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How does the Cuban economy differ from the United States?
That was the question of the hour during the latest BB&T Free Market Speaker Series event put on by the Center for Public Choice and Market Process. The lecture featured Bill Trumbull, Ph.D., a professor of Economics at The Citadel and an authority on socialist and post-socialist economies.
The event, which dove into the complexities of the Cuban economy, incorporated Trumbull’s firsthand experiences in Cuba — where he takes his students on a 10-day fieldtrip each year.
Will McEwen ’20, one of the Center’s scholars, found the talk to be “thoroughly engaging” and pertinent to the discussion that is currently taking place about socialist economies.
Another scholar, Rachel Bradley ‘19, felt that the talk heightened her understanding of the Cuban economy and left her “more interested in the political factors behind the rise of [socialism] in Cuba and other nations.”
The BB&T lecture was hosted in conjunction with the College of Charleston’s Cuba on the Horizon program. An interdisciplinary initiative, Cuba on the Horizon investigates the relationship between the U.S. and Cuba and explores the rich history and culture of the Caribbean island nation.
About the Center for Public Choice & Market Process
The Center for Public Choice & Market Process was created in 2015 following the growth in programming of the Initiative for Public Choice and Market Process, which was founded in the fall of 2008. The Center advances the understanding of the economic, political and moral foundations of a free market society. The Center supports the growth and development of teaching and research at the College of Charleston School of Business while engaging students and the Charleston community. Visit the Center’s website or Facebook page, or contact Peter Calcagno, Center director, at ipcmp@cofc.edu or 843-953-4279 to learn more about events, programs, and funding opportunities.
The College of Charleston School of Business Center for Public Choice and Market Process is partnering with the College’s Russian Club for a joint discussion on communism led by the executive director of The Victims of Communism Memorial Foundation (VCMF), Marion Smith.
Executive director of VCMF, Marion Smith
The Victims of Communism Memorial Foundation focuses its efforts on eradicating and combatting communism through educating the public about the history of its ideology.
Smith, a South Carolina native and chairman of The National Civic Art Society, is also president of the Common Sense Society (CSS). With a multinational presence in the United States and several European countries, the non-partisan organization strives to promote reasoned dialogue, rather than polarizing, politically charged debates.
You can find several of Smith’s articles in USA Today, The Hill, The Washington Post, The National Review, The Weekly Standard and many other publications.
Smith attributes more than political polarization to the skewed ideology of communism. One in five people are still living under communist regimes, and over the past 100 years, the social system has claimed more than one hundred million victims – one fifth of the world’s population.
During the lecture, Smith will focus on the threat communism poses to the very premise of democracy in the Western world and beyond. He believes the ideology is an attack on humanity, proven time after time to be counterproductive in all spheres of social, economic and cultural life.
To join in on the discussion, head over to Tate Center, Room 202, on October 19 at 5:30 p.m., in the School of Business.
He might only be 26, but this School of Business alum is already impacting tax policy on Capitol Hill.
Donald Schneider ’12 is the senior economist for the Committee on Ways and Means at the U.S. House of Representatives. The Ways and Means Committee has a wide jurisdiction encompassing tax policy, international trade, health care, Social Security, and welfare. Schneider advises the Chairman and committee staff on economic issues – and also provides analysis on macroeconomic modeling of fiscal policy, the debt limit and budgetary matters, as well as poverty and income mobility.
Donald Schneider 12, senior economist for the Committee on Ways and Means at the U.S. House of Representatives
And he is getting noticed. Forbes recently named him to its 30 Under 30 list, an annual honor awarded to 600 young entrepreneurs and talent in 20 different sectors. Schneider made the list for law and policy.
“It is amazing to see what our students are capable of achieving after they graduate,” said Peter Calcagno, professor of economics and director of the Center for Public Choice and Market Process. “I had the pleasure of teaching Donald in two of my classes and he was a great student. It has been fun keeping up with him and watching him become an impressive young economist.”
For his part, Schneider credits School of Business professors with fanning his interest in economics. His father introduced him to the field at an early age because he holds a Ph.D. in Economics and spent his career working on policy.
Schneider recalls changing his original plan to major in international business after taking microeconomics with Douglas Walker, professor of economics, his freshman year. That, followed by other coursework, particularly macroeconomic analysis, comparative economic systems, and senior seminar, fueled his interest in policy and the role of empirical research.
Schneider took these skills to graduate school at Johns Hopkins University, where he earned an MA in Applied Economics and went on to work at a think tank and later as an economist at the House Budget Committee for now Speaker Paul Ryan in D.C.
“Donald is a great example of what happens when talent and drive intersect,” said Mark Witte, associate professor of economics, who served as Schneider’s academic advisor and helped guide his graduate study plans. “Seeing him evolve from undergrad, to graduate student, to policy maker reminds all of us about the importance of education’s role in life.”
School of Business professor Peter Calcagno visited Ottawa, Canada to lead a workshop encouraging academics to create research and student centers. Calcagno was invited by the Institute for Liberal Studies to direct the one-day workshop at its headquarters on October 31, 2015.
Due to the success of the School of Business’ Center for Public Choice and Market Process, Calcagno was chosen to present on topics including planning a Center, ways to be successful, improving and overcoming challenges and fundraising. Faculty across multiple disciplines from various Canadian colleges and universities attended the forum.
Peter Calcagno, Professor of Economics and Director of the Center for Public Choice and Market Process
Calcagno, Ph.D., is a professor of economics and the director of the Center for Public Choice and Market Process.
“We’re thrilled that the Center for Public Choice and Market Process was recognized as a Center of Excellence, and that the success of the Center is known in wide circles including internationally,” said Calcagno. “I hope to motivate academics at other universities to start such centers.”
This is not the first time the Center for Public Choice and Market Process has been recognized internationally. In October 2012, the Atlas Economic Research Foundation selected the then Initiative for Public Choice and Market Process as a Templeton Freedom Award recipient. The Center was one of 16 winners representing 10 countries around the world.
The Initiative for Public Choice and Market Process was founded in 2008 with generous gifts from the BB&T Charitable Foundation and the Charles G. Koch Charitable Foundation, and was named a Center of Excellence in 2015. The Center advances the understanding of the economic, political and moral foundations of a free market economy. It supports the growth and development of teaching and research at the College of Charleston School of Business while engaging students and the greater Charleston business community.
The Institute for Liberal Studies was founded in 2006 to offer a non-partisan venue for the discussion of economics, philosophy, history and public policy in Canada.
The College of Charleston School of Business’ Initiative for Public Choice and Market Process has received approval by the College of Charleston’s president and provost to be recognized as a Center of Excellence, effective August 10, 2015. The Center for Public Choice and Market Process (CPM) was founded as the Initiative for Public Choice and Market Process in 2008 to advance understanding of the economic, political, and moral foundations of a free society.
“Congratulations to Peter Calcagno and his students who have worked diligently on building the recognition of the Initiative for Public Choice and Market Process – now a Center,” said Alan T. Shao, dean of the School of Business at the College of Charleston. “Being named a ‘Center of Excellence’ is a coveted recognition on our campus, and it is a testament to the quality and commitment of Dr. Calcagno’s work for his students and supporters of his program.”
“The Center designation provides our program higher visibility to the campus community and to the public in the Charleston region,” said Peter Calcagno, professor of economics and CPM director.
Over the last seven years, the Initiative hosted approximately 20 events per year with more than 1,000 participants annually, including the BB&T Free Market Speaker Series and Adam Smith Week. These events bring to campus prominent business leaders, academics and journalists, and draw a lot of interest among students. The annual Adam Smith Week helps create awareness and explores important topics in political economy by engaging students, faculty, and the community in the discussion of Adam Smith and his economic philosophy.
“I am proud to support the great work done by Dr. Calcagno and pleased to see the well-earned recognition of the important contributions the Initiative has made advancing the principles of a free society,” said John Cerasuolo, president and CEO of ADS Security.
Since the Initiative’s inception, 25 faculty research projects across campus have been funded, which has led to over a dozen publications, working papers and conference presentations. In addition, nearly two hundred students have been involved in discussions of important books in economics through the Economics Book Colloquium, and two student interns have been hired each year.
“It is essential to our future well-being that students and the greater community understand the philosophic and economic principles that are the foundation for a free and prosperous society,” said John A. Allison, retired president and CEO of BB&T. “This is the critically important work of the Center.”
The CPM will continue the Initiative’s mission by building on established programs, as well as expanding on new programming by engaging College of Charleston students and faculty as well as the larger Charleston community in important discussions on timely topics related to free society, markets, and the role of government. The creation of the CPM will help expand the program in several significant ways:
- The Market Scholars Program, which recognizes and develops talented College of Charleston students. Starting in fall 2015, six Market Scholars will see more engagement in organization of Center’s events and programs. Market Scholars will get rich experiences by getting more involved in Center’s events through face-to-face interactions with business and non-profit leaders and scholars, annual field trips, participation in conferences, and mentorship programs.
- The CPM will establish an advisory board, which will be composed of academic and business leaders committed to advancing the ideas of a free society.
- The CPM will engage students at the College of Charleston in its day-to-day operations through several internship programs helping to make students “ready to work.” Student interns will be responsible for marketing and communications, event planning and coordination. They will also attend public talks, lectures, and other events to learn about the CPM’s mission to advance understanding of a free society.
About the Center for Public Choice & Market Process
The Center for Public Choice & Market Process was created in 2015 following the growth in programming of the Initiative for Public Choice and Market Process, which was founded in the fall of 2008. The Center advances the understanding of the economic, political and moral foundations of a free market society. The Center supports the growth and development of teaching and research at the College of Charleston School of Business while engaging students and the Charleston community. Visit the Center’s website or Facebook page, or contact Peter Calcagno, Center director, at ipcmp@cofc.edu or 843-953-4279 to learn more about events, programs, and funding opportunities.
About the School of Business
College of Charleston’s School of Business has 2,300 students enrolled in ready-to-work programs including eight undergraduate majors, an Honors Program in Business, several interdisciplinary minors, and two master’s programs in business and accountancy. The School of Business is recognized among the top 30 colleges for studying business abroad by the Business Research Guide. The faculty’s scholarly research expertise is steeped in areas such as supply chain management, cross-cultural marketing, executive leadership, hospitality and tourism, political economics, financial investment, bankruptcy, entrepreneurship, commercial real estate, and consumer research. Visit http://sb.cofc.edu to learn more about our students’ achievements, undergraduate and graduate programs, faculty, and Centers of Excellence.
With the finance major heading into its second year and the new supply chain and information management program beginning this fall, the number of students who are excited about job prospects in these fields is increasing.
Industry leaders like Marco Wirtz, president and CEO of Daimler Vans Manufacturing, see the value of these two programs and how investing in our students can enhance the educational experience offered at the College of Charleston and benefit our region’s high-growth economy.
In April, Daimler Vans Manufacturing LLC. created the Daimler Vans Scholars Program with a $163,000 pledge to help support highly motivated students who are preparing for careers in supply chain management or finance. Wirtz, a member of the School of Business Board of Governors, was instrumental in designing the program and advocating for Daimler’s generous commitment.
“I see the College of Charleston School of Business as a valuable source of talent to join Daimler Vans Manufacturing, particularly in the areas of supply chain management and finance,” says Wirtz. “The faculty is closely aligned with the business community and has designed the academic programs to be rigorous and relevant to the needs of the job market.”
Rising junior, Blair Healey was inspired by Dr. Marvin Gonzales to learn more about supply chain management in a decision sciences class when he connected the power of data on driving business decisions and efficiency, especially in manufacturing environments. Healy’s experience learning about supply chain management and its importance in industry has motivated him to focus the next two years studying in the discipline. He was selected by Joshua Davis, Ph.D., chair of the Department of Supply Chain and Information Management and associate professor, as one of two inaugural Daimler Vans Scholars. Each recipient will receive a prestigious scholarship during their junior and senior years and will also be offered unique opportunities to meet DVM leadership and be exposed to the company.
“The Daimler Vans scholarship will lead directly to advancement in my career. It will lighten the financial burden of college and enable me to focus more whole-heartedly on my education in supply chain management,” says Healey. “As a Daimler Vans Scholar, I also have invaluable connections into the manufacturing industry, such as Marco Wirtz, to give me more comprehensive knowledge in a competitive field.”
As key research contributors to the South Carolina Policy Council, four professors in the School of Business co-wrote what many perceive to be a blueprint for economic transformation and growth in the Palmetto state.
Unleashing Capitalism provides scholarly research to guide state policy decisions and opens the dialogue on policy reform designed to generate prosperity in South Carolina.
The report is available to state, county and local lawmakers and political leaders through the South Carolina Policy Council. The plan is for the elected officials to review and consider its implications and recommendations in areas such as taxation, work and health incentives and education spending.
After reviewing the report, Tom Davis, S.C. State Senate Republican for District 46, commented, “The primary lesson I took away from Unleashing Capitalism was that no South Carolinian should get special treatment at the expense of another. It’s important for us to move away from a system that encourages private sector fights for government favors. When it becomes profitable for private parties to put time and money into lobbying politicians for public favors then that is precisely what they will do, as evidenced by the 377 lobbyists now representing 534 companies and organizations at our statehouse. We should not be encouraging such unproductive behavior.”
The report offers concrete recommendations for letting economic, social and political freedom create new opportunities for businesses and families rather than political favoritism. Some of the report’s specific policy suggestions include:
- Reforming the tax code
- Creating a regulatory system that is equitable and encourages competition
- Reducing the manufacturing property tax to one percent
- Abandoning the economic incentives game
- Lowering the personal income tax to three percent and fully indexing inflation
- Providing incentives for work and wealth
- Providing real choices to children and parents for public schools
- Increasing the quality of education spending.
Peter T. Calcagno, associate professor of economics and director of the Initiative for Public Choice & Market Process, is the editor of the policy report. His College of Charleston colleagues who wrote key chapters of the report include:
- Frank Hefner, professor of economics and director of the Office of Economic Analysis
- Douglas Walker, associate professor of economics
- Steven J. Arsenault, associate professor of accounting and legal studies.
“I hope that readers will gain a better understanding of capitalism and its true potential to generate the long-run economic growth that will make South Carolina more prosperous,” says Dr. Calcagno. “The report is full of specific ideas on policy reforms that could bring this to fruition within our lifetimes.”
Other authors who contributed to the report were from Clemson University, the University of South Carolina, West Virginia University, Beloit College, the University of Chicago, Indiana University and the University of Texas.
For more information and a complete copy of the report, go to www.unleashingcapitalismsc.org.
About the School of Business
College of Charleston’s School of Business offers five undergraduate programs, a master’s in accountancy and an honors program. Approximately 1650 undergraduate and graduate students attend from as far away as China, Germany and Brazil. The faculty has research expertise in areas such as financial investment, bankruptcy, global logistics and environmental economics to business intelligence, hospitality and tourism and sustainable business practices. Visit sb.cofc.edu to learn more.
About the S.C. Policy Council
The South Carolina Policy Council was founded in 1986 as an independent, private, non-partisan research organization to promote the principles of limited government, free enterprise and individual liberty and responsibility in the state of South Carolina.
About the Initiative for Public Choice & Market Process
Founded in the fall of 2008, the Initiative for Public Choice & Market Process advances the understanding of the economic, political and moral foundations of a free market economy. The Initiative for Public Choice & Market Process supports the growth and development of teaching and research at the College of Charleston School of Business while engaging students and the Charleston business community.
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The Initiative for Public Choice & Market Process joins The School of Languages, Cultures, and World Affairs, The German Program, and the Global Business Resource Center to present:
A roundtable discussion commemorating the 20th anniversary of the fall of the Berlin Wall.
6:00 pm Wednesday November 11, 2009
100 Maybank Hall
Reception to immediately follow
The Initiative for Public Choice & Market Process is pleased to announce the next BB&T Free Market Process Series speaker: Dr. Benjamin Powell. Dr. Powell is coming to The College of Charleston on November 19 and will address the topic:
“Sweat Shop Wages and Third World Workers: Are the Jobs Worth the Sweat”