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BB&T Free Market Process Speaker SeriesInvited speakers address the underlying principles and institutions of a market economy. This year we had sixspeakers address students, faculty, and members of the Charleston community. Over 500 students werereached through these presentations during the Fall 2012 and Spring 2013 semesters.Dr. Wayne LeightonMadmen, Intellectuals, and Academic Scribblers:The People Who Drive Political Change, and How They Do It.In September, Wayne A. Leighton, Professor of Economics at Universidad FranciscoMarroquín (UFM) in Guatemala and Executive Director of the Antigua Forum, spoke toCollege of Charleston students about his new book that examines political change.Mr. David NottGovernment Debt and DeficitsDavid Nott, president of Reason Foundation, spoke to College of Charleston students inOctober about the current debt and deficit crisis in the United States.Dr. Yaron Brook and Ms. Tamara DrautWhat is the proper Role of Government?Dr. Yaron Brook is the executive director of the Ayn Rand Instituteand is co-author with ARI fellow Don Watkins Free Market Revolution:How Ayn Rand’s Ideas Can End Big Government. In November he debatedTamara Draut, the Vice President of Policy and Research of Demos, onthe role of government in the economyDr. Jerry JordanThe Solutions are Easy, but they Just Won’t Do It!Issues of Debt, Deficits, and Tax ReformDr. Jordan is the former President of the Federal Reserve Bank of Cleveland. In February hespoke to students about the politics of fiscal and monetary policy and issues related to taxreform.Dr. Donald BoudreauxThe Economic Fate of America’s Middle ClassDonald Boudreaux is a professor of economics at George Mason University. He spoke as part ofAdam Smith Week about the changes in the standard of living in the United States.6

Adam Smith WeekThe annual Adam Smith Week is a way for the Initiative for Public Choice & Market Process to createawareness and explore important topics in political economy. The week-long event has a series of educationalopportunities for students, faculty, and the community to engage in the discussion of Adam Smith and hiseconomic philosophies.Dr. Joshua HallWhich Institutions When:Economic Freedom and Comparative DevelopmentDr. Hall is the Elbert H. Neese, Jr. Professor of Economics at Beloit College. He isco-author of the widely-cited annual Economic Freedom of the World report. Aspart of Adam Smith Week, he spoke on labor standards around the world andthe stages of economic development.7

Left: Dr. WayneLeighton, the firstBB&T Speaker of thefall semesterRight: The Panel ofspeakers for theSCPC Roundtable onEconomic Incentives:Capitalism orCorporate WelfareBelow: Dr. Yaron Brook debates Tamara Draut onthe proper role of governmentAbove: Dr. Jennifer Baker and Dr. David Schmidtz during AdamSmith WeekBelow: Dr. Jerry Jordan speaks ongovernment deficit and tax reformAbove: Dr. Calcagno and students participating in the reading seminar from theCollege of Charleston and Coastal Carolina University talk over dinner.8

Below: Dr. Peter Calcagno and Dr. Josh Hall during AdamSmith WeekAbove: Students and faculty listen to David Nott present aspart of the BB&T Free Market Process Speaker SeriesLeft: Dr. DonBoudreaux speaksduring Adam SmithWeekRight: David Nottspeaks on“Government Debtand Deficits”Below: The Initiative won theTempleton Freedom Award this yearAbove: Dr. Adam Martin answering questions during the IHS Seminar9

Philosophy and Political Economy SeriesThis series sponsored by the Initiative for Public Choice & Market Process aims to engage students indiscussion of philosophical issues related to Markets. Including: What is the good of the market? From wheredoes prosperity come? and How is Capitalism moral?The Initiative for Public Choice & Market Process partners with theCollege of Charleston’s Department of Philosophy and AssociateProfessor of Philosophy Dr. Jennifer Baker as an Associate Director. Sheteaches courses on ethical and political theory and business ethics. Dr.Baker coordinates the Philosophy and Political Economy Series.Spring 2013Dr. David SchmidtzDavid Schmidtz is a Kendrick Professor of Philosophy at theUniversity of Arizona and editor of Social Philosophy & Policy. He isthe founding director of the Freedom Center and holds courtesyappointments in Economics and in the McGuire Center forEntrepreneurship at Eller College of Management. He works inethics, environmental philosophy, rational choice, and politicalphilosophy. In March he spoke as part of Adam Smith Week onAdam Smith and Freedom.“Virtue and the Market” Reading SeminarCollege of Charleston students, Jake Webb, Alex Wood, DanBeasley, Emily Rhorick, Ryan Tully, Tanner Pritchett, and HalleKasson accompanied Philosophy professor Dr. Baker to ClemsonUniversity the weekend of April 5th– 7th. They participated indiscussions on Deirdre McCloskey’s book, The Bourgeois Virtueswith faculty and students from Clemson University.10

Special EventsLunch with SeriesSC Policy Council RoundtableThe “Lunch With ” series provides students theopportunity to engage with speakers in a small groupsetting. Selected speakers give a brief presentationand engage students with questions and discussion.Economic Incentives: Capitalism orCorporate Welfare?Panel:John HardinCharles Koch FoundationAmerica’s Declining EconomicFreedomIsaac MorehouseInstitute for Humane StudiesWhy Didn’t Adam Smith Do AnythingAbout It?E. Ashley Landess - President ofthe SC Policy Council(pictured on right)Dr. Frank Hefner - Director of theOffice of Economic Analysis,College of CharlestonKim Statler - Executive Director,Lowcountry EconomicDevelopment AllianceDr. Russell Sobel - VisitingScholar in Entrepreneurship in the School ofBusiness Administration at the CitadelDr. Peter Calcagno - Associate Professor ofEconomics, College of CharlestonPanel on Foreign Aid andEconomic DevelopmentPanel:Dr. Beatriz Maldonado - Economics andInternational Studies, College of CharlestonDr. Christopher Day - Political Science, College ofCharlestonDr. Joshua Hall - Economics, Beloit CollegeElizabeth (Libby) Conwell - Student, PoliticalScience Major, College of CharlestonDr. Brad HobbsFlorida Gulf Coast UniversityWhat’s to Love about Capitalism:Reflections on Historical LivingStandards2012 Templeton Freedom AwardThe IPCMP won the Award for Special Achievement by a University-basedCenter, which recognizes outstanding projects and achievement byuniversity-based centers in promoting liberty. Named after the lateinvestor and philanthropist Sir John Templeton, the TempletonFreedom Award was established in 2003 and is the largestinternational prize program that celebrates think tankcontributions to the understanding of freedom. The TempletonFreedom Awards program has awarded more than 1.5 million inprizes and grants in the past eight years. This year’s awardsprogram grants a 10,000 prize to each winner.11

Student Resources and DevelopmentThe Initiative for Public Choice & Market Process seeks to promote the benefits of free markets and privateenterprise to all of our students. The Economics and Finance Department faculty demonstrate the power ofeconomic principles to our students in their business, political, and personal lives. We provide them with theanalytical skills to use these tools throughout their lives and careers. The Initiative creates an understandingof the benefits that liberty and ethics have on society. Here are just a few of the ways in which we work withthe students at The College of Charleston.Student InternsJamie JohnsonJamie is a senior with a doublemajor in Economics andAccounting. She is the treasurer ofBeta Alpha Psi, a member ofOmicron Delta Epsilon, and astudent member of the BastiatSociety.Amy KubieAmy is a junior EconomicsMajor with minors in StudioArt and Math. She is in theHonors College and on theVarsity Sailing Team. She alsois in the Schottland ScholarsProgram, Class of 2014.Alumni Spotlight: Jamie Schafer Class of 2010Jamie was one of the first student interns for the Initiative in 2009. We wanted to take thisopportunity to share where she is now.Bio:Jamie manages Energy & Industrials Research Practice for Gerson Lehrman Group’s West Coastregion. She partners with the firm’s top investment clients to provide valuable insights throughconsultations, seminars, and other engagements.What class had the most impact on you?Principles of Microeconomics: I was introduced to a framework for viewing the world that made sense. This class gaveme to tools to understand the way in which people make decisions amongst a number of options. I was able to buildupon this foundation in higher-level economics classes, and these lessons ring truer in what I witness in the businessworld more than any other teachings I received throughout my educationWhat advice do you have for current students?Work really hard at your classes, and do internships early and often. In addition, talk to your family, friends, friends’parents, professors, and speakers who visit the college about their career paths and the different types of opportunitiesout there. There are a multitude of career options beyond the one you typically hear about.What is your best memory about the Initiative?My best memory was meeting John A. Allison IV, former BB&T CEO. Dr. Calcagno really puts his students first bygiving them a seat at the table when speakers come to town. Mr. Allison is a hero of mine, and I was able to join a smallgroup dinner for him following the event. Listening to him and participating in the conversation was such a maturingexperience for me.12

Economics Book ColloquiumFall 2012Spring 201315 Students met with Dr.Calvin Blackwell to read anddiscuss The RationalOptimist by Matt Ridley. Inthis original, optimisticbook. Matt Ridley putsforward his surprisinglysimple answer to howhumans progress, arguing that we progresswhen we trade.12 Students met with Dr. CalvinBlackwell to read and discuss TheWhite Man’s Burden: Why the West'sEfforts to Aid the Rest Have Done SoMuch Ill and So Little Good by WilliamEasterly. Easterly argues that theWest needs to face its own historyof ineptitude and draw the properconclusions, especially at a time when the question ofour ability to transplant Western institutions hasbecome one of the most pressing issues we face.Beyond C of CTwo students have accepted jobs in the free-market nonprofit areaInstitute for Humane Studies Summer SeminarsFour students are attending IHS events this summerKoch Associates ProgramDaniel Klaeren — Senior Political Science MajorAmy Kubie – Junior Economics MajorCollin Hodges – Senior Economics MajorNatalia LeDang – Senior Math and Philosophy MajorTanner Pritchett – Junior Economics and Math MajorLiberty @ WorkCameron Sorsby—Senior Political Science MajorCameron will be working at the Foundation forEconomic Education (FEE) as a donor relationscoordinatorReading SeminarIHS Weekend Seminar“Hayek and Mises on Socialism,Knowledge, & Bureaucracy”“Fact and Fiction: Myths ofEconomic Development”College of CharlestonCollege of CharlestonFour College of Charleston students, and Dr.Calcagno joined Coastal Carolina University andCharleston Southern University students theweekend of January 31st - February 3rdTwenty-three College of Charleston studentsattended a seminar co-hosted by the Institute forHumane Studies the weekend of October 19th - 20th.Dr. Adam Martin of King’s College, and Dr. AndrewI. Cohen of Georgia State University lectured and leddiscussions based on several aspects of economicdevelopment through the lens of liberty.The Readings:Individualism and Economic Order - F.A. HayekBureaucracy - Ludwig von Mises13

Faculty ResearchThe Initiative provides summer research grants for faculty members to conduct summer research. Researchtopics focus on the power of free market economic principles in business, politics and philosophy.Dr. Wayne SmithHospitality and Tourism"Understanding the Effects of Reduced Governmental Support on FestivalFinancial Management”In 2010, festivals in North and South Carolina spent over 33.6 million in theproduction of festivals (Smith et al. 2011). This level of spending indicates thatfestivals play an important role in the industry of hospitality and tourism bydrawing commerce to centralized locations as well as supporting culture. Since,the recession began in December 2007 however; governments have beenreducing the financial support given to not-for-profit festivals. Specifically, thisproject seeks to examine how this policy change has affected the financialmanagement of festivals.Dr. Christopher DayPolitical Science"The Fates of Rebels: The Politics of Insurgent Survival and Demise”Field research suggests that insurgency movements exhibit a range of forms andmixed records of success. These outcomes demand explanations of rebel decisionmaking that takes place within a broader institutional environment of key domesticand regional political actors. Because rebel leaders focus on these relationships, theircalculations end up being independent of credible claims to mobilization capacitiesand to local resources. In many ways, then, these factors are analogous to propertyrights. My contribution to the literature is the detailed investigation of transactionand bargaining costs imposed by domestic and regional state actors and how theyaffect rebels' solutions to collective action problems and their acquisition of resourcesin waging war against the state.Dr. Jennifer BakerPhilosophy"Stoic Economics”We attempt to integrate economics and ethics, though in a markedlydifferent way than has been attempted before. Ethicists have always tried toimpose their reasoning on market analyses. This paper differs because itattempts to relate a conventional account of ethics to the sophisticatedexplanations of the market available today. The benefit of this approach isthat neither the account of ethics nor the account of economics would have tobe modified in order to arrange a fit. Unlike business ethics, the concern willnot be one of identifying moral standards, the concern is explaining, givenwhat we already take ethics to be, what is so good about bargaining in themarket.14

About UsFounded in the Fall of 2008 with a generous gift from the BB&T Charitable Foundation andthe Charles G. Koch Charitable Foundation, the Initiative for Public Choice & Market Processis designed to examine and stimulate discussion of the following topics: The role of government institutions in a capitalistic societyThe relationship between government and the individualThe relationship between political and economic freedomThe moral structure of a free market economyMissionThe Initiative for Public Choice & Market Process advances theunderstanding of the economic, political and moral foundations of afree market economy. The Initiative supports the growth anddevelopment of teaching and research at the College of CharlestonSchool of Business, while engaging students and the greaterCharleston business community.Dr. Peter CalcagnoFounder and DirectorWhat is Public Choice?Associate ProfessorEconomics traditionally focuses on the behavior of firms andconsumers and how individuals interact in market settings. Publicchoice builds on economic and political theories to analyze thebehavior of voters, candidates, legislators, bureaucrats, and theinstitutions under which they operate. Public choice uses moderneconomic tools to study problems that are traditionally in the sphereof political science. (A more general term is “political economy”, anearlier name for “economics”.) In particular, public choice models thebehavior of voters, politicians, and government officials as (mostly)self interested agents and analyzes their interactions under a varietyof institutional settings. Public choice analysis has roots in positiveanalysis ("what is") but is often used for normative purposes ("whatought to be"), to identify a problem or suggest how a system could beimproved by changes in institutions.Department of Economics andFinanceObjectivesDepartment of PhilosophyTo achieve its mission, the Initiative sponsors the following: BB&T Free Market Process Speaker Series Student Development Faculty research in the areas of Public Choice and MarketProcess15Dr. Jennifer BakerAssociate DirectorAssociate Professor

INITIATIVE for PUBLIC CHOICE &MARKET PROCESSPeter Calcagno, Ph.D.Associate Professor of EconomicsDepartment of Economics and Finance66 George StreetCharleston, SC 29424

The College of Charleston Foundation is a 501(c) 3 non-profit organization incorporated in 1970 under the laws of the State of South Carolina as an educational, charitable, foundation to promote educational, research, and other programs of the College of Charleston. Make a donatio