Explain and analyse 3 Liberal views on the Economy. [9]
One of the deepest debates among liberals is about the role of the
state in the economy. This essay will display the modern and
classical liberal views on the economy. This will include the views of
Locke, Wollstonecraft and Green.
Liberalism’s central belief in the right to property, established by
Locke, underpinning its approach to the economy. The free market,
based on private property, incentivises the individual to make
rational choices about making contracts, buying and selling Labour,
how to save, invest or spend their money, and how to raise capital
and start business. Locke underpins this approach to the economy.
Locke favours the free market capitalism to drive economic creativity
and prosperity for all.
The market economy, based around property rights, can deliver
prosperity for the individual and society provided there is free trade
and competition. The state has a crucial role in ensuring property is
protected and contracts are enforced. Mary Wollstonecraft was a
classical libera who enforced this for women. She believed that the
right to property and employment would mean that women would
not need to carry of financial necessity. By grating formal equality
and giving women an education, it would increase society resources
of intellects, thus boosting economic progress.
Although liberals emphasise the right to poverty and advocate an
economy based on private property as the best route to creating
wealth. Modern liberals such as Green saw free market capitalism as
creating social and economic obstacles to individuals achieving their
full potential. The state is justified in intervening in the economy
using the tools of tax and public spending. Full employment provides
One of the deepest debates among liberals is about the role of the
state in the economy. This essay will display the modern and
classical liberal views on the economy. This will include the views of
Locke, Wollstonecraft and Green.
Liberalism’s central belief in the right to property, established by
Locke, underpinning its approach to the economy. The free market,
based on private property, incentivises the individual to make
rational choices about making contracts, buying and selling Labour,
how to save, invest or spend their money, and how to raise capital
and start business. Locke underpins this approach to the economy.
Locke favours the free market capitalism to drive economic creativity
and prosperity for all.
The market economy, based around property rights, can deliver
prosperity for the individual and society provided there is free trade
and competition. The state has a crucial role in ensuring property is
protected and contracts are enforced. Mary Wollstonecraft was a
classical libera who enforced this for women. She believed that the
right to property and employment would mean that women would
not need to carry of financial necessity. By grating formal equality
and giving women an education, it would increase society resources
of intellects, thus boosting economic progress.
Although liberals emphasise the right to poverty and advocate an
economy based on private property as the best route to creating
wealth. Modern liberals such as Green saw free market capitalism as
creating social and economic obstacles to individuals achieving their
full potential. The state is justified in intervening in the economy
using the tools of tax and public spending. Full employment provides
