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Encyclopedia > Economic liberalism
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The liberal theory of economics is the theory of economics in classical liberalism developed in the Enlightenment, and believed to be first fully formulated by Adam Smith which advocates minimal interference by government in the economy. It began in the eighteenth century was 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). This underpinned the move towards a free market capitalist economic system in the late 18th century, and the subsequent demise of the mercantilist system. Image File history File links Merge-arrow. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Image File history File links Question_book-3. ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... For other uses, see Politics (disambiguation). ... Liberalism is an ideology, philosophical view, and political tradition which holds that liberty is the primary political value. ... Contributions to liberal theory is a partial list of individual contributions on a worldwide scale. ... Modern liberalism in the United States is a form of liberalism that began in the United States in the last years of the 19th century and the early years of the 20th century. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... This article or section does not cite any references or sources. ... This article is about the political philosophy based on private property rights. ... For the school of international relations, see Neoliberalism in international relations. ... This article is about political philosophy of Ordoliberalism. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ... Cultural liberalism is a form of liberalism which stresses the freedom of the individual from what Lord Acton called the tyrany of the majority, the right of the non-conformist to march to a different drummer. ... For other uses, see Freedom. ... Individual rights represent the moral rights of individuals in society prior to government. ... Individualism is a term used to describe a moral, political, or social outlook that stresses human independence and the importance of individual self-reliance and liberty. ... Laissez-faire is short for laissez faire, laissez passer, a French phrase meaning to let things alone, let them pass. First used by the eighteenth century Physiocrats as an injunction against government interference with trade, it is now used as a synonym for strict free market economics. ... Liberal democracy is a form of government. ... Liberal neutrality is the idea that the liberal state should not promote any particular conception of the good. This idea formed a cornerstone of John Rawls work and has been developed by many other liberal thinkers e. ... The philosophical concept of negative liberty refers to an individuals liberty from being subjected to the authority of others. ... Positive liberty refers to the opportunity and ability to act to fulfill ones own potential, as opposed to negative liberty, which refers to freedom from restraint. ... For other uses, see Liberty (disambiguation). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... For other uses, see Capitalism (disambiguation). ... A mixed economy is an economic system that incorporates aspects of more than one economic system. ... An 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 are the source of all political power. ... For the direction right, see left and right or starboard. ... For other persons named John Locke, see John Locke (disambiguation). ... John Stuart Mill (20 May 1806 – 8 May 1873), British philosopher, political economist, civil servant and Member of Parliament, was an influential liberal thinker of the 19th century. ... Friedrich von Hayek Friedrich August von Hayek (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an economist and social scientist of the Austrian School, noted for his defense of liberal democracy and free-market capitalism against a rising tide of socialist and collectivist thought in the mid... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... John Rawls (February 21, 1921 – November 24, 2002) was an American philosopher, a professor of political philosophy at Harvard University and author of A Theory of Justice (1971), Political Liberalism, Justice as Fairness: A Restatement, and The Law of Peoples. ... This article discusses liberalism as a major political current in specific regions and countries. ... In the entry Liberalism one can find a comprehensive discussion on liberalism. ... This article discusses the history and development of various notions of liberalism in the United States. ... Liberal International is a political international for international 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 49 national liberal and centrist parties from across Europe. ... ALDE logo The Alliance of Liberals and Democrats for Europe (French: Alliance des Démocrates et des Libéraux pour lEurope) is a Group in the European Parliament. ... European Liberal Youth (LYMEC - Liberal and Radical Youth Movement of the European Community) is an international organisation of Liberal youth movements - mostly the youth wings of members of the European Liberal, Democrat and Reform Party. ... The Council of Asian Liberals and Democrats is a regional organization of liberal and democratic political parties in Asia. ... The Africa Liberal Network is composed of 16 parties in Africa, from 14 different countries, and is an associated organisation of Liberal International, the political family to which Liberal Democratic parties belong. ... 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 November 2004. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... Classical liberalism (also known as traditional liberalism[1] and laissez-faire liberalism[2]) is a doctrine stressing the importance of human rationality, individual property rights, natural rights, the protection of civil liberties, constitutional limitations of government, free markets, and individual freedom from restraint as exemplified in the writings of Adam... The Age of Enlightenment (French: ; Italian: ; German: ; Spanish: ; Swedish: ; Polish: ) was an eighteenth-century movement in Western philosophy. ... For other persons named Adam Smith, see Adam Smith (disambiguation). ... Spontaneous order is a term that describes the spontaneous emergence of order out of seeming chaos. ... For other uses, see Invisible hand (disambiguation). ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... For other uses, see Capitalism (disambiguation). ... A painting of a French seaport from 1638, at the height of mercantilism. ...


Today, libertarianism, neoliberal economics and some schools of conservatism, particularly liberal conservatism are referred to as economic liberalism. This article is about the political philosophy based on private property rights. ... The term neoliberalism is used to describe a political-economic philosophy that had major implications for government policies beginning in the 1970s – and increasingly prominent since 1980 – that de-emphasizes or rejects positive government intervention in the economy, focusing instead on achieving progress and even social justice by encouraging free... Conservatism is a term used to describe political philosophies that favor tradition and gradual change, where tradition refers to religious, cultural, or nationally defined beliefs and customs. ... This article does not cite any references or sources. ...


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. Keynesian economics, or Keynesianism, is an economic theory based on the ideas of John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s. ... Social liberalism is either a synonym for new liberalism or a label used by progressive liberal parties in order to differentiate themselves from the more conservative liberal parties, especially when there are two or more liberal parties in a country. ...

Contents

Basis of Liberalism

Private property and individual contracts form the basis of the liberal theory of economics. 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. This article or section does not cite any references or sources. ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ...


Some economic liberals, including Adam Smith, advocate a progressive income tax. A progressive tax, or graduated tax, is a tax that is larger as a percentage of income for those with larger incomes. ...


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. By the end of the 19th century and the beginning of the 20th, these were largely defeated. Roland pledges his fealty to Charlemagne; from a manuscript of a chanson de geste Feudalism, a term first used in the early modern period (17th century), in its most classic sense refers to a Medieval European political system comprised of a set of reciprocal legal and military obligations among the... Aristocrat redirects here. ... For other uses, see Monarch (disambiguation). ...


See also

Fiscal conservatism (also known as economic liberalism) is a term used in the United States to refer to economic and political policy that advocates restraint of government taxation, government expenditures and deficits, and government debt. ...

References

  1. ^ Adams, Ian. Political Ideology Today. Manchester U Press 2001. p 20

  Results from FactBites:
 
Liberalism - Wikipedia, the free encyclopedia (8787 words)
Liberalism can trace its roots back to the humanism that began to challenge the authority of the established church during Renaissance, and the Whigs of the Glorious Revolution in Great Britain, whose assertion of their right to choose their king can be seen as a precursor to claims of popular sovereignty.
Liberals are in favour of a pluralist system in which differing political and social views, even those viewed as extreme or fringe compete for political power on a democratic basis and have the opportunity to achieve power through periodically held elections.
Liberals claim to believe that war can be abolished and world peace and economic prosperity can flourish if all nations loyally adhere to a world organization of all nations (the United Nations Organization), under the same law and equity, and with power to enforce strict observance of all international obligations freely entered into.
Liberal theory of economics - Wikipedia, the free encyclopedia (250 words)
The liberal theory of economics is the theory of economics described by classical liberal authors such as Anders Chydenius, Adam Smith and the French Physiocrats.
The concept of economic liberalism underpinned the move towards a free market economic system, and the subsequent demise of the mercantilist system.
The classical liberal line in economics has been taken up by modern economists of the Austrian School, and its combination with the open society and democracy is what is understood as liberalism in most of the world outside the United States.
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