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What is ECONOMIC LIBERALISM? What does ECONOMIC LIBERALISM mean?
What is ECONOMIC LIBERALISM? What does ECONOMIC LIBERALISM mean?
Published: 2016/08/20
Channel: The Audiopedia
Economic Schools of Thought: Crash Course Economics #14
Economic Schools of Thought: Crash Course Economics #14
Published: 2015/11/06
Channel: CrashCourse
Adam Smith - The Inventor of Market Economy I THE INDUSTRIAL REVOLUTION
Adam Smith - The Inventor of Market Economy I THE INDUSTRIAL REVOLUTION
Published: 2015/02/22
Channel: IT'S HISTORY
How To Explain Economics To A Liberal
How To Explain Economics To A Liberal
Published: 2015/07/15
Channel: MRCTV
Mercantilism & Economic Liberalism
Mercantilism & Economic Liberalism
Published: 2009/10/05
Channel: craigantweiler
IR 14 - IPE: Mercantilism & Economic Liberalism
IR 14 - IPE: Mercantilism & Economic Liberalism
Published: 2016/08/11
Channel: Parkash Sarangani
Noam Chomsky (2014) on Economics & Classical Liberalism
Noam Chomsky (2014) on Economics & Classical Liberalism
Published: 2014/10/08
Channel: Parecon Finland
History #1- Economic Liberalism
History #1- Economic Liberalism
Published: 2011/12/15
Channel: TheProcessOfLearning
POLITICAL THEORY - Adam Smith
POLITICAL THEORY - Adam Smith
Published: 2014/12/26
Channel: The School of Life
Market Economy: Crash Course Government and Politics #46
Market Economy: Crash Course Government and Politics #46
Published: 2016/01/30
Channel: CrashCourse
Economic liberalism
Economic liberalism
Published: 2015/12/30
Channel: WikiAudio
Ben Shapiro Schools a Liberal on Economics
Ben Shapiro Schools a Liberal on Economics
Published: 2016/11/08
Channel: MMN
Chuck Schumer: Voters Liked Trump
Chuck Schumer: Voters Liked Trump's Economic Liberalism
Published: 2016/11/21
Channel: Secular Talk
Three Minute Theory: What is Neoliberalism?
Three Minute Theory: What is Neoliberalism?
Published: 2015/01/18
Channel: Stacey Kerr
Economic Liberalism
Economic Liberalism
Published: 2017/09/11
Channel: Dayanna Ramìrez
Noam Chomsky - Classical Liberalism and Economics
Noam Chomsky - Classical Liberalism and Economics
Published: 2016/12/01
Channel: Chomsky's Philosophy
How the Rich Exploits the Poor Through Liberal Economics | RE: Keynesian, Socialism and Communism
How the Rich Exploits the Poor Through Liberal Economics | RE: Keynesian, Socialism and Communism
Published: 2016/02/13
Channel: Theology, Philosophy and Science
Period 3 Economic Liberalism and Global Trade
Period 3 Economic Liberalism and Global Trade
Published: 2015/11/13
Channel: Mister Oliver
ONU12-International Political Economy: Part 1-Liberalism
ONU12-International Political Economy: Part 1-Liberalism
Published: 2011/10/19
Channel: Mark Harvey
Unit 2 Liberal Economics - Lesson 1: Intro to Economics
Unit 2 Liberal Economics - Lesson 1: Intro to Economics
Published: 2012/08/27
Channel: WilliamsSocial
Classical Liberalism: A Primer - Economics, History, Law, Limited Government (2002)
Classical Liberalism: A Primer - Economics, History, Law, Limited Government (2002)
Published: 2015/10/16
Channel: The Film Archives
The Economic Liberalism of Sir Edward Coke | by Murray N. Rothbard
The Economic Liberalism of Sir Edward Coke | by Murray N. Rothbard
Published: 2011/01/09
Channel: LibertyInOurTime
The Difference Between Liberal and Conservative
The Difference Between Liberal and Conservative
Published: 2010/03/17
Channel: WideWorldOfWisdom
Hitler and Mussolini
Hitler and Mussolini's Economic Policies are a Liberal's Dream
Published: 2014/07/03
Channel: Peter Schiff
economic liberalism essay
economic liberalism essay
Published: 2016/10/10
Channel: Андрей Бобров
Liberal Economics
Liberal Economics
Published: 2015/09/13
Channel: friendlyjordies
Compassion in Politics is Destructive pt.1: How Liberalism Destroyed the Economy
Compassion in Politics is Destructive pt.1: How Liberalism Destroyed the Economy
Published: 2017/06/21
Channel: Bode Lang
about Economic Liberalism and Social Market Economy
about Economic Liberalism and Social Market Economy
Published: 2012/01/08
Channel: Adil Abdel Aati
Unit 3 Liberal Economics - Lesson 6: Evolution to Modern Liberalism
Unit 3 Liberal Economics - Lesson 6: Evolution to Modern Liberalism
Published: 2012/09/28
Channel: WilliamsSocial
Brian Lilley hosts: Why Liberals
Brian Lilley hosts: Why Liberals' economic plans spell disaster
Published: 2016/02/24
Channel: Rebel Media
Mandela and Neo-Liberal Economics in South Africa - Danny Schechter (2/3)
Mandela and Neo-Liberal Economics in South Africa - Danny Schechter (2/3)
Published: 2014/02/12
Channel: TheRealNews
What Is A Liberal Economy?
What Is A Liberal Economy?
Published: 2017/09/09
Channel: Funny Question
Ann Coulter Liberal Economics 101
Ann Coulter Liberal Economics 101
Published: 2008/10/05
Channel: tomcuvagrad
Economic Liberalism in the 1900
Economic Liberalism in the 1900's
Published: 2011/04/08
Channel: Dan Berger
Neoliberal & Classical Liberal Economic Theory IS Globalism - Jay Dyer & Tim Kelly
Neoliberal & Classical Liberal Economic Theory IS Globalism - Jay Dyer & Tim Kelly
Published: 2015/06/24
Channel: Jay Dyer
IR 14   IPE  Mercantilism & Economic Liberalism   YouTube
IR 14 IPE Mercantilism & Economic Liberalism YouTube
Published: 2017/10/23
Channel: sheeraz ali
Economic Theory Film Festival: Economic Liberalism 2008065787.mp4
Economic Theory Film Festival: Economic Liberalism 2008065787.mp4
Published: 2013/02/20
Channel: nikkdpl
Latin American Approaches to Economic Liberalism in the 19th Century
Latin American Approaches to Economic Liberalism in the 19th Century
Published: 2012/06/14
Channel: SchAdvStudy
Milton Friedman Debunks Liberal Economic Philosposhy
Milton Friedman Debunks Liberal Economic Philosposhy
Published: 2009/02/23
Channel: TheConservativePost
FROM ENGLISH TO ITALIAN = economic liberalism
FROM ENGLISH TO ITALIAN = economic liberalism
Published: 2011/12/22
Channel: YTenglish2italian
The economic imperative of liberal learning: Ari Matusiak at TEDxBrownUniversity
The economic imperative of liberal learning: Ari Matusiak at TEDxBrownUniversity
Published: 2012/11/21
Channel: TEDx Talks
E  G  West Economic Liberalism and the Role of Government in Education Continuum Library of Educatio
E G West Economic Liberalism and the Role of Government in Education Continuum Library of Educatio
Published: 2016/05/16
Channel: Frank McKee
Gus Speth, lecture, "Liberalism, Environmentalism, and Economic Growth,"
Gus Speth, lecture, "Liberalism, Environmentalism, and Economic Growth,"
Published: 2011/04/08
Channel: Vermont Law School
Economic Liberalism and Democratic Action for National Recovery Top # 11 Facts
Economic Liberalism and Democratic Action for National Recovery Top # 11 Facts
Published: 2015/10/27
Channel: Divyam Sooraj
Why Liberal Economics Doesn
Why Liberal Economics Doesn't Work | RE: Socialism, Communism, Keynesian Economics
Published: 2016/01/28
Channel: Theology, Philosophy and Science
Dave Rubin Philip DeFranco Call Economic Liberals "Irrational" And DeFranco Is Fiscal Conservative
Dave Rubin Philip DeFranco Call Economic Liberals "Irrational" And DeFranco Is Fiscal Conservative
Published: 2017/09/08
Channel: The Progressive Voice
Vancouver Mayor wants to commit economic suicide - asks Liberals say “No” to Kinder Morgan
Vancouver Mayor wants to commit economic suicide - asks Liberals say “No” to Kinder Morgan
Published: 2016/06/08
Channel: Rebel Media
Liberals announce new tax measures, spending in fall economic update
Liberals announce new tax measures, spending in fall economic update
Published: 2017/10/24
Channel: CityNews Toronto
Rejecting Resource Jobs: Liberal Economic Mismanagement (June 12, 2017)
Rejecting Resource Jobs: Liberal Economic Mismanagement (June 12, 2017)
Published: 2017/06/13
Channel: Erin OToole
Paul Martin says Liberals would fill
Paul Martin says Liberals would fill 'vacuum' of economic leadership
Published: 2015/08/25
Channel: The Globe and Mail
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WIKIPEDIA ARTICLE

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Economic liberalism is an economic system organized on individual lines, which means the greatest possible number of economic decisions are made by individuals or households than by collective institutions or organizations.[1] It includes a spectrum of different economic policies, such as freedom of movement, but its basis is on strong support for a market economy and private property in the means of production. Although economic liberalism can also be supportive of government regulation to a certain degree, it tends to oppose government intervention in the free market when it inhibits free trade and open competition.

Economic liberalism is associated with free markets and private ownership of capital assets. Historically, economic liberalism arose in response to mercantilism and feudalism. Today, economic liberalism is also considered opposed to non-capitalist economic orders, such as socialism and planned economies.[2] It also contrasts with protectionism because of its support for free trade and open markets.

An economy that is managed according to these precepts may be described as a liberal economy.

Origins[edit]

Adam Smith was an early advocate for economic liberalism

Arguments in favor of economic liberalism were advanced during the Enlightenment, opposing mercantilism and feudalism. It was first analyzed by Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations, which advocated minimal interference of government in a market economy, though it did not necessarily oppose the state's provision of basic public goods with what constitutes public goods originally being seen as very limited in scope.[3] Smith claimed that if everyone is left to his 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] This underpinned the move towards a capitalist economic system in the late 18th century and the subsequent demise of the mercantilist system.

Private property and individual contracts form the basis of economic liberalism. The early theory was based on the assumption that the economic actions of individuals are largely based on self-interest (invisible hand) and that allowing them to act without any restrictions will produce the best results for everyone (spontaneous order), provided that at least minimum standards of public information and justice exist, e.g. no one should be allowed to coerce, steal, or commit fraud and there is freedom of speech and press.

Initially, the economic liberals 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.

Today, economic liberalism is associated with classical liberalism, neoliberalism, propertarian libertarianism and some schools of conservatism.

Position on state interventionism[edit]

Economic liberalism opposes government intervention on the grounds that the state often serves dominant business interests, distorting the market to their favor and thus leading to inefficient outcomes.[citation needed] Ordoliberalism and various schools of social liberalism based on classical liberalism include a broader role for the state, but do not seek to replace private enterprise and the free market with public enterprise and economic planning.[4][5] For example, a social market economy is a largely free market economy based on a free price system and private property, but is supportive of government activity to promote competitive markets and social welfare programs to address social inequalities that result from free market outcomes.[4][5] Economic liberalism also includes support for equality of opportunity (also known as social mobility), due to the belief that a lack of equality of opportunity will lead to an increase in private monopoly and therefore infringed liberty of individuals.[citation needed]

See also[edit]

References[edit]

  1. ^ a b Adams 2001, p. 20.
  2. ^ Brown, Wendy. Edgework: Critical Essays on Knowledge And Politics. Princeton University Press. 2005. p. 39.
  3. ^ Eric Aaron. What's Right?. Dural, Australia. Rosenberg Publishing. 2003. p. 75.
  4. ^ a b Turner 2008, pp. 83–84.
  5. ^ a b Balaam & Dillman 2015, p. 48.

Bibliography[edit]

  • Adams, Ian (2001). Political Ideology Today. Manchester University Press. ISBN 0-719-06020-6. 
  • Balaam, David N; Dillman, Bradford (2015). Introduction to International Political Economy. Routledge. ISBN 1-317-34730-7. 
  • Turner, Rachel S. (2008). Neo-Liberal Ideology: History, Concepts and Policies. Edinburgh University Press. ISBN 0-748-68868-4. 

External links[edit]

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