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Lecture

Political Science 1020E Lecture Notes - Autocracy, Social Evolution, Invisible Hand


Department
Political Science
Course Code
Political Science 1020E
Professor
Charles Jones

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Lecture: Liberalism Part 2 Nov. 1 st
, 2011.
Liberalism, Revolution & Capitalism
Neo-Classical vs. Welfare Liberalism
20th Century Developments
Next time: read B&D pgs. 93-102
Liberalism in America
- 1763 : no taxation without representation
- armed rebellion, then independence
- Tom Paine (1737-1809)
- 1776: Tom Paine’s Common Sense
- government is a necessary evil
- legitimate government protects our natural rights
- 1776: Jefferson’s Declaration of Independence
- “all men are created equal”
- liberalism and republicanism (worry about danger of corruption)
Liberalism in France
- the old order’s 3 features: religious conformity (have to be Catholic, correct belief
is enforced), aristocratic privilege (rule by the wealthy few), political absolutism
(unrestricted power)
- 1789: Declaration of the Rights of Man and of the Citizen
- liberalism: tolerance, equal opportunity, constitutional government
- republicanism: fraternity, civic virtue (need to participate to ensure everyone is
kept honest)
Liberalism and Capitalism
- seeking economic liberty
- ultimately pro capitalist
- against mercantilism
- inter-country competition is NOT a zero-sum game
- 1714: Mandeville’s Fable of the Bees
- Mandeville: private vices generate public benefits
- Physiocrats (attempt to push case for removal of all regulations on trade)
Adam Smith (1723-1790)
Smith on Capitalism
- 1776: Smith’s Wealth of Nations: competition is fair and efficient
- invisible hand: from self-interest to the public good
- free trade benefits everyone
- benefits the worst off
- promotes international peace
- conductive to order and good government
- fosters self-reliance
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