Since ethanol mandates cause deforestation and skyrocketing food prices, the European Union is now reconsidering its biofuel mandates. Ethanol subsidies have many bad effects. They have caused rioting and starvation in many poor countries. They also have harmed the environment and increased food prices and support for Islamic extremists.
Fred Smith is the animating spirit at the Competitive Enterprise Institute. Fred conceived of the idea for an organization that would, in his words, “find a more positive answer to the challenge Joseph Schumpeter laid down in his essay, “Can Capitalism Survive?” He founded the organization and served as president for nearly three decades.
He died at the age of 83 at home in Maryland where he is survived by his beloved wife Fran. Fred was a friend and mentor, an advocate and ally, and an inspiration. His bright light lives on in our work.
Fred Lee Smith
December 26, 1940 – November 23, 2024