By Willem Buiter
The UK government is con-sidering reclassifying cannabis from a class C drug to a class B drug, carrying higher penalties for using and dealing. As an economist with a strong commitment to personal liberty and responsibility, my preference would be to see all illegal drugs legalised. The only exception would be substances whose consumption leads to behaviour likely to cause material harm to others.
Following legalisation, the production and sale of these drugs should be regulated to ensure quality and purity. They should also be taxed, as are tobacco products and alcoholic beverages. Greater resources should be devoted to educating the public, especially children and teenagers, about the health hazards associated with the drugs; more money should be spent on the rehabilitation of addicts.
Ideally legalisation should occur simultaneously in a number of neighbouring countries, preferably at the level of the European Union. When the Netherlands became an enclave of tolerance of drug use, drug users from all over Europe congregated there.
Willem Buiter is this week’s guest commenter while Martin Wolf is on holidays. The remainder of this column can be read here (FT.com subscription required). Discussion from our guest economists is free.
