liberals on economy Flashcards
structure
one agree 2 disagree
- agree support on capitalism and private property
Economic Freedom = Individual Liberty: Capitalism ensures both.
Private Property & Free Markets: Essential for autonomy and prosperity.
Efficiency & Progress: Capitalism drives innovation and benefits society.
Modern Liberalism: Even Rawls supports capitalism with some state intervention.
Property as a Natural Right: Protects individual freedom and limits government power.
Locke & US Influence: Locke’s views shaped the Fifth Amendment’s property rights.
- disagree laissez faire vs Keynesianism
Classical Liberals (Laissez-Faire Capitalism): Minimal state intervention, low taxes, and free markets align with negative liberty.
Adam Smith’s Invisible Hand: Markets regulate themselves, ensuring efficiency and benefiting society through trickle-down wealth.
Modern Liberals (Keynesianism): Critique laissez-faire capitalism; advocate government intervention to manage economic downturns and support individual freedom.
John Maynard Keynes: Argued state spending stimulates demand, preventing unemployment during recessions—contrasting classical reliance on market self-correction.
- disagree on if capitalism creates meritocracy without state intervention.
Classical Liberals:
View laissez-faire capitalism as a true meritocracy, where success depends on talent and effort.
Support negative freedom (absence of state interference).
John Stuart Mill: Minimal state, harm principle.
Samuel Smiles: Self-help, individuals are responsible for their own success.
Modern Liberals:
Argue laissez-faire capitalism is not a true meritocracy.
Support positive freedom (state intervention ensures fair opportunities).
Enabling state provides welfare, healthcare, and progressive taxation to level the playing field (Beveridge Report).
John Rawls: Redistribution is rational; “veil of ignorance” ensures fairness without surrendering to socialism.
