Everything about Economic Liberalism totally explained
Economic liberalism is the
economic component of
classical liberalism. 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. 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 (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.
Today,
libertarianism,
neoliberal economics and some schools of
conservatism, particularly
liberal conservatism are referred to as economic liberalism.
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.
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, for example, no-one should be allowed to coerce or steal.
Some economic liberals, including Adam Smith, advocate a
progressive income tax [ 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. By the end of the 19th century and the beginning of the 20th, these were largely defeated.
Further Information
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