. Huston McCulloch prolonged and deepened the Great Depression, so Professor of Economics, Ohio State University Forrest McDonald Distinguished University Research Professor of History, University of Alabama too have George W. Bush’s TARP bailout and Barack Thomas Gale Moore Senior Fellow, Hoover Institution Obama’s “stimulus” hampered economic recovery. Charles Murray Senior Fellow, American Enterprise Institute Michael Novak Big Government is hardly better government. Jewett Chair in Religion and Public Policy, American Enterprise Institute JUNE E. O’NEILL Now, the stunning magnitude of the accumulated Director, Center for the Study of Business and Government, Baruch College Charles E. Phelps Provost and Professor of Political Science and Economics, University of Rochester U.S. fiscal insolvency is made vividly clear in our Paul Craig Roberts Chairman, Institute of Political Economy Nathan Rosenberg new Government Cost Calculator (MyGovCost.org, Fairleigh S. Dickinson, Jr. Professor of Economics, Stanford University Simon Rottenberg p. 6) that enables anyone to determine their share Professor of Economics, University of Massachusetts PAUL H. RUBIN Professor of Economics and Law, Emory University of the cost of major federal programs and what BRUCE M. RUSSETT Dean Acheson Professor of International Relations, Yale University Pascal Salin one’s share of those costs would have produced if Professor of Economics, University of Paris, France VERNON L. SMITH invested privately. Nobel Laureate in Economic Science, Chapman University Pablo T. Spiller We believe unique tools such as the Government Professor of Business and Public Policy, University of California, Berkeley Joel H. Spring Professor of Education, State University of New York, Old Westbury Cost Calculator can be immensely helpful in creating Richard L. Stroup Professor of Economics, Montana State University Thomas S. Szasz the climate of opinion needed for major reform, and Emeritus Professor of Psychiatry, State University of New York, Syracuse Robert D. Tollison we invite you to join as an Independent Associate Professor of Economics and BB&T Senior Fellow, Clemson University Arnold S. Trebach Professor of Criminal Justice, American University Member. With your tax-deductible membership, GORDON TULLOCK University Professor of Law and Economics, George Mason University GORE VIDAL you can receive a FREE copy of The Civilian and Author, Burr, Lincoln, 1876, The Golden Age, and other books Richard E. Wagner the Military and other publications, including our Hobart R. Harris Professor of Economics, George Mason University Paul H. Weaver Author, News and the Culture of Lying and The Suicidal Corporation quarterly journal, The Independent Review (p. 3), Walter E. Williams Distinguished Professor of Economics, George Mason University plus other benefits (see attached envelope). Charles Wolfe, Jr. Senior Economist and Fellow, International Economics, RAND Corporation THE INDEPENDENT (ISSN 1047-7969): newsletter of the Independent Institute. Copyright ©2010, The Independent Institute, 100 Swan Way, Oakland, CA 94621-1428 • 510-632-1366 • Fax: 510-568-6040 • [email protected] www.independent.org. David Theroux The INDEPENDENT 3

The Independent Review Constitutional Design • Crisis of Bioethics he Summer 2010 issue of The Independent The field of bioethics is supposed to identify TReview features numerous superb articles ethical principles that would help improve decision- and reviews. Here is a summary of two. making in life-or-death situations such as this one, Constitutional Design but during this episode the bioethics community The separation of powers has been among contributed virtually nothing positive—a lapse the most celebrated hallmarks of constitutional common in recent years—argues political scientist government for more than two centuries. One of Lauren K. Hall (Rochester Institute of Technology) the greatest defenders of liberal constitutionalism in “A Classical Liberal Response to the Crisis of in the twentieth century—economist and political Bioethics.” philosopher F. A. Hayek (1899–1992)—held a view According to Hall, bioethics would become more nuanced than most. more relevant to those affected by biomedical tech- Hayek valued the separation of powers, but he nology if it were to apply classical-liberal insights believed that it cannot safeguard individual liberty about how to balance power—insights that John unless the prevailing culture favors limited govern- Locke, Adam Smith, James Madison, and others ment, explains attorney Scott A. Boykin (“Hayek on developed to limit government power—to the Spontaneous Order and Constitutional Design”). realm of biomedical decision-making. Constitutions are consciously designed, but a country’s culture is not, Hayek argued. Like a market economy, a culture is the by-product of the countless interactions of individuals who are not fully aware of how their activities affect society. Both market economies and cultures are examples of “spontaneous order,” but each uses a different mechanism to help coordinate the actions of individuals. In a market economy, market prices play that role. Cultures, on the other hand, facilitate social coordination by means of (often unspoken) cultural “rules” that create rational expectations about hu- man behavior. If enough people adopt rules and val- ues that are inconsistent with the requirements of a free society, Hayek concluded, the constitutional separation of powers will eventually succumb to pressures that will erode liberty. See www.independent.org/publications/tir/article. asp?a=786. Classical Liberalism and Bioethics Suppose the brain of a comatose hospital pa- The Independent Review, Summer 2010 tient stops functioning, but his heart and lungs A classical-liberal bioethics, Hall writes, “will continue to function. If the doctors believe there is be marked by humility, a recognition of the im- no chance of recovery, should the body be removed portance of individual interests, and the belief from life support? Or should life support continue that a centralized sovereign authority (such as until the bodily systems as a whole shut down, as the courts or legislatures) is not the best agent for the patient’s family might urge? achieving the delicate balance that must be struck This scenario describes the tragic case of Motl to preserve patient dignity and autonomy, physi- Brody, a 12-year-old Brooklyn boy who died in cian obligations and responsibilities, and broader 2008. In the weeks before his death, Motl’s parents social interests.” battled the doctors over whether to keep him on See www.independent.org/publications/tir/article. life support or to pull the plug and let nature take asp?a=788. its course. • 4 The INDEPENDENT The Independent Institute in the News Center on Law and Justice ingful . . . One does not need to admire its “If [Supreme Court Justices are] going to ex- content to appreciate its moral superiority over ercise some sort of super legislative author- those who forced the self-censorship on MTV ity, then the people—and we believe certainly Networks and the need to stand behind cre- in America that the people are the fountain, ative freedom.” —Senior Fellow Alvaro Vargas the source of all power—well, they should Llosa, The Dallas Morning News have some role in electing these justices.” —Research Fellow William Watkins on NPR’s Talk of the Nation Center on Peace and Liberty “I think we’ve lost sight of the much larger and more important question, which is: why do we still need to be in Afghanistan? . . . We don’t have a political reason, a strategic national se- curity reason to be in Afghanistan.” —Senior Senior Fellow Alvaro Vargas Llosa appears on Fox Fellow Charles Peña, on CNBC’s “Ron Insana News’ Hannity. show” “Someone who holds a job only because Con- Center on Entrepreneurial Innovation gress has appropriated the money . . . is not “The path that we should be pursuing is one of creating wealth but is merely the recipient of open trade borders, and more open immigra- an income transfer . . . people holding make- tion policies.” —Director Emily Skarbek on work positions “created” by stimulus spending ABC 7 News . . . are counted as employed. If they weren’t . . . the unemployment rate would be much higher than 10 percent.” —Senior Fellow William F. Shughart II, The Washington Times “If President Obama’s Oval Office speech made one thing clear, it is that his administration and the activists who back it view the Gulf oil spill as simply an opportunity to advance their pre- existing agenda . . . Environmentalists and others Center Director Emily Schaeffer Skarbek spoke at seeking tighter restrictions on offshore drilling a recent Tea Party rally in San Jose, Calif. express no concern for the tens of thousands of people who will be put out of work . . .” —Senior “When it comes to the movies capitalism never Fellow Robert Higgs, The Washington Times seems to get a fair shake . . . Lots of movies fea- ture people in soul-destroying jobs who finally Center on Culture and Civil Society escape to realize their true selves . . . Hollywood “Modern science . . . [has] given humans the chooses for its villains people who strive for power to play God with the world. But there is social dominance through the pursuit of wealth a common fear today that we may have over- . . . But the ordinary business of capitalism reached . . . Large oil spills, symbolically involv- is much more egalitarian: It’s about finding ing human beings tampering with primitive meaning and enjoyment in work and produc- nature . . . heighten such fears . . . [However,] tion. —Research Director Alexander Tabarrok, the reality is that we cannot avoid our basic The Wall Street Journal dependence on oil and other energy sources. “Any time fanatics carry the day against free ex- American energy policy must therefore be pression, something essential is lost . . . MTV grounded in hard analysis of needs and circum- Networks’ right to broadcast what it wants is stances, rather than surrogate religious expe- beyond question . . . this only makes the deci- riences.” —Senior Fellow Robert Nelson, The sion to bow to the threats all the more mean- Minneapolis Star Tribune • The INDEPENDENT 5 New Book Property Rights and the Folly of Eminent Domain n 2005, the U.S. Supreme Court upheld the au- Founders considered to be “the guarantor of lib- Ithority of a local government to transfer prop- erty.” Its recommendations range from “mending, erty to a private developer. The case, Kelo v. City not ending” eminent domain to the contention of New London, sparked a public backlash, with that involuntary takings are incompatible with several states enacting laws voters “just compensation.” Here are two hoped would better protect property proposals discussed: rights from government takings. • To reduce the harm inflicted upon Will those reforms succeed? Does uncompensated owners of con- the “holdout problem” justify the demned property, the property government’s powers of eminent owners could be given an equity domain? How do government tak- stake in the redevelopment proj- ings affect entrepreneurship and ect. economic development? • To reduce any political opportun- Property Rights: Eminent Do- ism stemming from government main and Regulatory Takings Re- takings, the takings process itself Examined, edited by Independent could be tightly regulated. For Institute Senior Fellow Bruce L. example, eminent domain could be Benson (co-published by the Independent Institute given the go-ahead only if (1) true economic blight is and Palgrave Macmillan), addresses these ques- present; (2) holdout problems are demonstrated; (3) tions and more. the resulting redevelopment project will have broad Property Rights amounts to a powerful eco- public benefits; (4) the takings process is transpar- nomic and legal critique of government takings ent; and (5) it is the method of “last resort.” and defense of the private property that America’s (continued on page 7)

Policy Forum Halbrook Lauded for Defense of Right to Bear Arms n June, the U.S. Supreme Court ruled in firearms. The bulk of his presentation, however, IMcDonald v. Chicago that the Second Amend- focused on the history of the Fourteenth Amend- ment prohibits the states and their jurisdictions ment, a story he chronicles in Securing Civil Rights: from infringing upon the constitutional right to Freedmen, the Fourteenth Amendment, and the keep and bear arms. What led to the Court’s land- Right to Bear Arms—a book repeatedly cited by the mark decision? What’s Supreme Court’s majority next? decision in McDonald and On June 8, Stephen its precursor, District of P. Halbrook (Research Columbia v. Heller. Fellow, The Independent After the Civil War, the Institute) and Nelson Southern states banned Lund (Professor at George firearm possession for Mason University School African Americans, mak- of Law) discussed these Stephen P. Halbrook and Nelson Lund address ing them vulnerable to issues at “The Supreme the Indepdent Policy Forum on June 8. attacks by the Ku Klux Court and the Battle for Klan and others, Halbrook Second Amendment Rights,” a forum held at explained. The Fourteenth Amendment was the Independent Institute’s conference center in created to ensure that states and municipalities Washington, D.C. would not infringe on protections guaranteed by Halbrook began with a short critique of Su- the Bill of Rights, including the right to keep and preme Court Justice Elena Kagan’s efforts during bear arms. the Clinton administration to limit the right to own (continued on page 7) 6 The INDEPENDENT

What is Government Costing You? ne of the most important insights gener- all of the time.” MyGovcost.org is the first step in Oated by the Public Choice and Austrian ensuring that we are no longer duped by the sheer Schools of economics is that politicians promote size of government spending. Make no mistake: passage of their legislation by concentrating ben- government debt necessarily results in taxation— efi ts to interest groups and dispersing costs to either directly through the IRS or indirectly the public. As the next election cycle nears, can- through inflation. MyGovCost.org is a major step didates will invariably laud the benefi ts of their in educating the public about the real effects of pet programs while trying to distance themselves trillions of dollars of government spending. from any question as to how these programs will MyGovCost.org’s director Emily Schaeffer be paid for. Skarbek, (Research Fellow, the Independent Insti- Bank and auto bailouts, stimulus spending, tute) together with a team of leading economists, and Obamacare—what are future taxes going to has transformed untold hours of research into a look like to pay for these programs? For the first simple click of the mouse. By providing the public time, taxpayers have the unique opportunity to with concrete dollar amounts of what they will owe calculate their liabilities resulting from such egre- the government, our hope is that the Calculator gious levels of government borrowing. Given a few will spark outrage and action against the growth of basic inputs, the Independent Institute’s Govern- government and give everyone who visits MyGov- ment Cost Calcula- Cost.org a founda- tor at MyGovCost. tion to discuss the org will generate costs of unbridled for any American borrowing. a uniquely tailored For the first estimate of future time, individu- tax burden in a real als will be able dollar output. to confront the A project of the crowding out of Institute’s Center their own spend- on Entrepreneur- ing and consider ial Innovation, the the ramifications Government Cost wasteful legisla- Calculator is a valu- tion will have on able tool for cur- their future liveli- rent taxpayers, but hood and sense it is even more important for people soon to be of well-being. If all dollars compete against each entering the workforce who will be coerced into other, the big question becomes: what will the spending their entire careers paying for these government force you to give up? government liabilities. In addition to budgeting Everyone at the Independent Institute agrees out payments for debt incurred during school, that we have already given Big Government far graduates will now be saddled with higher taxes as more than its due! If you share our sentiments, we a direct result of wasteful government spending. urge you to please consider joining with us now With unprecedented clarity, MyGovCost.org now as we launch MyGovCost.org. With your help, this makes it possible to quantify how current govern- new program may very well be the instrumental ment spending will effect future generations. piece to curbing Leviathan’s seemingly insatiable As the saying goes, “You can fool some of the appetite for your hard-earned dollars! people all of the time, and all of the people some To donate to this important work, please visit of the time, but you cannot fool all of the people http://independent.org/membership/. • The INDEPENDENT 7

Mary Theroux: Can We Finally Give Free Markets a Chance? (continued from page 1)

school attendance rates in the United States were license oil and gas drilling in environmentally 90 percent and rising. Today, private education sensitive preserves they own, responsibly weigh- is enjoying a remarkable renaissance in many ing the risks against the benefits as measured by developing countries in which a large private- the income derived from drilling. At the same education industry, often aimed at serving the time, private developers on southern coastal poorest of students, exists to alleviate the failure barrier islands are protecting sensitive shore- of government-run schools. lines more effectively than has the government. Institute studies show the tremendous promise • Would the more effective response to the attacks of property-rights approaches to conservation for of 9/11 have been to authorize bonded privateers protecting offshore resources and other sensitive to pursue al Qaeda via constitutionally pro- habitat, as well as endangered species. vided Letters of Marque and Reprisal? Privateers And so it is for myriad other services that wreaked so much havoc on Britain in the War governments “must” provide. In case after case, of 1812 that Lloyd’s of London ceased offering Independent Institute studies provide consistently maritime insurance except at ruinously high conclusive, peer-reviewed evidence that society is premiums. No wonder Thomas Jefferson said, better cared for and protected by the free flow of “Every possible encouragement should be given information among voluntary actors—individuals to privateering in time of war.” and entrepreneurs—freely allowed to innovate and • Private environmental-protection groups such as exchange. In short, free markets. Can we finally the Audubon Society and the Nature Conservancy give them a chance? •

New Book: Property Rights (continued from page 5) Praise for Property Rights In addition to Benson, the book’s contributors “Professional and lay readers alike can profit from the different perspective contained in this include Jonathan Adler, Peter Boettke, Matthew thoughtful book.” Brown, Scott Bullock, Christopher Coyne, Steven —Richard A. Epstein, James Parker Hall Eagle, Wallace Kaufman, Peter Leeson, Edward Distinguished Professor of Law, U. of Chicago López, Thomas Means, Paul Niemann, Perry Sha- “Property Rights contributes to the understand- piro, Ilya Somin, Samuel Staley, Edward Stringham, ing of the competing contentions of those who and Richard Stroup. respectively favor and oppose the use and misuse To order this book, see the enclosed envelope or of eminent domain.” go to www.independent.org/store/book_detail. —Gideon Kanner, Professor Emeritus of Law, asp?bookID=87. • Loyola Marymount University

Policy Forum: Securing Civil Rights the current popularity of handguns as weapons (continued from page 5) for self-defense. Nelson Lund focused on Justice Antonin Scalia’s Lund concluded by predicting that the books by majority decision in the 2008 Heller case. Although Dr. Halbrook would have a growing influence. “To the decision affirmed that Second Amendment whatever degree the courts prove willing to protect rights pertained to individuals, not just collec- our constitutional rights in this area,” he said, “I tives such as a militia, it left a lot to be desired, think we will all owe Steve Halbrook a large debt Lund argued. Scalia failed to identify any textual of gratitude.” or historical evidence about the scope of Second For the event video, audio, and transcript, see Amendment rights. Moreover, Scalia’s case against www.independent.org/events/detail.asp?eventID= the gun ban relied less on principle and more on 146. • 8 The INDEPENDENT

Why I Give: Sally S. Harris Independent Institute Is “Beacon of Light” believe the country is going in the wrong At a time when it is difficult to know where Idirection; our ship of state is headed full steam to make a safe investment, the Independent ahead for the rocks. I find the current adminis- Institute guarantees me low risk and high yield tration disingenuous, possibly incompetent. for a brighter future; something I cannot expect Thankfully, the Independent Institute serves as from a politician. Political arguments are about a lighthouse. True to its logo, its left and right, not right and wrong. I ideas are a beacon of light that want to show my support beyond my warns and guides this nation. subscription to increase the leverage I am an independent. I have that the Institute can bring to “boldly voted for Democrats, Republi- advance peaceful, prosperous, free cans, and Ross Perot. I look for societies, grounded in human worth independent thought in word and dignity.” and deed. I am deeply impressed and grateful. The work of the Independent This is why I give. Institute expresses the quality Sally S. Harris serves as a member of of research necessary to arrive Sally S. Harris the Independent Institute’s Board of at reasonable solutions to the Directors. The Institute and its staff would like complex problems we face as a country. From to thank Sally and all our Associate Members for their publications I have learned why the stimu- their support. If you would like to share why you lus won’t work, the reasons for concern over the give to the Institute or discuss ways you can sup- danger of Hugo Chavez, and the Founders’ intent port our mission, please call JuliAnna Jelinek, our for the Second Amendment. Development Director, at 510-632-1366, or email Integrity is the Institute’s most compelling [email protected]. • attribute. Its point of view is focused, its subjects are timely, and the quality is consistent.

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