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Wednesday, December 12, 2012

Drug Legalisation?

The Home Affairs Committee recently released a report on drugs use in Britain. After a year of research the committee concluded that "the international drugs control policy has failed to curtail consumption," and that our government should consider a major shift in policy.

In 2005 (largely based on 2003 data) the UN estimated that the illegal drug trade is worth more than $320 billion, 0.9 per cent of global GDP. According to the UN 2012 World Drug Report the total retail market for cocaine amounts to some $85 billion and the opiate market amounts to some $68 billion (figures for 2009).  According to IMF data, a nation with a net worth equivalent to that of the global drugs industry would be the 34th largest economy in the world, just above Denmark and below Venezuela. Scotland's GDP is $177 billion

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