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“There was hardly a moment when there weren’t students working there,” Soule said. “There was an incredible amount of enthusiasm that appears to be going even to this day.”
In November 2010, California voters will consider a ballot initiative that would legalize marijuana in the state. The proposed law includes restrictions on sale and use, such as a minimum purchase age of 21, but the bill gives marijuana roughly the same legal status as alcohol. Early polls suggest the...
Legalization would therefore eliminate most of the violence and corruption that currently characterize marijuana markets. These occur because, in underground markets, participants cannot resolve disputes via non-violent mechanisms such as lawsuits, advertising, lobbying, or campaign contributions. Instead, producers and consumers in these markets use violence to resolve disputes with...
Legalization would also generate budgetary savings for state and federal governments, both by eliminating expenditures on enforcement and by allowing taxation of legalized sales. I recently estimated that the net impact would be a deficit reduction of about $20 billion per year, summed over all levels of government.
The one impact of legalization that might be undesirable is an increase in marijuana use, but the magnitude of this increase is likely to be modest. The repeal of alcohol prohibition in the U.S. produced about a 20 percent increase in use, while Portugal’s 2001 de facto...