Economic freedom in the context of "Liberalism"

Jeremy Bentham (/ˈbɛnθəm/; 4 February 1747/8 O.S. [15 February 1748 N.S.] – 6 June 1832) was an English philosopher, jurist, and social reformer regarded as the founder of modern utilitarianism.

Bentham defined as the "fundamental axiom" of his philosophy the principle that "it is the greatest happiness of the greatest number that is the measure of right and wrong". He became a leading theorist in Anglo-American philosophy of law, and a political radical whose ideas influenced the development of welfarism. He advocated individual and economic freedoms, the separation of church and state, freedom of expression, equal rights for women, the right to divorce, and (in an unpublished essay) the decriminalizing of homosexual acts. He called for the abolition of slavery, capital punishment, and physical punishment, including that of children. He has also become known as an early advocate of animal rights. Though strongly in favour of the extension of individual legal rights, he opposed the idea of natural law and natural rights (both of which are considered "divine" or "God-given" in origin), calling them "nonsense upon stilts". However, he viewed the Magna Carta as important, citing it to argue that the treatment of convicts in Australia was unlawful. Bentham was also a sharp critic of legal fictions.

Classical liberalism (sometimes called English liberalism) is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. Classical liberalism, contrary to liberal branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation.

Until the Great Depression and the rise of social liberalism, classical liberalism was called economic liberalism. Later, the term was applied as a retronym, to distinguish earlier 19th-century liberalism from social liberalism. By modern standards, in the United States, the bare term liberalism often means social or progressive liberalism, but in Europe and Australia, the bare term liberalism often means classical liberalism.

A number of indicators of economic freedom are available for review. They differ in the methods by which they have been constructed, the purposes to which they have been put, and the conception of economic freedom they embody.

Francisco de Vitoria OP (c. 1483 – 12 August 1546; also known as Francisco de Victoria) was a Spanish Roman Catholic philosopher, theologian, and jurist of Renaissance Spain. He is the founder of the tradition in philosophy known as the School of Salamanca, which laid the groundwork for early free-market economics and individual rights, influencing the development of libertarian thought. Vitoria's work on natural law and the freedom of exchange contributed to later Austrian School economists' emphasis on the moral basis for voluntary commerce. Although less known than others of his kind, he has been considered one of the most influential humanists of the Renaissance.

Noted especially for his concept of just war and international law, his defense of individual property rights and the notion of liberty in trade were pivotal in shaping ideas about non-intervention and economic freedom. He has in the past been described by scholars as the "father of international law", along with Alberico Gentili and Hugo Grotius. American jurist Arthur Nussbaum noted Vitoria's influence on international law as it pertained to the right to trade overseas. Later this was interpreted as "freedom of commerce". His emphasis on voluntary exchange and opposition to monopolistic practices foreshadowed later free market economics.

Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impact on a person or group of people. Participatory economics is a form of a socialist decentralized planned economy involving the collective ownership of the means of production. It is a proposed alternative to contemporary capitalism and centralized planning. This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision.

The underlying values that parecon seeks to implement are: equity, solidarity, diversity, workers' self-management, efficiency (defined as accomplishing goals without wasting valued assets), and sustainability. The institutions of parecon include workers' and consumers' councils utilising self-managerial methods for decision-making, balanced job complexes, remuneration based on individual effort, and wide decentralized planning. In parecon, self-management constitutes a replacement for the mainstream conception of economic freedom, which Albert and Hahnel argue by its very vagueness has allowed it to be abused by capitalist ideologues.