Political Science 1020E Lecture Notes - Lecture 16: Classical Liberalism, Invisible Hand, Free Trade
11 Nov 2016
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Basic entitlements that give way to universal duties. Precursor of what we now call human rights. We have natural rights to life, liberty, and property. We have natural rights to life, liberty, and the pursuit of happiness. Legit government is based upon the consent of the government. Property and public order, defence, and contract enforcement. Nationalist economic policies aimed at strengthening producers at home. Defender of free markets and capitalism (commercial society) Wealth of society depends on production, work, skill, not on the amount of goals it has. Emphasizing economic competition because it is more fair and efficient than the alternative. If we remove restraints on trade, everyone has an equal opportunity to compete. Individual actions motivated by self-interest promote public good. Benefits the worst off: free market will reduce the price of food, enable society to move out of poverty. Provide public education and the infrastructure needed to do business.
