Economic liberalism and crisis

Michel De Vroey

Lecturas de Economía, 2009, issue 70, 11-38

Abstract: In the many debates concerning economic liberalism, this appears as a monolithic reality. The aim of this paper is to show that this is not the case and that different degrees of liberalism must be distinguished: total liberalism, mitigated liberalism and mitigated anti-liberalism, with subdistinctions within the first two categories. In the first part of the paper, the characteristics of economic liberalism overall are recalled. Subsequently, Adam Smith's justification of liberalism is introduced. Finally, in the third part, I attempt to des-homogenize economic liberalism and show how different forms of this have been linked historically, particularly with respect to the great economic crises.

Keywords: Smith; liberalism; types of liberalism; market economy; crisis (search for similar items in EconPapers)
JEL-codes: A11 B10 N00 (search for similar items in EconPapers)
Date: 2009
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