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Economic liberalism is the economic component of classical liberalism. Liberalism is a broad array of related ideas and theories of Government that consider individual Liberty to be the most important political goal Politics Politics is the process by which groups of people make decisions Liberalism is a broad array of related ideas and theories of Government that consider individual Liberty to be the most important political goal This is a partial list of individual contributions to liberal political theory on a worldwide scale Modern liberalism in the United States, also referred to as American liberalism, is a political ideology that seeks to use the power of the state to effect change upon society Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world Conservative liberalism is a variant of Liberalism, combining liberal values and policies with conservative stances or more simply representing the right-wing National liberalism is a variant of liberalism combining Nationalism with some liberal policies especially regarding Economic liberalism Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Originally coined by its critics and opponents " neoliberalism " is a label referring to the recent reemergence of Economic liberalism or Classical liberalism Ordoliberalism (also called German neoliberalism) is a school of Liberalism emphasizing the need for the state to ensure that the Free market produces results Paleoliberalism is a term that has at least a few distinct meanings all relating to Liberalism. Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or Cultural liberalism is a liberal view of society that stresses the freedom of individuals from cultural norms Political freedom is the absence of interference with the sovereignty of an individual by the use of coercion or aggression Individual rights refer to the Rights of Individuals in contrast with Group rights. Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” The term "liberal" in "liberal democracy" does not imply that the government of such a democracy must follow the political ideology of Liberal neutrality is the idea that the liberal state should not promote any particular 'conception of the good' The concept of negative liberty refers to freedom from interference by other people ||-||} Positive liberty refers to the opportunity and ability to act to fulfill one's own potential as opposed to Negative liberty, which refers to freedom from Liberty, the freedom to act or believe without being stopped by unnecessary force A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where A mixed economy is an Economic system that incorporates aspects of more than one economic system The open society is a concept originally developed by philosopher Henri Bergson. Popular sovereignty or the sovereignty of the people is the belief that the legitimacy of the State is created by the will or consent of its people, who A right is a legal or moral Entitlement or Permission. Rights are of vital importance in theories of Justice and deontological ethics John Locke (29 August 1632 – 28 October 1704 was an English Philosopher. John Stuart Mill (20 May 1806 &ndash 8 May 1873 British Philosopher, political economist, civil servant and Member of Parliament, was an influential Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. John Rawls ( February 21, 1921 &ndash November 24, 2002) was an American Philosopher, a Professor of This article gives information on liberalism in diverse countries around the world A general overview and comprehensive discussion of this topic may be found in the article Liberalism. Liberalism in the United States is a broad political and philosophical mindset favoring individual Liberty, and opposing restrictions on liberty whether they come from Liberal International is a Political international for liberal parties. The International Federation of Liberal Youth ( IFLRY) is an international liberal youth organization The European Liberal Democrat and Reform Party (founded in 1993 is a liberal party, mainly active in the European Union, composed of 55 national parties from across The Alliance of Liberals and Democrats for Europe ( French: Alliance des Démocrates et des Libéraux pour l'Europe) is an alliance between two European political parties European Liberal Youth (LYMEC - Liberal and Radical Youth Movement of the European Community is an international organisation of Liberal youth movements - mostly the youth The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia The Africa Liberal Network (ALN is an organization composed of 16 political parties from 14 African nations and is an associated organisation of Liberal The Liberal Network for Latin America ( Red Liberal de América Latina RELIAL) is an international network founded in 2003 with the official launch taking place in Costa Rica An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area Classical liberalism (also known as traditional liberalism, Laissez-faire liberalism, Market liberalism or in much of the world Theories in support of economic liberalism were developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. The Age of Enlightenment or The Enlightenment is a term used to describe a phase in Western philosophy and cultural life centered upon the eighteenth century Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. These theories began in the eighteenth century with the then-startling claim that if everyone is left to their own economic devices instead of being controlled by the state, then the result would be a harmonious and more equal society of ever-increasing prosperity[1] (see spontaneous order and invisible hand). See also the closely related articles Emergence and Self-organization. The invisible hand is a Metaphor coined by the Economist Adam Smith. This underpinned the move towards a free market capitalist economic system in the late 18th century, and the subsequent demise of the mercantilist system. A free market is a Market in which property rights are voluntarily exchanged at a price arranged completely by the mutual consent of sellers and buyers Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices
Today, libertarianism, neoliberal economics and some schools of conservatism, particularly liberal conservatism, are referred to as economic liberalism. Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Originally coined by its critics and opponents " neoliberalism " is a label referring to the recent reemergence of Economic liberalism or Classical liberalism Conservatism is a term used to describe political philosophies that favour Tradition, where tradition refers to various religious cultural or nationally defined Liberal conservatism is a variant of Conservatism which combines conservative and liberal values and positions
However, "liberal economics" in English language usage may also refer to Keynesian and related economic theories and policies, so called because of their association with modern liberalism. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist Social liberalism, also called new liberalism (as it was originally termed high liberalism radical liberalism, modern liberalism, or
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Basis of Liberalism
Private property and individual contracts form the basis of the liberal theory of economics. Property is any physical or virtual entity that is owned by an individual A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law The early theory was based on the assumption that the economic actions of individuals are largely based on self-interest, and that allowing them to act without any restrictions will produce the best results, provided that at least minimum standards of public information and justice exist, e. g. , no-one should be allowed to coerce or steal.
Some economic liberals, including Adam Smith, advocate a progressive income tax [ citation needed ]. A progressive tax is a Tax imposed so that the Tax rate increases as the amount subject to taxation increases A citation is a reference to a source (not always the original source published or unpublished(citation needed
History of Economic Liberalism
Economic Liberalism and the Enlightenment
Initially, the liberal theory of economics had to contend with the supporters of feudal privileges for the wealthy, aristocratic traditions and the rights of kings to run national economies in their own personal interests. Feudalism, a term first used in the early modern period (17th century in its most classic sense refers to a Medieval Europe Political system composed Aristocracy is a form of Government, where rule is established through an internal struggle over who has the most status and influence over society and internal relations By the end of the 19th century and the beginning of the 20th, these were largely defeated.
See also
References
- ^ Adams, Ian. Fiscal conservatism (also known as economic conservatism is a political phrase term used in North America to describe advocacy of lower governmental spending practices and a Political Ideology Today. Manchester U Press 2001. p 20
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