"The economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century."
The economic theories and policies that emerged during the Enlightenment, including free market capitalism and the concept of laissez-faire.
Philosophy of the Enlightenment: This topic covers the philosophical ideas that underpinned the Enlightenment movement, such as reason, progress, and individualism.
Political Economy: This topic explores the relationship between political institutions, economic systems, and social structures during the Enlightenment period.
Natural Law and Natural Rights: This topic considers how the Enlightenment thinkers applied natural law and natural rights concepts to economics and society.
Social Contract Theory: This topic explores the idea that society is based on an implicit contract between individuals and the state, and how this concept influenced economic theories during the Enlightenment.
The Role of the State and Government Intervention: This topic considers how the Enlightenment thinkers saw the role of the state in relation to economic matters, and whether the government should take an active or passive role in the economy.
The Wealth of Nations and Adam Smith: This topic examines the contributions of Adam Smith to economics and his classic work, The Wealth of Nations.
The Invisible Hand: This topic explores how the concept of the invisible hand in market economics was developed during the Enlightenment period.
The Laissez-Faire Doctrine: This topic considers the idea that the state should not interfere in the economy, but rather let the free market operate without regulation.
Free Trade: This topic examines how the Enlightenment thinkers championed the benefits of free trade and the role of international trade in economic development.
Economic Development and Growth: This topic considers how the Enlightenment thinkers viewed economic growth and development, and the role of institutions, property rights, and entrepreneurship in fostering economic progress.
Mercantilism and Economic Nationalism: This topic explores the economic nationalism and mercantilist ideas that were prevalent before and during the Enlightenment period.
The Industrial Revolution: This topic examines the Industrial Revolution and how it transformed economic and social structures during and after the Enlightenment.
The Impact of Enlightenment Economics on Contemporary Economic Thought: This topic considers how Enlightenment economic ideas have influenced contemporary economic thought and policy.
Mercantilism: The economic theory that the wealth of a nation is measured by its stock of gold, its trade surplus, and its ability to export more than it imports.
Physiocracy: An economic theory that emphasizes the natural order of the economy and the importance of agriculture as the basis of wealth.
Classical economics: A school of economic thought that emerged in the late 18th century and was characterized by a focus on economic growth, individual freedom, and free markets.
Marxism: The economic, social, and political theories of Karl Marx, which hold that the struggle between the working class and the capitalist class is the driving force behind economic and social change.
Utilitarianism: An ethical theory that seeks to maximize the overall happiness or welfare of society, often through economic policy.
Austrian School: A school of economic thought that emphasizes the importance of individual freedoms and market efficiency in economic policy.
Neoclassical economics: A school of economic thought that emphasizes the role of market forces, supply and demand, and economic efficiency in shaping the economy.
Keynesian economics: The economic theory that advocates government intervention in the economy, particularly through monetary and fiscal policy, to address unemployment and economic instability.
Chicago School: A school of economic thought that emphasizes the importance of free markets, limited government intervention, and rational decision-making by individuals in shaping the economy.
Behavioral economics: A field of economics that integrates insights from psychology and sociology to better understand how people make economic decisions, particularly in situations of uncertainty or incomplete information.
"Adam Smith is considered one of the primary initial writers on economic liberalism."
"Economic liberalism arose in response to feudalism and mercantilism."
"Markets and private ownership of capital assets."
"Government intervention and protectionism, when it inhibits free trade and competition."
"Where it protects property rights, opens new markets or funds market growth, and resolves market failures."
"An economy that is managed according to these precepts may be described as a liberal economy or operating under liberal capitalism."
"Low taxes, reduced government spending, and minimized government debt."
"Free trade, deregulation, tax cuts, privatization, labour market flexibility, and opposition to trade unions."
"Economic liberalism supports free trade and an open economy, while protectionism opposes it."
"Non-capitalist economic orders, such as socialism, and planned economies."
"Classical liberalism, neoliberalism, right-libertarianism, liberal conservatism, and fiscal conservatism."
"Economic liberalism follows the same philosophical approach as classical liberalism and fiscal conservatism."
"A market economy based on individualism and private property in the means of production."
"The economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century."
"Feudalism and mercantilism led to the development of economic liberalism."
"Economic liberals tend to oppose government intervention and protectionism in the market economy."
"Government intervention that protects property rights, opens new markets, funds market growth, and resolves market failures."
"Low taxes, reduced government spending, minimized government debt, free trade, deregulation, tax cuts, privatization, and labour market flexibility."
"Classical liberalism, neoliberalism, right-libertarianism, liberal conservatism, and fiscal conservatism."