This document analyzes charter schools as a potential solution to addressing the perceived failures of American public schools. It summarizes three views on how charter schools could enact reform: 1) As laboratories of innovation; 2) Replacing traditional public schools entirely; 3) Increasing competition through market forces. The author argues that the third option of strategically increasing charter school numbers is currently the most feasible and effective approach to driving system-wide improvement, by enhancing parents' and students' ability to exercise "exit" and "voice". While charter schools have potential, replication of innovative practices is difficult and a charter-only system could fail to serve all students equitably.