Liberalism- The core ideas of Liberalism, Economy (SB) Flashcards
Economic liberalism
This is another term for capitalism, an economic system that emerged in Europe in the late seventeenth century.
Economic liberalism
The liberal aspect of capitalism stems from three factors.
The liberal aspect of capitalism stems from three factors.
First, it involves private property, which early liberals like John Locke considered a ‘natural right’.
Second, it is individualistic in theory, involving individual traders cooperating and competing.
Third, it is thought to be of ultimate benefit to all — thus revealing liberalism’s eternal optimism and belief in progress.
What informs liberalism’s approach to the economy ?
liberalism’s devotion to private property informs its approach to the economy.
Given its belief that property is a natural right, it is inevitable that liberalism should support an economy that
puts private property at the heart of all economic arrangements. In short, it is inevitable that liberals should support capitalism
Ever since the liberal economist Adam Smith enunciated his theory of markets in his seminal work The Wealth of Nations
(1776)
liberalism has been strongly associated with private enterprise and private ownership of the economy
Ever since the liberal economist Adam Smith enunciated his theory of markets in his seminal work The Wealth of Nations
(1776)
liberalism has been strongly associated with private enterprise and private ownership of the economy
Ever since what has liberalism has been strongly associated with private enterprise and private ownership of the economy?
the liberal economist Adam Smith enunciated his theory of markets in his seminal work The Wealth of Nations
(1776)
Ever since the liberal economist Adam Smith enunciated his theory of markets in his seminal work The Wealth of Nations (1776) liberalism has been strongly associated with private enterprise and private ownership of the economy this explains why…
capitalism is routinely described as economic liberalism, and provides a key difference between liberalism and many forms of socialism
Although liberals and socialists share many assumptions and objectives, and criticise many of the same things, liberals will still…
ultimately defend a market-based economy and stridently refute the anti-capitalist message of ‘fundamentalist’ socialism
liberals and socialists
share many assumptions and objectives, and criticise many of the same things
As with the stress on individualism, liberalism’s endorsement of capitalism is
strongly linked to its positive view of human nature.
In making the case for free-market economics, Adam Smith had asserted that
if obstacles to free trade were swept away, the ‘invisible hand’ of market forces would guide traders towards success, resulting wealth would ‘trickle down’ to everyone, and ‘the wealth of nations’ would be promoted globally.
Who made the case for free market economics?
Adam Smith
In making confident assertions for free market economics, Smith was clearly
reflecting the optimistic tone of liberalism’s core values - and, in the view of many non-liberals, being rather naïve about the efficacy of market forces.
