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Classical liberalism, contrary to progressive branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation. [2] Until the Great Depression and the rise of social liberalism, classical liberalism was called economic liberalism.
Essentially they espouse classical liberalism, that is a form of democratized Whig constitutionalism plus the free market. The point of difference comes with the influence of social liberalism." [1] Economically, modern liberalism supports government regulation on private industry, opposes corporate monopolies, and supports labor rights. [2]
Classical 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. [41]
Modern classical liberals oppose the concepts of social democracy and the welfare state. [93] The Bourbon Democrats were a faction of the Democratic Party in the 19th century that aligned with classical liberalism, [94] as does the modern-day Blue Dog Coalition. [95]
Modern American liberalism includes social liberalism and progressivism, developing during the Progressive Era and the Great Depression. Besides conservatism and liberalism, the United States has a notable libertarian movement, developing during the mid-20th century as a revival of classical liberalism.
Liberalism can mean different things in different contexts, being sometimes on the left (social liberalism) and other times on the right (conservative liberalism or classical liberalism). Those with an intermediate outlook are sometimes classified as centrists.
By the end of the 19th century, the principles of classical liberalism were being increasingly challenged by downturns in economic growth, a growing perception of the evils of poverty, unemployment and relative deprivation present within modern industrial cities and the agitation of organized labour. The ideal of the self-made individual, who ...
In the United States today, it is most associated with the definition of modern liberalism, which is a combination of social liberalism, public welfare and a mixed economy, [12] which is in contrast to classical liberalism.