Political Science 1020E Quiz: Liberalism 2
14 Dec 2015
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The sixteenth lecture begins with adam smith, the influential eighteenth-century scottish economist and moral philosopher, who is a key figure in the development of ideas about liberalism and capitalism. Smith defends economic competition on grounds of fairness and efficiency, arguing in particular that free trade benefits everyone. His memorable image of the invisible hand" expresses the idea that the pursuit of individual self-interest can promote the public good. Capitalism, according to smith, benefits the worst-off, promotes international peace, fosters self-reliance, and is conducive to order and good government. Governments do have a role in smith"s view. They should defend the country and maintain order, protect property, and provide education and necessary infrastructure. Smith conceives of the poor as dignified, capable, and industrious; and he supports taxation to benefit them. After discussing the nineteenth-century utilitarian liberalism of john. Stuart mill, we turn to the division between neo-classical liberals (such as herbert spencer) and welfare liberals (like t. h.
