Ringel05
Diamond Member
- Aug 5, 2009
- 63,134
- 20,658
Not much difference between Classical Liberalism and Libertarianism (neo-classical)??!!! You're joking..... right? Really only someone who thinks Social Liberalism and Communism are the same would draw such a comparison.I made the distinction between Classical Liberalism and Neo-classicalism (Libertarianism), they are not the same. Actually unrestrained capitalism resurfaced in the late 1800s and as your article said in the (late) 70s to a degree but no where near as bad as it was under the Robber Barons of the early 20th century. Don't rely on single articles to make a point when concerning economics, there are multiple schools of thought and interpretations of economic history.Unfettered capitalism only helps those who are Machiavellian enough to succeed that's why our founding fathers believed in finding a balance as advocated by Classical Liberalism, not neo-classical Liberalism or Libertarianism, (the modern equivalent of neo-classical). Basically government only regulates the free market as is needed to prevent cheating, theft and monopolies, social liberalism is what many on the left practice, it found it's way into our political landscape during the Great Depression.Good luck finding it or any other man made economic system well managed.........
The US did pretty well post WW2 to 1980. Most of old Europe does well too. Weird it's when unfettered capitalism, or as close as it has come to it, is tried, there are only a few winners, kinda like the game monopoly?
lol
"that's why our founding fathers believed in finding a balance as advocated by Classical Liberalism, not neo-classical Liberalism or Libertarianism, (the modern equivalent of neo-classical). Basically government only regulates the free market as is needed to prevent cheating, theft and monopolies,"
(Re-)Introducing: The American School of Economics
When the United States became independent from Britain it also rebelled against the British System of economics, characterized by Adam Smith, in favor of the American School based on protectionism and infrastructure and prospered under this system for almost 200 years to become the wealthiest nation in the world. Unrestrained free trade resurfaced in the early 1900s culminating in the Great Depression and again in the 1970s culminating in the current Economic Meltdown.
Closely related to mercantilism, it can be seen as contrary to classical economics. It consisted of these three core policies:
- protecting industry through selective high tariffs (especially 1861–1932) and through subsidies (especially 1932–70)
- government investments in infrastructure creating targeted internal improvements (especially in transportation)
- a national bank with policies that promote the growth of productive enterprises rather than speculation
It is a capitalist economic school based on the Hamiltonian economic program. The American School of capitalism was intended to allow the United States to become economically independent and nationally self-sufficient.
Frank Bourgin's 1989 study of the Constitutional Convention shows that direct government involvement in the economy was intended by the Founders.
The goal, most forcefully articulated by Hamilton, was to ensure that dearly won political independence was not lost by being economically and financially dependent on the powers and princes of Europe. The creation of a strong central government able to promote science, invention, industry and commerce, was seen as an essential means of promoting the general welfare and making the economy of the United States strong enough for them to determine their own destiny.
American School economics - Wikipedia the free encyclopedia
THE FOUNDERS WERE MANY THINGS, BUT THEY WEREN'T LIBERTARIANS.... As part of the right's newfound interest in all things constitutional, there's been a related push of late to recast the framers of the Constitution.
.... If ever there was a libertarian document it was the Articles of Confederation. There was no national power. The federal government could not tax. Its laws were not supreme over state laws. It was in fact, the hot mess that critics of libertarians believe their dream state would be ... and it was recognized as such by the majority of the country and was why the Constitution was ratified. The Articles of Confederation is the true libertarian founding document and this explains the failure of libertarianism.
The Washington Monthly
Also the US has changed dramatically since the 1700s where most people what today we call "cottage industry" was king, the industrial revolution brought about unrestrained capitalism, the great depression legitimized the labor movement. Changes in world economics post WWII eventually lead to global competition US business was slow to react to causing some serious changes in how business is done. Then people discovered they could get rich with the stock market and unrestrained investment capitalism took off finally culminating in the housing bust of 2008. It will take some time for the wheels to turn back in the other direction but turn it will when people here finally get fed up enough. Whether that will stop or slow our downward spiral is yet to be seen but I doubt it.
We have the same inequality today, with the share of incomes going to the top 1% as they did in the robber baron days!
"Classical Liberalism and Neo-classicalism (Libertarianism), they are not the same."
Not much difference. Those fighting American school economic system, mainly the Jacksonian's, (Tea parties closest links) weren't in favor of Gov't involvement at ANY nature at the federal levels
Yes, the financialization of America since Reaganomics (Friedman, Greenspan, Etc) where bigger is ALWAYS better, hasn't hurt US at all right?