Level 48
Level 49

Liberalism & Neo-Liberalism

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Fathers of liberal economics?
Adam Smith and David Richardo
Key tenets of liberalism
the promotion of free markets, small government interference. Smith argued that the small state-welfare is required. Richardo also posited the importance of meritocratic principles of capitalism
What is the 'invisible hand?'
the process of theoretical self-coordination exercised by the powers of free markets and open trade.
Ontological Liberalism (economic)
Theoretical: how the world works along liberal principles of economic organisation; does not exist in the real world
De-ontological Liberalism
how the world should be made to work in accordance with the liberal philosophical principles
Richardo's key points
argued for the comparative advantage as a means for free trade
Classical Liberalism
the theory that free markets better serve the interests of the masses
Level 50