As far as the London School of Economics is concerned, it is time to end the global War on Drugs. According to LSE’s new report, the “War” is a “billion-dollar failure.” The report was signed by five Nobel-Prize winning economists (Kenneth Arrow, Christopher Pissarides, Thomas Schelling, Vernon Smith, and Oliver Williamson), as well as former U.S. Secretary of State George Schultz, British Prime Minister Nick Clegg, and former NATO and EU foreign policy chief Javier Solana. Al Jazeera explains:

“The pursuit of a militarised and enforcement-led global ‘war on drugs’ strategy has produced enormous negative outcomes and collateral damage.” Citing mass drug-related incarceration in the US, corruption and violence in developing countries and an HIV epidemic in Russia, the group urged the UN to drop its “repressive, one-size-fits-all approach” to tackling drugs, which, according to the report, has created a $300bn black market.”

The LSE report urges a shift toward evidence-based approaches to illicit drug use: the tremendous resources devoted to the drug war could be diverted to more rigorous analysis and effective policy with “a focus on public health, minimising the impact of the illegal drug trade.”