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Knowing that Prohibition was unsuccessful, would it be worse or better to legalize drugs so that the government could regulate and tax them? Explain.

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Answer:

The argument for the legalization of drugs

-efforts to restrict supply have failed

-link between illegal drugs and crime, drugs contribute to corruption

-drug law enforcement may be discriminatory

-drug enforcement may violate our constitutional rights

-there are financial and opportunity costs of drug enforcement

-health consequences of drug policies

-benefits of the legalization: net financial benefits to the government from legalization (could tax producers of the formerly illegal drugs); drugs would be safer if they were legal (regulate quality and needle exchange programs); risk premiums that stems from the illegality of drugs would disappear (drugs wouldn't be as profitable anymore)