Portal:Libertarianism

Classical liberalism is a political philosophy committed to the ideal of limited government and liberty of individuals, including freedom of religion, speech, press, assembly and free markets.

Classical liberalism developed in the 19th century in Western Europe and the Americas. Although classical liberalism built on ideas that had already developed by the end of the 18th century, it advocated a specific kind of society, government and public policy required as a result of the Industrial Revolution and urbanization. Notable individuals who have contributed to classical liberalism include Jean-Baptiste Say, Thomas Malthus and David Ricardo. It drew on the economics of Adam Smith, a psychological understanding of individual liberty, natural law and utilitarianism and a belief in progress. Classical liberals established political parties that were called "Liberal", although in the United States classical liberalism came to dominate both existing major political parties. There was a revival of interest in classical liberalism in the 20th century led by Friedrich Hayek and Milton Friedman.

In the late 19th century, classical liberalism developed into neo-classical liberalism, which argued for government to be as small as possible in order to allow the exercise of individual freedom. In its most extreme form, it advocated social Darwinism. Right-libertarianism is a modern form of neo-classical liberalism. The term "classical liberalism" was applied in retrospect to distinguish earlier 19th-century liberalism from the newer social liberalism. Classical liberalism is also sometimes used to refer to all forms of liberalism before the 20th century whereas some American conservatives and libertarians use it to describe their belief in the primacy of economic freedom and minimal government. However, it is not always clear which meaning is intended.

“	I see America with half the number of prisons, half the number of prisoners, ten thousand fewer homicides a year, inner cities in which there's a chance for these poor people to live without being afraid for their lives, citizens who might be respectable who are now addicts not being subject to becoming criminals in order to get their drug, being able to get drugs for which they're sure of the quality. You know, the same thing happened under prohibition of alcohol as is happening now. Under prohibition of alcohol, deaths from alcohol poisoning, from poisoning by things that were mixed in with the bootleg alcohol, went up sharply. Similarly, under drug prohibition, deaths from overdose, from adulterations, from adulterated substances have gone up.	”
	— Milton Friedman (1912–2006) America's Drug Forum (1991)

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Adam Smith FRS FRSE FRSA (baptised 16 June [O.S. 5 June] 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics" or "The Father of Capitalism", he wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God's will and instead appeals to natural, political, social, economic, legal, environmental and technological factors and the interactions among them. Among other economic theories, the work introduced Smith's idea of absolute advantage.

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow, teaching moral philosophy and during this time, wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day. (Full article...)

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