By economic liberalism one understands the application of liberal principles to the range of the economy. At present this is also often called Neoliberalismus.

Philosophical bases

Liberty of the individual

Allgemeinene liberal the principle reads: Everyone has the liberty to do everything what it wants, if it does not hurt the liberty of another. John Stuart Mill formulated it in such a way: "that the only reason, for which mankind unites, individually or is authorized into the freedom of action one of their members to interfere: to protect itself. That the only purpose, over one dessentwillen obligation against the will of a member of a civilized society rightfully exercise may: to prevent the damage of others."

From it the demands result after on the range of the economic actions referred

• Freedom of contract
• Freedom of trade
• Free occupation choice
• Free trade

Private property

Liberals stress the right to private property, since only this can ensure the liberty of the particular. Nature-legal reasons of this kind are in beginnings with Hugo Grotius and Samuel Pufendorf and by John curl are out-formulated: The particular possesses property at its body and therefore also at the work of its body. It is also entitled to tear things from the natural state if it worked on these (for example the soil, which someone works on first time). If the object from the natural state tore, it can change the owner then only by donation or exchange. Obligation is hereby impossible. In the tradition of this reason for example the US-American founder fathers Robert Nozick or Ayn edge argue. The idea of the classical liberalism - explicit without nature-legal component - is continued to represent by Jeremy Bentham and John Stuart Mill.

Theoretical bases

A central concept of the classical liberalism is the invisible hand of the market formulated by Adam Smith: Self-interested striving of humans contributes to well-being of the entire society. After liberal view ensures the market for the most efficient Allokation of resources. A free competition represents thereby the optimal control controlling of the economy. National interferences such as subsidies or protective duties are regarded as competition obstacles.

David Ricardo tried to point the advantages out of the free trade with his theory of the Komparative of cost advantages.

The Say theorem designated after Jean Baptiste Say assumes without national interference always a market equilibrium adjusts itself.

Directions

Important currents and schools of the economic liberalism:

• Classical liberalism
• Manchester liberalism
• Neoliberalismus
• Freiburger school
• Ordoliberalismus
• Austrian school with Ludwig von Mises, Friedrich Hayek
• Chicagoer school with Milton Friedman

Articles in category "Economic liberalism"

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