 Economic policy of a free societyThe Review of Austrian Economics, 2019, vol. 32, issue 2, No 3, 107-117 Abstract: Abstract Liberalism correctly understood is little more than the persistent and consistent applications of the principles of economics of the affairs of men be they domestic or international. These include mutually beneficial exchange, the absence of political privilege, and toleration. The institutional precondition of these principles is the rule of law, private property, and freedom of contract. Since the collapse of communism, however, the gains in human progress that have followed from economic and political liberalization are being increasingly questioned and critiqued. To counter these criticisms of liberalism, I contend, requires tireless and varied iterations of the basic principles. In order to prevent the invisible hand of the market process from being captured by the visible hand of political privilege, political economists must stress how the creative powers of a free civilization erode poverty, inequality, and monopoly privilege through the spontaneous order of market process. Keywords: Economic policy; Free society; Liberalism (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:kap:revaec:v:32:y:2019:i:2:d:10.1007_s11138-017-0398-8 Ordering information: This journal article can be ordered from DOI: 10.1007/s11138-017-0398-8 Access Statistics for this article The Review of Austrian Economics is currently edited by Peter Boettke and Christopher Coyne More articles in The Review of Austrian Economics from Springer, Society for the Development of Austrian Economics Contact information at EDIRC. |
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