Laissez-Faire Liberalism
One main idea of Laissez-Faire Liberalism.
What is: it emphasizes that the government should stay away from the economy as much as possible?
These were the goals of the New Deal Order under Franklin D. Roosevelt.
What are relief, recovery, and reform from the Great Depression?
This late 20th-century economic theory says that free markets distribute resources more effectively than governments.
What is Neoliberalism?
This economist concluded that equilibrium was NOT the domininant characteristic in markets/economies.
Who is John Maynard Keynes?
This is the reason why political economic orders change.
What is crisis?
As a pure laissez-faire liberalist, my thoughts are this on the minimum wage.
What is: in opposition?
The idea that mass production and consumption pioneered by Henry Ford, characterized by assembly-line techniques, standardized products, and high wages for workers.
This process that loosens government regulations on industries to promote competition and private-sector innovation and is promoted by neoliberal policymakers.
What is deregulation?
This economist won a Nobel Prize for arguing that the free market (not the government) protects rights and standards.
Who is Milton Friedman?
Hayek and Friedman, despite being from different eras, have this in common.
What is being Nobel Prize winners?
This is a common critique of laissez-faire liberalism.
What is: It leads to the rich people getting richer and poor people getting poorer (worker exploitation)?
The difference between Fordism and the New Deal Order.
What is: Fordism is the economic idea of mass production and consumption; the New Deal Order is the framework that supported and stabilized that production model?
This worldwide movement, which is typified by free trade agreements, capital mobility, and production outsourcing, was accelerated by neoliberalism.
What is Economic Globalization?
The famous economist who said: “In the great chess-board of human society, every single piece has a principle of motion of its own, altogether different from that which the legislature might choose to impress upon it. If those two principles coincide and act in the same direction, the game of human society will go on easily and harmoniously, and is very likely to be happy and successful. If they are opposite or different, the game will go on miserably, and the society must be at all times in the highest degree of disorder.
Who is Friedrich Hayek?
This CEO turned General Electric's primary business from manufacturing to financial services.
Who is Jack Welch?
If a government enforces property rights and contracts, a strict laissez-faire theorist might raise this criticism.
What is, Those are still forms of market interference?
This is an example of a New Deal Order Policy.
What is: workers got protections and collective bargaining power because part of the new deal order is supporting worker's rights?
Critics contend that this kind of policy package, which includes austerity and privatization, is frequently necessary for neoliberal reforms enforced by organizations like the World Bank and IMF.
What are structural adjustment programs?
Hayek was principally concerned with these two political groups.
Who are the Bolsheviks and Nazis?
These were the principal reasons that laissez-faire liberalism ended in the U.S.
What are inflation, speculation, and the Great Depression?
Laissez-faire liberalism in its pure theoretical form.
What is: A political-economic philosophy that restricts the state to establishing and maintaining the legal conditions necessary for voluntary exchange, while refraining from directing or correcting market outcomes?
The underlying regulatory logic of the New Deal order as it relates to Fordism.
What is: The state constructs a regulatory framework that stabilizes capitalism by supporting mass production, encouraging mass consumption through rising wages, and institutionalizing labor-capital bargaining?
This French philosopher made the well-known claim that neoliberalism is a project that transforms people into "entrepreneurs of themselves" rather than merely an economic theory.
Who is Michel Foucault?
Keynes used this story to emphasize the importance of aggregate demand.
What is "the treasury filling old bottles with banknotes?"
This is why Stock Buybacks can be problematic.
What is: they inflate the value of a company without major changes?