Liberal views on economy

Question 1

Classical Liberals

Answer 1

Favour Laissez-faire approach to the economy

Question 2

Modern Liberals

Answer 2

Unregulated free markets can cause issues and are supportive of state intervention to curb excesses of market economy, social justice

Question 3

John Rawls

Answer 3

Supportive of progressive taxes as inequalities in the ownership and control of wealth, income and property can reduce the fair value of basic liberties

Question 4

John Locke - quote

Answer 4

“The labour of his body and the work of his hands are properly his”

Question 5

J.S Mill - quote

Answer 5

“To tax larger incomes at higher percentage than the smaller, is to lay a tax on industry”