Equity and welfarism accommodating political commit

Economic liberalism is an economic system organized on individual lines, meaning that the greatest possible number of economic decisions are made by individuals or households rather than by collective institutions or organizations.

equity and welfarism accommodating political commit-3equity and welfarism accommodating political commit-8

The theories considered include utilitarianism, libertarianism, left-libertarianism, egalitarian liberalism, and what we shall term democratic theories of social justice.

In section 3, we then turn specifically to the critics of enactment, posing the question “What can be said against enactment of a social minimum?

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.

For example, no one should be allowed to coerce, steal, or commit fraud and there is freedom of speech and press.

In the discussion that follows we shall often speak of “enacting a social minimum”.

Enactment is a somewhat legalistic word, but we intend the term to be understood broadly here; “enacting a social minimum” means putting in place a social minimum policy regime.

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 (1776) which advocated minimal interference of government in a market economy, although it did not necessarily oppose the state's provision of basic public goods.

(Strictly speaking, we should perhaps speak of “enacting a social minimum policy regime”; but “enacting a social minimum” is a less clumsy phrase, and these comments should suffice to make clear what we mean by it.) These concepts—of the social minimum and of a social minimum policy regime—are intended to be quite abstract, and they clearly raise further questions.

Tags: , ,