Classical liberalism
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.[1] 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.[2]
This article is about the branch of liberalism that advocates civil liberties with an emphasis on economic freedom. For the liberal economic system organized on individual lines, see Economic liberalism. For the branch of liberalism that endorses a regulated market economy and the expansion of civil and political rights, see Social liberalism.
Until the Great Depression and the rise of social liberalism, classical liberalism was called economic liberalism. Later, the term was applied as a retronym, to distinguish earlier 19th-century liberalism from social liberalism.[3] By modern standards, in the United States, simple liberalism often means social liberalism, but in Europe and Australia, simple liberalism often means classical liberalism.[4][5]
Classical liberalism gained full flowering in the early 18th century, building on ideas starting at least as far back as the 16th century, within the Iberian, British, and Central European contexts, and it was foundational to the American Revolution and "American Project" more broadly.[6][7][8] Notable liberal individuals whose ideas contributed to classical liberalism include John Locke,[9] Jean-Baptiste Say, Thomas Malthus, and David Ricardo. It drew on classical economics, especially the economic ideas as espoused by Adam Smith in Book One of The Wealth of Nations, and on a belief in natural law,[10] social progress,[11] and utilitarianism.[12] In contemporary times, Friedrich Hayek, Milton Friedman, Ludwig von Mises, Thomas Sowell, George Stigler, Larry Arnhart, Ronald Coase and James M. Buchanan are seen as the most prominent advocates of classical liberalism.[13][14] However, other scholars have made reference to these contemporary thoughts as neoclassical liberalism, distinguishing them from 18th-century classical liberalism.[15][16]
In the context of American politics, "classical liberalism" may be described as "fiscally conservative" and "socially liberal".[17] Despite this, classical liberals tend to reject the right's higher tolerance for economic protectionism and the left's inclination for collective group rights due to classical liberalism's central principle of individualism.[18] Additionally, in the United States, classical liberalism is considered closely tied to, or synonymous with, American libertarianism.[19][20]
History[edit]
Great Britain[edit]
French physiocracy heavily influenced British classical liberalism, which traces its roots to the Whigs and Radicals. Whiggery had become a dominant ideology following the Glorious Revolution of 1688 and was associated with supporting the British Parliament, upholding the rule of law, defending landed property and sometimes included freedom of the press and freedom of speech. The origins of rights were seen as being in an ancient constitution existing from time immemorial. Custom rather than as natural rights justified these rights. Whigs believed that executive power had to be constrained. While they supported limited suffrage, they saw voting as a privilege rather than as a right. However, there was no consistency in Whig ideology and diverse writers including John Locke, David Hume, Adam Smith and Edmund Burke were all influential among Whigs, although none of them were universally accepted.[44]
From the 1790s to the 1820s, British radicals concentrated on parliamentary and electoral reform, emphasising natural rights and popular sovereignty. Richard Price and Joseph Priestley adapted the language of Locke to the ideology of radicalism.[44] The radicals saw parliamentary reform as a first step toward dealing with their many grievances, including the treatment of Protestant Dissenters, the slave trade, high prices, and high taxes.[45] There was greater unity among classical liberals than there had been among Whigs. Classical liberals were committed to individualism, liberty, and equal rights, as well as some other important tenants of leftism, since classical liberalism was introduced in the late 18th century as a leftist movement.[17] They believed these goals required a free economy with minimal government interference. Some elements of Whiggery were uncomfortable with the commercial nature of classical liberalism. These elements became associated with conservatism.[46]
Criticism[edit]
Tadd Wilson, writing for the libertarian Foundation for Economic Education, noted that "Many on the left and right criticize classical liberals for focusing purely on economics and politics to the neglect of a vital issue: culture."[150]
Helena Vieira, writing for the London School of Economics, argued that classical liberalism "may contradict some fundamental democratic principles as they are inconsistent with the principle of unanimity (also known as the Pareto Principle) – the idea that if everyone in society prefers a policy A to a policy B, then the former should be adopted."[151]
