Why Silk Road went wrong

Why Libertarian Economists Aren’t Endorsing Silk Road

The words of Ross Ulbricht, the presumed founder of Silk Road who has just been sentenced to life in prison for his role in the illegal drug exchange website and six related deaths, will sound familiar to economists. At his sentencing, Ulbricht said: “I remember clearly why I created the Silk Road…I wanted to empower people to be able to make choices in their lives, for themselves, and to have privacy and anonymity.” Many economists believe that there’s an economic and moral case for legalizing drugs—and not just marijuana. Prohibition is costly, and legalization could reduce violence and generate tax revenue. ….[READ]

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