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From the directors

The Adam Smith Institute is one of the world’s leading

To promote these same ideals today, the Adam Smith

policy think tanks. Yet our aim is not just to think about

Institute has assembled Westminster’s most talented and

public policy: our aim is to change events.

effective policy team. In the last year, they have trebled our media exposure. We are doing more, and better-

Clear principles assist us in that aim: freedom, choice, com-

quality, events than ever before. Sales and downloads of

petitive markets, smaller and less costly government. On such

our reports are at a record high. Hundreds of thousands

foundations we build innovative and practical initiatives, using

of people read our blog. And our outreach to young

reports, events and the media to transform the public debate.

people is second to none.

Our name comes from the great Scottish economist Adam

The indebtedness and over-centralization of government

Smith (1723- 1790), whose book The Wealth of Nations

are of course huge threats to economic and personal

showed the importance of a free economy and a free

freedom. But, working alongside policymakers and with the

society. It became the blueprint for a century of free trade,

backing of our many loyal supporters, that is something we

growth and prosperity.

can change.

Dr Madsen Pirie, President

Dr Eamonn Butler, Director

Tom Clougherty, Executive Director


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The Adam Smith Institute ANNUAL REVIEW 2010

History and Mission Statement The Adam Smith Institute was founded in the 1970s, as

competition and enterprise. And yet in many ways govern-

post-war socialism reached its high-watermark. Then,

ment is bigger and more intrusive than ever, whether it is

as now, its purpose was to educate the public about free

regulating businesses, interfering with lifestyle choices,

markets and economic policy, and to inject sound ideas

or undermining historic civil liberties. Meanwhile public

into the public debate. It has always been a practical think-

spending has grown out of control, and Britain faces a

tank rather than an academic organization, and despite

fiscal crisis unprecedented in peacetime. In short, there are

its strict political independence, it has endeavored to work

many battles still to be won.

Contents Policy areas Tax and Spending  Reforming the State  Education and Culture  Liberty and Free Markets

04 06 08 10

with policymakers to deliver real change, and to make free market ideas reality. In its early days, the Institute was

The Adam Smith Institute has a number of overarching

known for its pioneering work on privatization, deregulation,

objectives: to make liberty a consideration in every political

and tax reform, and for its advocacy of internal markets in

argument; to win once-and-for-all the intellectual arguments

healthcare and education.

against Keynesian economic policy; and to make people realize that our current fiscal path is completely unsustain-

As well as engaging in traditional think tank activities –

able, as demographic change begins to take its toll on the

like conducting research, publishing reports, and holding

welfare state. It has a number of policy areas on which it is

seminars and conferences – the Institute has also, through-

actively campaigning for radical, free market solutions – like

out its history, paid a great deal of attention to developing

flat taxes, free banking, and consumer-directed healthcare.

the next generation of policymakers and opinion formers, with its well known and highly regarded youth programmes

Ronald Reagan once said, “Freedom is a fragile thing and is

forming a major part of its activities. The Adam Smith

never more than one generation away from extinction. It is

Institute also prides itself on being forward-looking and

not ours by inheritance; it must be fought for and defended

media-savvy, and being quick to embrace new technology

constantly by each generation, for it comes only once to a

and new opportunities to promote its ideas.

people. Those who have known freedom and lost it, have never known it again.” Those words encapsulate the role of

Today the Adam Smith Institute faces new challenges. The

the Adam Smith Institute: it exists to fight for freedom, to

industrial landscape has changed beyond recognition since

defend it where necessary, and to extend it where possible.

the 1970s. Communism has fallen. And most politicians

It is a task the Institute takes very seriously.

at least pay lip service to the free market ideas of choice,

Events12 Investing in our Future – Students 14 Media Outreach 16 New Media Engagement 18 Staff20 Looking Forward to 2011 22 Support the ASI 23


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

POLICY AREA:

Tax and Spending The Adam Smith Institute has always supported low taxes and balanced budgets, and in 2010 – with taxes going up and spending spiraling out of control – these issues formed a key part of its research agenda.

Tax was a priority issue for the Adam Smith Institute in

responsibility, with Nigel Hawkins’ The Party is Over making

2010. As well as making the general case for lower, simpler,

detailed proposals for eliminating the budget deficit by 2015.

flatter taxes in numerous newspaper articles and media appearances, the Institute ran a campaign against the government’s plans to raise Capital Gains Tax – potentially to as much as 50 percent. The campaign was launched with a robust critique of the coalition proposals in the Mail on Sunday, which was

“

Britain’s long-term fiscal problems are far more severe than most policymakers and economists realize

followed up by two influential briefing papers prepared by Institute fellows Peter Young and Richard Teather. Both used

Public spending is one policy area where the Adam Smith

international evidence to show how raising Capital Gains Tax

Institute has gone further than other think tanks and

could hit government revenue as well as economic growth.

commentators, showing that Britain’s long-term fiscal problems are far more severe than most policymakers and

When the government announced that they would raise

economists realize. Miles Saltiel’s On Borrowed Time laid

Capital Gains Tax to 28 percent, while also expanding the

this bare: even with the coalition’s cuts, Britain could face

entrepreneurs’ allowance, ConservativeHome identified the

an Irish-style fiscal crisis as early as 2019 as demographic

Adam Smith Institute as one of the key players in making

changes start to bite.

them change course – a claim backed up by the hundreds of national and local media hits the campaign generated.

Eamonn Butler’s Why Britain Needs an Economic Responsibility Act tackled this issue head on, calling for

Of course, given that the government continued to borrow

a series of legally binding restraints on government’s

almost £20m per hour throughout 2010, public spending

economic policy, including caps on spending and bor-

was a big issue too. Here the Adam Smith Institute consist-

rowing, referenda on tax rises, and transparency about

ently made the case for spending cuts and renewed fiscal

off-balance-sheet obligations.

RIGHT: Capital Gains Tax coverage in Daily Express & City AM; cover of The Party is Over report; Dr Madsen Pirie’s article on flat tax for the Sunday Times; further CGT coverage in the Daily Mail and Daily Telegraph

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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

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POLICY AREA:

Reforming the State The Adam Smith Institute is a leading proponent of marketoriented public service reform and privatization. But its publications also look at the big picture, exploring ways of completely transforming the role of government in our lives.

One of the Adam Smith Institute’s key messages in 2010

On Work and Pensions, at least, the government looks set

was that reducing public spending should be about more

to implement many of the reforms that Adam Smith Institute

than just ‘cuts’. Instead, it should be about taking a

has been pushing for throughout its existence – like the uni-

genuinely zero-base approach to government, sweeping

versal credit, the work requirement, and the use of private

away decades of legislative detritus, and focusing on

organizations to get the unemployed back to work. Matthew

those few, important things that we actually need the

Triggs’ Welfare Reform: The Case for Radicalism, which was

state to do.

published in response to a government consultation, argued that the coalition should not shy away from overhauling the

The Institute’s reformist approach was outlined in Eamonn

benefits system.

Butler’s Re-Booting Government, which compared the state to a computer that is overloaded with unwanted files and

So far less progress has been made on regulation, but

unnecessary applications, and called for Whitehall to be

another 2010 report by Tim Ambler and Keith Boyfield

fundamentally streamlined.

suggested a way forward. Reforming the Regulators proposed that the UK’s regulators first return to their original,

Tim Ambler, Keith Boyfield and Liam Ward-Proud picked

purely economic role, before being merged into a single,

up the same theme in Taxpayer Value: Rolling Back the

competition-focused agency.

State, which assessed the strategic objectives and staff levels of every government department. It suggested the

Nigel Hawkins’ Privatization Revisited, meanwhile, called

abolition of several departments, the jettison of countless

on the government to launch a new wave of asset sales

spending programmes, and a thirty percent reduction in

– including its stakes in Lloyds-HBOS and RBS – which

staffing. Particularly far-reaching proposals were made for

could raise more than £90bn over the next five years. The

reforming the Ministry of Defence and the Department of

Adam Smith Institute is set to continue looking for imagina-

Work and Pensions.

tive ways to roll back the state in 2011 and beyond.

LEFT: Coverage in the Daily Telegraph, Spectator and Guardian; cover of the Privatization Revisited report


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

POLICY AREA:

Education and Culture The Adam Smith Institute is well known for its support of school choice and a free market higher education sector. In 2010, it also became a leading opponent of government intervention in media, science, and the arts.

The area in which the coalition government made the

Although the Browne Review endorsed uncapped tuition

strongest start was schools reform, with Michael Gove’s ‘free

fees, the coalition later backed away from this position,

schools’ agenda bringing to fruition policies long promoted

instead proposing that the cap merely be raised to

by the Adam Smith Institute. But the Institute will be pushing

£9,000. Nevertheless, the Adam Smith Institute will

the government to go further in 2011, making the case for

continue to argue for the full liberalization of British

profit-making schools – at home and in the developing world

higher education.

– and arguing for less regulation and further liberalization. Another issue on which the Adam Smith Institute has been On higher education policy, the picture has been more

ahead of the curve is the BBC. In the summer of 2010, it

mixed. Early in 2010, James Stanfield’s The Broken

released David Graham’s Global Player or Subsidy Junkie?

University called for a shift to a genuinely free market

Decision time for the BBC, which suggested that the

university system. In particular, it suggested the complete

licence fee be scrapped and that the BBC become a sub-

abolition of the cap on tuition fees, arguing that the cap

scription service. The report received widespread coverage

artificially increases the demand for university places,

in the print and broadcast media, became Twitter’s highest

causes students to value their education less, results in

trending topic, and was spoofed by the Daily Mash. Mark

less overall investment in higher education, and encourages

Thompson, the BBC’s director-general, even addressed the

universities to be less responsive to student needs.

report’s proposals in his annual speech.

Sunday Times coverage of the BBC report (left); Philip Salter’s article on science funding on BBC Online; BBC report coverage in The Sun and covers of The Broken University and The Global Player or Subsidy Junkie?

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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

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POLICY AREA:

Liberty and Free Markets The Adam Smith Institute doesn’t just develop policies that advance the cause of freedom. It also endeavours to further and deepen public understanding of classical liberal principles like liberty, free markets, and limited government.

A principled commitment to free markets and individual

concepts are understood, and escorted its readers through

liberty is one of the things that sets the Adam Smith

these fundamentals in clear, straightforward, and jargon-

Institute apart from other policy research organizations.

free language. Aimed at the non-economist, Understanding

But as well as applying the timeless principles of classical

Economics unraveled the apparent mysteries of trade and

liberalism to a whole host of contemporary policy issues,

finance, and exposed many of the common errors to which

the Adam Smith Institute attempted in 2010 to further

economic commentators are prone.

popular understanding of these ideas, by publishing a series of short, accessible books explaining them.

Eamonn Butler’s Austrian Economics: A Primer performed a similar role, providing a genuinely non-technical introduc-

At the beginning of 2010, the Institute began to distribute

tion to the work of Austrian school economists like Ludwig

copies of Richard Wellings’ Beginner’s Guide to Liberty,

von Mises and Friedrich Hayek. It highlighted the Austrian

which introduced its readers to spontaneous order and

school’s powerful critique of conventional economics, and

the price mechanism, public choice theory and business

explained how it has revolutionized our understanding of

cycles, free trade and the laffer curve, and explored the

what money is, why booms turn to busts, the role of time

legitimate role of government. As well as being made

and information in economic decision-making, and the

available to buy or download from the Institute’s website,

crucial importance of entrepreneurship.

the Beginner’s Guide to Liberty was given free to hundreds of students who attended the Institute’s events and

Future Adam Smith Institute publications – like a forthcom-

conferences.

ing primer on Smith’s Wealth of Nations and Theory of Moral Sentiments – will continue to help people understand

Madsen Pirie’s Understanding Economics took the position

the paramount importance of liberty, free markets, and

that economics is intuitive and simple once its basic

limited government.

LEFT: Front covers of Understanding Economics, A Beginner’s Guide to Liberty and Austrian Economics: A Primer


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

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Events The Adam Smith Institute hosts some of the best events in Westminster, bringing together high-profile speakers and firstrate guests, and providing a relaxed atmosphere for the in-depth discussion of policy and ideas. Power Lunches Regular Power Lunches offer Adam Smith Institute supporters the chance to meet with leading players in Westminster. Prompted by the inimical impact of overregulation, 2010 saw the heads of all the major regulators pass through the Institute’s doors. The Editors’ Series of Power Lunches also continued into 2010 with Roger Alton (Independent) and James Harding (Times), who both discussed the newspaper industry, the media and politics at large. Douglas Carswell MP spoke at a Power Lunch on direct democracy, while John Penrose MP spoke on business regulation. Other highlights include US policy expert Iain Murray (Vice President for Strategy, CEI) discussing America’s economic

Daniel Hannan MEP, further elaborated on their agenda for

and culture wars, the inimitable Hugh Hendry (CIO & CEO,

localism and reform. At the Liberal Democrat Party Confer-

Eclectica) on the state of the UK and the global economic

ence, Paul Staines (Guido Fawkes), Jeremy Browne MP,

outlook, and William D. Eggers, author of If We Can Put a

Lembit Opik, Prof Richard Grayson (Professor of History,

Man on the Moon, on the scope for government reform.

Goldsmiths) and Julian Harris (Executive Director, Liberal Vision) discussed whether coalition government was an

Party Conferences

attractive option for the Lib Dems. Events at both Confer-

The Adam Smith Institute held events at both the Conserva-

ences were filled to the rafters, with large crowds having to

tive and Liberal Democrat Party Conferences in 2010. At

be turned away.

bureaucratic discretion and interference into a constitution.

As well as our annual Bloggers’ Bash (featuring Guido

In June Irwin Stelzer (Columnist and Senior Fellow of the

Fawkes, Tim Worstall and Perry de Havilland), there were

Hudson Institute) delivered the Annual Adam Smith Lecture.

two other parties for the Institute’s supporters in 2010. The first was our Summer Boat Party on the Thames, which

“

You people are always right. You are always ahead of the curve

Seminars, book launches and parties

(Editor, City AM), and Richard Teather (Senior Lecturer in

In February, Mikheil Saakashvili, the President of Georgia,

Tax Law, University of Bournemouth) set out an agenda for

came to the Adam Smith Institute to discuss his govern-

radical tax reform. Also at the Conservative Party Confer-

ment’s Economic Liberty Act. The Economic Liberty Act

ence, the authors of The Plan, Douglas Carswell MP and

attempts to enshrine fiscal responsibility and freedom from

RIGHT: Guests enjoy the Institute’s Summer Boat Party; P J O’Rourke launches his latest book (far right)

In December, Fraser Nelson, editor of The Spectator, spoke to supporters at our Christmas Party.

Daniel Hannan MEP speaking at an Adam Smith Institute event

the Conservative Party Conference, Douglas Carswell MP, Geoff Cook (Chief Executive, Jersey Finance), Allister Heath

brought together our supporters, friends and student group.

Patrons’ Dinners Every year private dinners are held for the Institute’s most

Director of the Adam Smith Institute, Dr Eamonn Butler,

significant donors and supporters. In 2010 we had Lado

launched his book The Alternative Manifesto in March,

Gurgenidze, former Prime Minister of Georgia, David Davis

while in November the renowned humorist and author PJ

MP, and The Right Honourable Lord Lawson of Blaby.

O’Rourke launched his book, Don’t Vote, at the Institute.

These dinners were all off-the-record and presented a

Adam Smith Institute fellow Tim Worstall followed suit a

unique opportunity to hear the most eminent political

week later, with Chasing Rainbows.

figures talk candidly about current events.


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

15

Investing in our future – students Student activities at the Adam Smith Institute are going from strength to strength. The use of social media and networking platforms like Facebook, Twitter and YouTube enable the Institute to communicate very effectively with the next generation, and is one of the reasons so many young people pass through the Institute’s doors.

School Visits

Young Writer on Liberty

Dr Madsen Pirie undertakes the majority of the school vis-

After its inaugural success in 2009, the student writing

its. His talks are renowned in the school calendar for their

competition, Young Writer on Liberty, continued this year.

original and challenging content and lively Q&A. Dr Pirie

Students were asked to submit three short articles on “Ways to

is adept at countering the many prejudices against liberty

advance freedom”. The competition attracted a lot of attention

that are endemic in much teaching throughout the country.

and many excellent submissions from students. Funding

Beyond this, most people at the Institute visit schools,

permitting, this competition will continue in 2011 and beyond.

speak at sixth form conferences and take part in university debates during the course of the year.

Independent Seminar on the Open Society

93% of attendees at the most recent ISOS rated it ‘Good’ or ‘Excellent’

the monthly meetings. Speakers in 2010 included the serial entrepreneur Luke Johnson, the author Jamie Whyte, Steve

The Adam Smith Institute’s biannual Independent Seminar on the Open Society (ISOS) has been running since the

The Liberty Lectures

Baker MP, the undercover economist Tim Harford, and

1980s. It is now an established fixture for many schools,

2010 saw the Institute’s first ever Liberty Lectures. This

journalists James Delingpole of the Spectator and Telegraph

noted for its high profile, high quality speakers. ISOS is

was an opportunity to see many of the UK’s best libertarian

and Brian Carney of the Wall Street Journal.

named after Karl Popper’s ideal, in which challenging

academics and thinkers in action. The line-up was Dr

opinions are freely expressed in public debate. This ideal

Tim Evans, President of the Libertarian Alliance, on The

Work Experience & Internships

forms the basis for choosing speakers, with all speeches

Importance of Liberty, Dr Eamonn Butler of the Adam Smith

One by-product of being the hub of student activity is that

confronting received wisdoms. Half of each talk is devoted

Institute on How Markets Work, Dr John Meadowcroft of

the Adam Smith Institute gets hundreds of requests for

to Q&A to ensure that the students are able to question

King’s College London on Sex, Drugs & Liberty, Dr Mark

work experience and internships. Wherever possible it tries

the speaker and be fully involved in the day’s event. In the

Pennington of Queen Mary, University of London on The

to give talented individuals the opportunity to get more

afternoon a debate is put on, which has proved to be an

Lessons of Public Choice Theory, Professor Anthony J.

involved in our work. Interns always leave the Institute

extremely popular addition. For many of the students, it is

Evans of ESCP Europe on Banking, Inflation & Recessions,

having learnt a lot, and more committed than ever to the

their first experience of debating.

and Dr Richard Wellings of the Institute of Economic Affairs

cause of liberty.

on The Proper Role of Government.

The Next Generation The Next Generation Group has met on the first Tuesday of Members of the TNG with Daniel Hannan MEP (above); our first Liberty Lectures at the Cass Business School (right)

cians, journalists and business people came as students to

every month for many years. In fact, many of today’s politi-


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

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Media Outreach Media outreach is a core part of the Adam Smith Institute’s dayto-day activities, and its spokesmen regularly appear in the print, broadcast and online media, analyzing government policies and making the case for freer, more competitive markets.

Media outreach is one of the most important tasks any

Print

think tank faces, and the Adam Smith Institute takes it very

The ASI also frequently feature in print media worldwide.

seriously. With a new coalition government open to fresh

We often write op-ed articles for the Sunday Times on our

thinking and seeking to bring about change there have

latest policy ideas and also regularly appear across a wide

been more opportunities than ever for the ASI to influence

range of titles, from The Sun and Daily Mail to the Daily

and shape public debate.

Telegraph and Wall Street Journal.

To capitalize on these opportunities we have stepped up

Online

our media outreach this year, taking on a new Communica-

Online we contribute op-ed articles to ConservativeHome

tions Director and tripling our media coverage. We currently

and the Spectator’s Coffee House blog, to complement

have, on average, three media hits a day, whether in print,

our ever-popular ASI blog. Our opinion articles sometimes

on radio or on television, and have hugely increased the

also appear on the Guardian’s Comment is Free website

amount of op-ed articles we write for the national and

and Telegraph.co.uk, attracting a great deal of comments

regional papers.

from the public and sparking lively debate.

Commentary Apart from promoting our latest publications, representatives of the Institute comment on topics as diverse as tax cuts, university fees, financial and business regulation, the public sector and education reform.

Broadcast We regularly take part in panel discussions, debates and interviews on a range of programmes, like Radio 4’s Today Programme, Radio 2’s Jeremy Vine Show, Sky’s Jeff Randall Show, and the Sky and BBC News. The ASI are also regulars on CNBC’s Strictly Money and Europe This Week programmes, with over 20 appearances this year – including special, extended episodes following the elections, budget and spending review.

Tom Clougherty on CNBC (left); Dr Eamonn Butler featuring in Channel 4’s documentary ‘Britain’s Trillion Pound Horror Story’; Sam Bowman on Al-Jazeera; Dr Madsen Pirie defending Capitalism on Sky’s Jeff Randall Show.


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

19

New Media Engagement The Adam Smith Institute prides itself on being ahead of the crowd in its uptake of online and social media platforms. In 2010, its website and blog were key elements of its communications strategy, as were Facebook and Twitter.

The Adam Smith Institute was the first UK think-tank with

Twitter and Facebook

their own website, and over the years online engagement

Twitter and Facebook are important social networking

has become an increasingly important part of our com-

tools for us, playing a vital part in our student engagement.

munications strategy.

There are currently over 1,000 members of our student ‘The Next Generation’ group on Facebook, 2,700 fans of

“

The London think tank with the best blog is the Adam Smith Institute... it is always thoughtful, newsworthy and polite.

Tim Montgomerie, ConservativeHome

The Blog

our ASI Facebook page and around 2,750 people following us on Twitter. These platforms allow us to take our message out to a younger generation and help to build a growing community of friends across the UK and beyond. Twitter and Facebook also play an important role in promoting the ASI’s publications and research.

e-bulletins Dr Eamonn Butler emails over 6,000 subscribers every

Our blog continues to attract thousands of visitors every

fortnight to give an update of our work and his views on

day and is regularly linked to and referenced by popular

the news from parliament. We also send out a monthly

sites such as Guido Fawkes, Iain Dale’s Diary, and the

update of our work, highlighting our key publications and

LSE Economics blog. It was recently listed as the 4th most

media appearances.

popular economics blog in the UK by Wikio. But the blog also has an international audience, with 23% of its visitors living in North America and a further 22% coming from over 200 different countries.


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

21

Staff

Dr Madsen Pirie

Dr Eamonn Butler

Tom Clougherty

Philip Salter

president

director

e xecutive director

programmes director

Sally Thompson

Sam Bowman

JP Floru

Tim Evans

communications director

rese arch manager

parliamentary liaison

consultant director

RIGHT: Dr Eamonn Butler and Dr Madsen Pirie receiving the National Free Enterprise Award

Ranked

Ranked

NO.2 THINK TANK IN WESTERN EUROPE

NO.3 INTERNATIONAL ECONOMIC POLICY THINK TANK

Global Go To Think Tank Ranking, University of Pennsylvania

Global Go To Think Tank Ranking, University of Pennsylvania

Voted

Voted

4th most popular blog on the economy in the UK

BEST THINK TANK AT DEVELOPING NEW TALENT

by Wikio

By ConservativeHome

Voted

Madsen Pirie and Eamonn Butler awarded

THINK TANK OF THE YEAR 2009

NATIONAL FREE ENTERPRISE AWARD 2010

By the readers of Iain Dale’s Diary

By the Institute of Economic Affairs


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The Adam Smith Institute ANNUAL REVIEW 2010

The Adam Smith Institute ANNUAL REVIEW 2010

23

Looking forward to 2011

Support the Institute

2010 marked a turning point in British policymaking, with the

We will also be looking at the financial services sector,

Support the Adam Smith Institute

We also offer a partner membership option, with exclusive

election of a coalition government committed to public service

with a new project examining proposed Whitehall, EU and

You can support all the important work of the Adam Smith

benefits, for those giving over £1,000 per year. In particular,

reform, civil liberties, and fiscal responsibility. In many areas,

international regulations, and highlighting the perverse

Institute through an individual or company subscription.

partner members are invited to attend at least one private

the government made a good start, with spending restraint,

incentives, unintended consequences, and moral hazards

schools liberalization, and welfare reform dominating the

that many of the new interventions will create. We will

Become an insider

guests have included Sir John Major, Lord Lawson and

political agenda. But there remains much to be done.

be injecting a much-needed dose of rationality into the

The ASI is a non-profit organization. Its effectiveness depends

David Davis MP. Some partner members choose to give

dinner a year with a prominent political speaker. Recent

banking debate, and developing policies that recognize

on the voluntary support of people who appreciate its key role

at a Patron level of £5,000 a year (or more if they choose)

In 2011 and beyond, the Adam Smith Institute will be

the fallibility of regulators, as well as the importance

in promoting the values of individual freedom, smaller govern-

to make an extremely generous contribution to the Adam

working to ensure that there is no turning back. Indeed, in

of stability.

ment, lower taxes, deregulation and competition. You can

Smith Institute’s work.

support these values – and become more closely involved

many areas the Institute will be pushing policymakers to

with the Institute’s work – as an Adam Smith Insider.

How to support us

go further and faster, and providing them with the ideas

There will also be reports assessing the importance of

that will allow them to do it. Part of that involves making the

profit-making schools, and taking a critical look at our

general case for free markets, educating the public about

approach to education in the developing world. There will

With a minimum subscription of £150 for individuals, or £500

a cheque to our offices at 23 Great Smith Street, London

how economics really works, and continuing to stand up to

be reports looking at the economic case for drug reform,

for companies and institutions, you’ll receive hard copies of

SW1P 3BL. Just remember to include your contact details

those in politics and the media who believe we can borrow

and making the case for greater decentralization of political

our reports and policy briefings, invitations to our events, and

so we know who you are. Alternatively, you can make dona-

our way out of debt and tax ourselves to prosperity.

power. And there will be much more besides.

copies of our annual report and quarterly newsletter, as well

tions via our website using PayPal. For more information, go

as regular email updates about our work and activities.

to www.adamsmith.org/support-the-adam-smith-institute.

But we’ll also be getting specific, tackling in detail some of the

Of course, our goal is not just to say the right things.

greatest policy challenges the country faces. In the run-up

The Adam Smith Institute exists to change events, and

to the budget, we will be making the case for a pro-growth

this ambition will be our guiding principle in 2011. The

agenda, which would liberate enterprise and encourage entre-

challenges are enormous, but so too are the opportunities.

preneurship. Without policies that boost the private sector, and

With the support of our donors, and the commitment of

harness the ingenuity and effort of business, fiscal stability will

our talented staff, I’m confident that we can make a real

remain elusive. So we’ll be arguing in favour of lower, simpler

difference.

taxes and publishing plans for the long-term reform of the British tax system, as well as coming up with proposals for cutting

Tom Clougherty

red tape and reducing the regulatory burden.

Executive Director

The easiest way to give donate to the Institute is by sending


Annual Review 2010/11  

Annual Review 2010/11

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