INTL 1100 Lecture Notes - Lecture 3: Liberal Democracy, Dialectical Materialism, Pierre-Joseph Proudhon
25 Sep 2017
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Classic economics (smith, ricardo: emerges from classic economics, replaces mercantilism. Rosseau, kant: individual rights, open participation, critical perspectives. Contemporaries (owen, proudhon: adam smith (1723-1790) Wealth of nations (1776: exchange (markets) as fundamental to human society, division of labor as the consequence of market exchange, self interest as the organizing principal of market society, (cid:498))nvisible hand(cid:499), lassiez faire. Invisible hand; belief that individuals seeking their economic self interest actually benefit society more than they would if they tried to benefit society directly (unintended social benefits of individual self- interested actions) Lassiez faire; belief that economies function best when there is no interference by the government, guiding principal of free market/capitalist society, (cid:498)to leave alone(cid:499) Economic liberalism (smith) married with liberal democracy (kant) in the liberal state: equality before the law, free speech/civil liberties, private property, elected representation, the liberal peace. Liberal capitalism+liberal democracy= liberal peace: domestic republican caution, international respect for other republics, cosmopolitan spirit of commerce and gains from trade.
