Question

How has classical liberalism evolved since Adam Smith first used it? Why do you think it has evolved?

Answer 1

Liberalism is a political philosophy or worldview founded on ideas of liberty and equality.Classical liberalism is a political ideology that values the freedom of individuals that is it includes freedom of religion, speech, press, assembly, and markets.Adam Smith evolved this concept in the 18th century.

Adam Smith beleives that all individuals be able to secure their own economic self-interest.Classical liberals argued that individuals should be free to obtain work from the highest-paying employers while the profit motive would ensure that products that people desired were produced at prices they would pay. In a free market, both labor and capital would receive the greatest possible reward while production would be organized efficiently to meet consumer demand.

Classical liberals argued for what they called a minimal state, limited to the following functions:

• A government to protect individual rights and to provide services that cannot be provided in a free market
• A common national defense to provide protection against foreign invaders.
• Laws to provide protection for citizens from wrongs committed against them by other citizens, which included protection of private property, enforcement of contracts and common law.
• Building and maintaining public institutions.
• Public works that included a stable currency, standard weights and measures and building and upkeep of roads, canals, harbors, railways, communications and postal services.