In: Economics
Ludwig von Mises gave ten different attributes of classic liberalism. identify and describe three attributes of classic liberalism, as described by Mises. Identify and explain one attribute of modern day liberalism that is contrary to classic liberalism. Why is that role contrary to classic liberalism, as described by Mises?
• Classical liberalism is a political branch of liberalism which protects civil liberties under the rule of law. This was developed in the early 19th century and related with the economic freedom. The classical liberalism is important for the economic liberals.
The main attributes of classical liberalism by Mises are property, freedom and peace providing to the economy. The individuals and cooperatives works on the basis of principle of division of work.
The Mises provides some principles or attributes for the classical liberalism. The focus of the classical theory of liberalism is freedom and peace. The corporative requires the legal liberties which are not provided earlier but after the liberalism concept, they get more freedom. Before the rise of liberalism, the people were generally considered to be discriminated and there were masters and slaves too. When the liberalism set out, it abolished the suppression of peasants and labor class in Europe. Unfreeze laborers were given some liberties which were require to stop the evil acts done by the masters. Therefore, we can say that this is a fruit for labor and peasant population of Europe. It leads to creation of wealth for everyone including the slave and masters.
• Modern liberalism key elements are limited government, free trade, free markets, capitalism, globalization, gender equality, democracy, civil rights etc. The modern liberalism included not only the freedom part but also the other aspects of the economy like equality, gender, trade etc. these attributes helps to the fast development of the economy. The most common example is US economy. US economy focuses on the modern liberalism and develops the segments of the economy which contribute to the growth of economy. The income and gender equality helps in attaining stable growth. The capitalism and globalization leads to maintain trade connection all over the world.