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Liberalism and Capitalism

Liberalism and Capitalism. Liberalism became a vigorous revolutionary force Struggled for individual liberty against social, political, and religious arrangements Also quest for Economic Liberty Opposition to Ascribed Status demanded wider opportunities for more people. Mercantilism.

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Liberalism and Capitalism

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  1. Liberalism and Capitalism • Liberalism became a vigorous revolutionary force • Struggled for individual liberty against social, political, and religious arrangements • Also quest for Economic Liberty • Opposition to Ascribed Status demanded wider opportunities for more people

  2. Mercantilism • Mercantilist theory viewed economics as a zero-sum game • One country could improve its economic strength only at the expense of others • Colonies (captive resources and markets) • High Tariffs (discourage foreign goods) • Monopolies (to handle far flung colonies)

  3. Capitalism • Mercantilism attempted to promote national interest through restraints and monopolies • Obstacle to individual liberty • Liberals endorsed Capitalism • Economic exchanges are a private matter between persons pursuing profits • Private interest for the good of society

  4. Adam Smith • Self-Interest will provide what others want • Private Interest will promote public good • As if an “invisible hand” served the common interest • Government should be involved as little as possible

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