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The message in virtually every chapter of this book is "repeal!" From terminating the bloated and wasteful Department of Energy to zeroing out the budget of tiny agencies like the Commission for the Preservation of America's Heritage Abroad, few agencies escape the Cato Institute's budget scissors. Likewise, regulations that don't meet strict tests of economic efficiency and federalism are quickly given the heave-ho.
This isn't limited to just domestic regulations and budgets. A large portion of the book is dedicated to foreign policy. Everything from immigration to declaring war is covered. Cato's fundamental principle here is "peaceful relations with all, entangling alliances with none." This means a drastic scale back, of course, with the end result being recommendations for unilateral free trade, fairly open borders, major defense budget cuts and troop and defense treaty withdrawals.
This is a terrific book, drawing on over twenty years of policy analysis from a classic liberal viewpoint. Too bad there is less than a snowball's chance in heck of getting any of these policy recommendations implemented.
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In my own special field of expertise, antitrust, I can vouch that the essay on that topic (by Robert Levy and William Shughart) is especially good. There's more sound and creative thinking in this Levy-Shughart contribution than in any 100 antitrust articles randomly selected from law reviews and economics journals.