I have always wondered what the world would be like if all drugs were legal and licensed like alcohol with minimal but strict protectionism. Do you guys have any data or thoughts about it?
Portugal decriminalized all drugs in 2001. Although not quite the same as legalizing completely (drug dealing and manufacturing is still illegal). This is somewhat parallel to alcohol, in the sense that brewing and subsequently distributing your own alcohol is illegal (in most areas, Im not an expert) as well as possession under certain circumstances is an administrative offense.
Just take a look at portugal: https://time.com/longform/portugal-drug-use-decriminalizatio...
Drugs were legal in the 19th century. It didn't work out so well. Read f.e the history of the Opium Wars in which Britain sold opium to the Chinese. It devastated their country which the European powers then exploited.
Illegal drugs seems to be an important part of the economy, but I don't really know for sure. But I think it should be legal to use or to produce (as long as the method you use is not overly damaging to the environment), but illegal to buy and sell it.
The BBC made a docu-drama with the same title:
Take the reverse what if coffee was suddenly made illegal? What players would rise and how would they behave given a bag $12 bag of coffee would be $1000?
This isn't relevant at all.