Four CofC Business Professors Contribute to Unleashing Capitalism: A Prescription for Economic Prosperity

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

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 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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