Classical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. Classical liberalism, contrary to liberal branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation.
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants.
Laissez-faire is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism. As a system of thought, laissez-faire rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was laissez faire, laissez passer, with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay.
Irving Fisher was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.
Jacob Viner was a Canadian economist and is considered with Frank Knight and Henry Simons to be one of the "inspiring" mentors of the early Chicago school of economics in the 1930s: he was one of the leading figures of the Chicago faculty. Paul Samuelson named Viner as one of the several "American saints in economics" born after 1860. He was an important figure in the field of political economy.
The Progressive Era (1896–1917) was a period in the United States during the early 20th century of widespread social activism and political reform across the country that focused on defeating corruption, monopoly, waste, and inefficiency. The main themes ended during American involvement in World War I (1917–1918) while the waste and inefficiency elements continued into the 1920s. Progressives sought to address the problems caused by rapid industrialization, urbanization, immigration, and political corruption; and by the enormous concentration of industrial ownership in monopolies. They were alarmed by the spread of slums, poverty, and the exploitation of labor. Multiple overlapping progressive movements fought perceived social, political and economic ills by advancing democracy, scientific methods, professionalism and efficiency; regulating businesses, protecting the natural environment, and improving working conditions in factories and living conditions of the urban poor. Spreading the message of reform through mass-circulation newspapers and magazines by "probing the dark corners of American life" were investigative journalists known as "muckrakers". The main advocates of progressivism were often middle-class social reformers.
Madison Grant was an American lawyer, zoologist, anthropologist, and writer known for his work as a conservationist, eugenicist, and advocate of scientific racism. Grant is less noted for his far-reaching achievements in conservation than for his pseudoscientific advocacy of Nordicism, a form of racism which views the "Nordic race" as superior.
Market fundamentalism, also known as free-market fundamentalism, is a term applied to a strong belief in the ability of unregulated laissez-faire or free-market capitalist policies to solve most economic and social problems. It is often used as pejorative by critics of said beliefs.
John Rogers Commons was an American institutional economist, Georgist, progressive and labor historian at the University of Wisconsin–Madison.
Jeremiah Whipple Jenks (1856–1929) was an American economist, educator, and professor at Cornell University, who held various posts in the United States government throughout his career. He served as a member of the Dillingham Immigration Commission from 1907 to 1914 in which he led research projects on the state of immigration to the US.
Wesley Clair Mitchell was an American economist known for his empirical work on business cycles and for guiding the National Bureau of Economic Research in its first decades.
Progressivism in the United States is a political philosophy and reform movement. Into the 21st century, it advocates policies that are generally considered social democratic and part of the American Left. It has also expressed itself with right-wing politics, such as New Nationalism and progressive conservatism. It reached its height early in the 20th century. Middle/working class and reformist in nature, it arose as a response to the vast changes brought by modernization, such as the growth of large corporations, pollution, and corruption in American politics. Historian Alonzo Hamby describes American progressivism as a "political movement that addresses ideas, impulses, and issues stemming from modernization of American society. Emerging at the end of the nineteenth century, it established much of the tone of American politics throughout the first half of the century."
Economic progressivism or fiscalprogressivism is a political and economic philosophy incorporating the socioeconomic principles of social democrats and political progressives. These views are often rooted in the concept of social justice and have the goal of improving the human condition through government regulation, social protections and the maintenance of public goods. It is not to be confused with the more general idea of progress in relation to economic growth.
Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy is an 1879 book by social theorist and economist Henry George. It is a treatise on the questions of why poverty accompanies economic and technological progress and why economies exhibit a tendency toward cyclical boom and bust. George uses history and deductive logic to argue for a radical solution focusing on the capture of economic rent from natural resource and land titles.
Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed, political equality, right to private property and equality before the law. Liberals espouse various and often mutually warring views depending on their understanding of these principles but generally support private property, market economies, individual rights, liberal democracy, secularism, rule of law, economic and political freedom, freedom of speech, freedom of the press, freedom of assembly, and freedom of religion, constitutional government and privacy rights. Liberalism is frequently cited as the dominant ideology of modern history.
Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century. Historically, economic liberalism arose in response to feudalism and mercantilism.
Progressivism is a political philosophy and movement that seeks to advance the human condition through social reform – primarily based on purported advancements in social organization, science, and technology. Adherents hold that progressivism has universal application and endeavor to spread this idea to human societies everywhere. Progressivism arose during the Age of Enlightenment out of the belief that civility in Europe was improving due to the application of new empirical knowledge to the governance of society.
Thomas C. Leonard is a historian of economics and scholarly authority on American economic life during the late 19th and early 20th centuries at Princeton.
Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics is a 2012 book by barrister Daniel Stedman Jones, in which the author traces the intellectual development and political rise of neoliberalism in the United States and the United Kingdom. Originally a PhD thesis, the author adapted it into a book.
Several economic theories of the first half of the 19th century were influenced by Romanticism, most notably those developed by Adam Müller, Simonde de Sismondi, Johann Gottlieb Fichte and Thomas Carlyle. Michael Löwy and Robert Sayre first formulated their thesis about Romanticism as an anti-capitalist and anti-modernist worldview in a 1984 article called "Figures of Romantic Anti-capitalism". Romantic anti-capitalism was a wide spectrum of opposition to capitalism, ultimately tracing its roots back to the Romantic movement of the early 19th century, but acquiring a new impetus in the latter part of the 19th century.
