Economically liberal


Economically liberal

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⭐ Core Definition: Economically liberal

Economic liberalism is a political and economic ideology that supports a market economy based on individualism and private property in the means of production. Adam Smith is considered one of the primary initial writers on economic liberalism, and his writing is generally regarded as representing the economic expression of 19th-century liberalism up until the Great Depression and rise of Keynesianism in the 20th century. Historically, economic liberalism arose in response to feudalism and mercantilism.

Economic liberalism is associated with markets and private ownership of capital assets. Economic liberals tend to oppose government intervention and protectionism in the market economy when it inhibits free trade and competition, but tend to support government intervention where it protects property rights, opens new markets or funds market growth, and resolves market failures. They also tend to oppose cartels, monopolies, financialization of the economy, rent-seeking behaviour and unproductive classes reliant on rent, assets or state-granted privileges. An economy that is managed according to these precepts may be described as a liberal economy or operating under liberal capitalism. Economic liberals commonly adhere to a political and economic philosophy that advocates a restrained fiscal policy and a balanced budget through measures such as low taxes, reduced government spending, and minimized government debt. Free trade, deregulation, tax cuts, privatization, labour market flexibility, and opposition to trade unions are also common positions.

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Economically liberal in the context of David Cameron

David William Donald Cameron, Baron Cameron of Chipping Norton (born 9 October 1966), is a British politician who served as Prime Minister of the United Kingdom from 2010 to 2016. Until 2015, he led the first coalition government in the UK since 1945 and resigned after a referendum supported the country's leaving the European Union. After his premiership, he served as Foreign Secretary in the government of prime minister Rishi Sunak from 2023 to 2024. Cameron was Leader of the Conservative Party from 2005 to 2016 and served as Leader of the Opposition from 2005 to 2010. He was Member of Parliament (MP) for Witney from 2001 to 2016, and has been a member of the House of Lords since November 2023. Cameron identifies as a one-nation conservative and has been associated with both economically liberal and socially liberal policies.

Born in London to an upper-middle-class family, Cameron was educated at Eton College and Brasenose College, Oxford. After becoming an MP in 2001, he served in the opposition Shadow Cabinet under Conservative leader Michael Howard, and succeeded Howard in 2005. Following the 2010 general election, negotiations led to Cameron becoming prime minister as the head of a coalition government with the Liberal Democrats.

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Economically liberal in the context of Protectionism

Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors and raise government revenue. Opponents argue that protectionist policies reduce trade, and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries against which the protections are implemented.

Protectionism has been advocated mainly by parties that hold economic nationalist positions, while economically liberal political parties generally support free trade.

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Economically liberal in the context of Italian Republican Party

The Italian Republican Party (Italian: Partito Repubblicano Italiano, PRI) is a political party in Italy established in 1895, which makes it the oldest political party still active in the country. The PRI identifies with 19th-century classical radicalism, as well as Mazzinianism, and its modern incarnation is associated with liberalism, social liberalism, and centrism. The PRI has old roots and a long history that began with a left-wing position, being the heir of the Historical Far Left and claiming descent from the political thought of Giuseppe Mazzini and Giuseppe Garibaldi. With the rise of the Italian Communist Party and the Italian Socialist Party (PSI) to its left, it was associated with centre-left politics. The early PRI was also known for its anti-clerical, anti-monarchist, republican, and later anti-fascist stances. While maintaining those traits, during the second half of the 20th century the party moved towards the centre on the left–right political spectrum, becoming increasingly economically liberal.

After 1949, the PRI was a member of the pro-NATO alliance formed by Christian Democracy (DC), the Italian Democratic Socialist Party, and the Italian Liberal Party (PLI), enabling it to participate in most governments of the 1950s, a period later known as Centrism. In 1963, the party helped bring together DC and PSI in Italy's first centre-left government, the Organic centre-left. Although small in terms of voter support, the PRI was influential thanks to leaders like Eugenio Chiesa, Giovanni Conti, Cipriano Facchinetti, Randolfo Pacciardi, Oronzo Reale, Ugo La Malfa, Bruno Visentini, Oddo Biasini and Giovanni Spadolini. The latter served as Prime Minister of Italy in 1981–1982, the first non Christian Democrat since 1945. From 1976 to 2010, the PRI was a member of the European Liberal Democrat and Reform Party (ELDR), along with the PLI, and the two parties usually ran together in European Parliament elections. After joining the centrist Segni Pact in 1994, the PRI was part of the centre-left coalition from 1996 to 2006, and then of the centre-right coalition from 2008 to 2013 (its leader Giorgio La Malfa was Minister for European Affairs from 2005 to 2006). Afterwards, it ran alone until joining the centrist Action – Italia Viva in 2022.

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Economically liberal in the context of Jair Bolsonaro

Jair Messias Bolsonaro (Brazilian Portuguese: [ʒaˈiʁ meˈsi.ɐz bowsoˈnaɾu] ; born 21 March 1955) is a Brazilian politician and former military officer who served as the 38th president of Brazil from 2019 to 2023. He subsequently was convicted of attempting a coup and sentenced to prison.

Born in Glicério, São Paulo, Bolsonaro began serving in the Brazilian Army in 1973 and graduated from the Military Academy of Agulhas Negras in 1977. He attracted publicity in 1986 after he wrote an article for Veja magazine criticizing the low wages of military officers, after which he was arrested and detained for fifteen days. He left the army and was elected to the Municipal Chamber of Rio de Janeiro two years later. In 1990 he was first elected to the Chamber of Deputies as a representative for the state of Rio de Janeiro. During his 27-year tenure as a congressman he became known for his national conservatism. Bolsonaro entered the 2018 presidential election, during which he began advocating economically liberal and pro-market policies. After surviving an assassination attempt on 6 September, he led in the 7 October first-round results and defeated Fernando Haddad in the 28 October runoff.

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Economically liberal in the context of Conservative liberalism

Conservative liberalism, also referred to as right-liberalism, is a variant of liberalism combining liberal values and policies with conservative stances, or simply representing the right wing of the liberal movement. In the case of modern conservative liberalism, scholars sometimes see it as a less radical variant of classical liberalism; it is also referred to as an individual tradition that distinguishes it from classical liberalism and social liberalism. Conservative liberal parties tend to combine economically liberal policies with more traditional stances and personal beliefs on social and ethical issues. Ordoliberalism is an influential component of conservative-liberal thought, particularly in its German, British, Canadian, French, Italian, and American manifestations.

In general, liberal conservatism and conservative liberalism have different philosophical roots. Historically, liberal conservatism refers mainly to the case where conservatives embrace the elements of classical liberalism, and conservative liberalism refers to classical liberals who support a laissez-faire economy as well as socially conservative principles. Since conservatives gradually accepted classical liberal institutions, there is very little to distinguish liberal conservatives from conservative liberals. Neoconservatism has also been identified as an ideological relative or twin to conservative liberalism, and some similarities exist also between conservative liberalism and national liberalism.

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Economically liberal in the context of Third Way

The Third Way is a predominantly centrist political position that attempts to reconcile centre-right and centre-left politics by synthesising a combination of economically liberal and social democratic economic policies.

The Third Way is a reconceptualisation of social democracy. It supports workfare instead of welfare, work training programs, educational opportunities, and other government programs that give citizens a 'hand-up' instead of a 'hand-out'. The Third Way seeks a compromise between a less interventionist economic system as supported by neoliberals and Keynesian social democratic spending policy supported by social democrats and progressives.

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Economically liberal in the context of Nick Clegg

Sir Nicholas William Peter Clegg (born 7 January 1967) is a British retired politician and media executive who served as Deputy Prime Minister of the United Kingdom from 2010 to 2015 and as Leader of the Liberal Democrats from 2007 to 2015. He was Member of Parliament (MP) for Sheffield Hallam from 2005 to 2017. An "Orange Book" liberal, he has been associated with both socially liberal and economically liberal policies.

Born in Buckinghamshire, Clegg was educated at Westminster School before going on to study at the University of Cambridge, University of Minnesota and College of Europe. He worked as a journalist for the Financial Times before becoming a Member of the European Parliament (MEP) in 1999. After his election to the House of Commons in 2005, Clegg served in a variety of leadership roles in the Liberal Democrats, most notably as spokesperson for Home Affairs, before being elected to succeed Menzies Campbell as party leader in 2007. During his tenure as leader, Clegg said that the Liberal Democrats had transcended left and right-wing politics and described the party as radical centrist. He supported reduced taxes, electoral reform, cuts on defence spending and an increased focus on environmental issues.

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Economically liberal in the context of Oeiras, Portugal

Oeiras (locally [ɔˈɐjɾɐʃ] ) is a town and municipality in the western part of Lisbon metropolitan area, located within the Portuguese Riviera, in continental Portugal. The municipality is part of the urban agglomeration of Lisbon and the town of Oeiras is about 16 km from Lisbon downtown. The population in 2011 was 172,120 living in an area of 45.88 km, making the municipality the fifth-most densely populated in Portugal.

Oeiras is an important economic hub, being one of the most highly developed municipalities of Portugal and Europe. It has the highest GDP per capita in the country, being also the second highest-ranking municipality (immediately after Lisbon) in terms of purchasing power as well as the second highest-ranking in the country as far as tax collection is concerned. These economic indicators also reflect the education level of its inhabitants, as Oeiras is the municipality with the highest concentration of population by tertiary education attainment in the country, their entrepreneurial prowess and the economically liberal mindset of Oeiras' society in general. It also has the lowest unemployment rate in the Lisbon area.

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