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Lec 09 Notes

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Political Science
Sophia Moreau

POL201Y Lecture 9 November 22th, 2010 The Washington Consensus Liberalism: Belief in the importance of individual freedom Classical Liberalism Freedom from interference instead of freedom of interference. People just have to make sure the state does not infringe in their freedom Pre-existing condition They fear a despotic state Modern Liberalism Freedom needs to be produced, it is not equally distributed and it is not Freedom is not a pre-existing condition, it is government generated. They support broad ethnic, social, differences. State need to intervene in order to produce freedom. Neo-Liberalism Adam Smith: nations are strongest when individuals are free to do what they will o The market would naturally regulate itself and produce more than the heavily restricted markets generated by the government o The role of government was limited to securing the goods that the market cannot provide because there is no profit in them (public goods) Restatement of the economic liberal theories of Adam Smith minus the labor theory of value. First coined in 1938. Idea that market would work out on its own without any pushpressure. Keynes economic policy was implemented in 2008 by all governments to get out of the crisis. o He believed the government should intervene in the market. (CHECK ONLINE) Green Revolution
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