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It's Still the Economy, Stupid

Reason magazine

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February 2025

LEADING UP TO the 2024 election, pundits, pollsters, and political operatives discussed the electorate as a bundle of distinct race and gender categories, sometimes with even narrower subcategorizations attached. How would black women vote? What about Latino men? Suburban, college-educated women?

- Peter Suderman

It's Still the Economy, Stupid

Some of this was useful for analyzing electoral subgroups. But the assump- tion, especially in left-friendly outlets, was that the best way to win over specific demographic categories was to target them with direct race- and gender-based appeals. Democrats seemed to engage in this practice reflexively, dividing them- selves into semi-ironic groups such as White Dudes for Harris.

The Democratic nominee, Kamala Harris, a woman with black and Indian ancestry, rarely emphasized her own race or gender. But she didn't distance herself from this approach either. When she seemed to be losing potential votes from black men, her campaign rolled out a series of initiatives billed as targeting black male voters specif- ically: loans for business creation, a plan to protect cryptocurrency assets, and federal legalization of marijuana. But these were just general initiatives the campaign's mes- saging arm reframed as providing benefits specifically for black men.

She might have been better off pitching her agenda more broadly. Even as Demo- crats worked on targeted outreach to nar- rowly defined groups based on race and gender, the race's top issues for voters were economic. Inflation, particularly the cost of groceries and gas, defined the election.

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Reason magazine

Reason magazine

Cracks in the Map

THE IDEA OF carving out territorial exceptions to, or escape zones from, the hand of the nation-state has long captured the imagination of free market enthusiasts. In the 1990s, I was involved in several organizations devoted to the idea, and I witnessed the movement's gradual shift from a pipe dream of libertarian theorists to something attracting serious interest, and investment capital, from entrepreneurs, as libertarian-oriented free ports, special economic zones, charter cities, and even floating maritime cities (seasteads), began to look more politically possible. In 1993, my “free nation” group was meeting in a local North Carolina hotel; by 2011, I was sipping cocktails at a rather swankier “free cities” conference on the resort island of Roatán, Honduras—which, not coincidentally, today boasts its own charter city, Próspera.

time to read

5 mins

October 2025

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DOGE BEFORE DOGE

BEFORE TRUMP HAD ELON MUSK, NIXON HAD HOWARD PHILLIPS.

time to read

17 mins

October 2025

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Poland Climbs, Hungary Slips

LOOKING BACK ON his career as one of Poland's most prominent economists and political leaders, Leszek Balcerowicz offered a succinct lesson for policymakers everywhere.

time to read

3 mins

October 2025

Reason magazine

Reason magazine

PUTIN AND THE D-WORD

IN DONALD TRUMP'S VIEW, VOLODYMYR ZELENSKYY IS A \"DICTATOR,\" BUT VLADIMIR PUTIN ISN'T.

time to read

17 mins

October 2025

Reason magazine

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EDUCATING THE WORLD'S BEST AND BRIGHTEST— THEN SHOWING THEM THE DOOR

AMERICA'S STATUS AS A TOP DESTINATION FOR INTERNATIONAL STUDENTS IS AT RISK.

time to read

12 mins

October 2025

Reason magazine

Reason magazine

WHY EUROPEANS HAVE LESS

EUROPE IS POOR BECAUSE IT CHOOSES TO BE.

time to read

15 mins

October 2025

Reason magazine

Reason magazine

Let Prisoners Work for Themselves

For nearly two decades, some Puerto Rican prisons allowed a very different sort of prison labor.

time to read

3 mins

October 2025

Reason magazine

What's Special About the Fed?

IN HIS SECOND term, President Donald Trump has tried to fire numerous federal officials, with varying degrees of success. Courts have occasionally intervened, raising questions about the extent of the president's power to terminate employees without cause and which agencies he can and cannot touch. But Supreme Court justices seem unanimous in their belief that the Federal Reserve is its own creature.

time to read

2 mins

October 2025

Reason magazine

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Strangling AI, One State at a Time

JUST HOURS BEFORE its passage, the Senate version of the One Big Beautiful Bill Act (OBBBA) cut a proposed moratorium on states enforcing their own AI regulations. Though some regard this as a win for federalism, others argue that the current patchwork represents an abdication of the federal government's jurisdiction over interstate commerce, permits excessive compliance costs to be imposed on the American AI industry, and may ultimately sacrifice the U.S. lead in the field to geopolitical adversaries.

time to read

1 mins

October 2025

Reason magazine

Reason magazine

A Spy's Eye View

NOT ALL OF James Bond's gadgets were fictional. In the 1969 movie On Her Majesty's Secret Service, Bond uses a strange-looking metal square to photograph supervillain Ernst Stavro Blofeld’s secret plans. The same metal square appears in the 2013 season of the Cold War-themed show The Americans, when an FBI asset is sent to copy documents in the Soviet Embassy.

time to read

3 mins

October 2025

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