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This 3 page Class Notes was uploaded by Mason Notetaker on Tuesday March 8, 2016. The Class Notes belongs to history 1020 at Auburn University taught by Michael B. Smith in Spring 2016. Since its upload, it has received 12 views.
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Date Created: 03/08/16
Age of Ideology, II: Liberalism Classical Economics Adam Smith was the spokesperson for this ideology, and his counterpart was known as physiocrats they are Individualism o Men should be free to do what he wants as he pleases, without government interference Laissez-Faire o Government takes a hands off approach to the economy Natural Law o Laws were self-regulated o Economy was self regulating, due to supply and demand Freedom of Contract o Employers should be free to discuss contracts like hours & wage. o Free Competition o Adam Smith and Physiocrats believed this was a good thing for the economy, because of the competition between businesses. o Encourages better products, specialization, it drives the weaker companies out of the market, and only leaves the companies that excel in all these categories. Classical Liberal Theorists o Thomas Malthus – Essay on Population Classical Liberal Theorist Addressed the problem with poverty and how it effected the population He thought that he should help the people at the poverty line, he tried to get rid of it Poor relief only made poverty worse o David Ricardo – “Iron Law of Wages” If there is no minimum wage, they will self regulate to where wages are perfect to where people will be able to just get by. “Subsist and perpetuate.” Jeremy Bentham: Utilitarianism o Says that there are sometimes when the government should intervene o If you don’t occasionally step in, it will be a disaster. Sometimes government needs to step in o Government should only intervene when it would cause the “greatest happiness for the greatest number of people” JS Mill o Wrote an essay called On Liberty about the individual being free. o Says that in a democracy people are usually not free and that “majority rules” is a flawed system. o A little later in life he changes his ideas. Evolution of Liberalism in late 19 and 20 Centuries 2 o Capitalists are asking the government to do more. o Liberalism has now shifted from Laissez-Faire to more regulation on the economy. o Some liberals even Mill started to embrace Socialist policies and ideals. To learn more and get OneNote, visit www.onenote.com. 3