This article is reprinted here with the kind permission of Dr. Gerald P. O'Driscoll, Jr., and originally appeared in the April 2005 issue of "The Freeman," published by the Foundation for Economic Education.
Gerald O'Driscoll, Senior Fellow with the Cato Institute is a widely quoted expert on international economic issues, including trade, finance and economic development. Formerly the director of the Center for International Trade and Economics at the Heritage Foundation, O'Driscoll was senior editor of the annual Index of Economic Freedom, co-published by Heritage and The Wall Street Journal. He is published widely in leading publications, including The Wall Street Journal. He has appeared on national radio and television, including the News Hour with Jim Lehrer. With a dozen years experience as a university professor, O'Driscoll speaks regularly at academic conferences and universities. He writes and speaks on such diverse topics as trade, foreign aid, the International Monetary Fund, and property rights. O'Driscoll holds a B.A. in Economics from Fordham University, and an M.A. and Ph.D. in economics from UCLA. He has served as a vice president at both the Federal Reserve Bank of Dallas and Citigroup, and was staff director of the congressionally created Meltzer Commission on international financial institutions.
The views expressed are those of the author, and not necessarily those of the Nassau Institute (which has no corporate view), or its Advisers or Directors.