Legalize Drugs Now!: An Analysis of the Benefits of Legalized Drugs

Abstract

The legalization of drugs would prevent our civil liberties from being threatened any further: it would reduce crime rates, reverse the potency effect, improve the quality of life in the inner cities, prevent the spread of disease, save the taxpayer money, and generally benefit both individuals and the community as a whole. Our arguments are based on a basic appreciation of the benefits provided by voluntary exchange and the role markets play in coordinating human activities. Legalizing drugs would eliminate many inconsistencies, guarantee freedoms, and increase the effectiveness of society's anti-drug beliefs. The present war on drugs has not and will not produce a decisive victory. We advocate a new approach to this important social problem.