Liberalism

389 quotes found

"It is a false liberalism that interprets itself into the government operation of commercial business. Every step of bureaucratizing of the business of our country poisons the very roots of liberalism -- that is, political equality, free speech, free assembly, free press, and equality of opportunity. It is the road not to more liberty, but to less liberty. Liberalism should be found not striving to spread bureaucracy but striving to set bounds to it. True liberalism seeks all legitimate freedom first in the confident belief that without such freedom the pursuit of all other blessings and benefits is vain. That belief is the foundation of all American progress, political as well as economic. Liberalism is a force truly of the spirit, a force proceeding from the deep realization that economic freedom cannot be sacrificed if political freedom is to be preserved. Even if governmental conduct of business could give us more efficiency instead of less efficiency, the fundamental objection to it would remain unaltered and unabated. It would destroy political equality. It would increase rather than decrease abuse and corruption. It would stifle initiative and invention. It would undermine the development of leadership. It would cramp and cripple the mental and spiritual energies of our people. It would extinguish equality and opportunity. It would dry up the spirit of liberty and progress. For these reasons primarily it must be resisted. For a hundred and fifty years liberalism has found its true spirit in the American system, not in the European systems."

- Liberalism

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"When then is liberalism correctly understood? Liberalism is not an exclusvely political term. It can be applied to a prison reform, to an economic order, to a theology. Within the political framework, the question is not (as in a democracy) “Who should rule?” but “How should rule be exercised?” The reply is “Regardless of who rules—a monarch, an elite, a majority, or a benevolent dictator—governments should be exercised in such a way that each citizen enjoys the greatest amount of personal liberty.” The limit of liberty is obviously the common good. But, admittedly, the common good (material as well as immaterial) is not easily defined, for it rests on value judgments. Its definition is therefore always somewhat arbitrary. Speed limits curtail freedom in the interests of the common good. Is there a watertight case for forty, forty-five, or fifty miles an hour? Certainly not. ... Freedom is thus the only postulate of liberalism—of genuine liberalism. If, therefore, democracy is liberal, the life, the whims, the interests of the minority will be just as respected as those of the majority. Yet surely not only a democracy, but a monarchy (absolute or otherwise) or an aristocratic (elitist) regime can be liberal. In fact, the affinity between democracy and liberalism is not at all greater than that between, say, monarchy and liberalism or a mixed government and liberalism. (People under the Austrian monarchy, which was not only symbolic but an effective mixed government, were not less free than those in Canada, to name only one example.)"

- Liberalism

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"As Part IV of this book will chart, the financial and economic crisis of 2007–2012 morphed between 2013 and 2017 into a comprehensive political and geopolitical crisis of the post–cold war order. And the obvious political implication should not be dodged. Conservatism might have been disastrous as a crisis-fighting doctrine, but events since 2012 suggest that the triumph of centrist liberalism was false too. As the remarkable escalation of the debate about inequality in the United States has starkly exposed, centrist liberals struggle to give convincing answers for the long-term problems of modern capitalist democracy. The crisis added to those preexisting tensions of increasing inequality and disenfranchisement, and the dramatic crisis-fighting measures adopted since 2008, for all their short-term effectiveness, have their own, negative side effects. On that score the conservatives were right. Meanwhile, the geopolitical challenges thrown up, not by the violent turmoil of the Middle East or “Slavic” backwardness but by the successful advance of globalization, have not gone away. They have intensified. And though the “Western alliance” is still in being, it is increasingly uncoordinated. In 2014 Japan lurched toward confrontation with China. And the EU—the colossus that “does not do geopolitics”—“sleepwalked” into conflict with Russia over Ukraine. Meanwhile, in the wake of the botched handling of the eurozone crisis, Europe witnessed a dramatic mobilization on both Left and Right. But rather than being taken as an expression of the vitality of European democracy in the face of deplorable governmental failure, however disagreeable that expression may in some cases be, the new politics of the postcrisis period were demonized as “populism,” tarred with the brush of the 1930s or attributed to the malign influence of Russia. The forces of the status quo gathered in the Eurogroup set out to contain and then to neutralize the left-wing governments elected in Greece and Portugal in 2015. Backed up by the newly enhanced powers of the fully activated ECB, this left no doubt about the robustness of the eurozone. All the more pressing were the questions about the limits of democracy in the EU and its lopsidedness. Against the Left, preying on its reasonableness, the brutal tactics of containment did their job. Against the Right they did not, as Brexit, Poland and Hungary were to prove."

- Liberalism

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"Every student with the misfortune to have studied economics at school or university will know that “the market” is the god before which we must all kneel. Markets bring s and producers together to ensure an equilibrium of , the textbooks tell us. We may all be individuals each pursuing our own private interests, but this selfish endeavour miraculously results in an optimum outcome for all. You don’t even have to step inside a classroom to have received this lesson. It’s rammed home in normal times in every newspaper, in every news bulletin on the TV, in every politician’s speech. Just listen to them. Governments can’t expand spending on Newstart because “the markets” won’t allow it. Governments shouldn’t ramp up public housing because that will throw property markets into a spin. Competition should be opened between universities because a market in education will sift out the bad providers from the good. The champions of the market, if challenged to explain how it is that markets consistently result in supplies of goods lurching from shortages to gluts, point to the economic dysfunction of the old Soviet Union as proof that if “planning” replaces the market, a much bigger disaster ensues. It doesn’t take an Einstein to see what rubbish this is. The last thing any capitalist wants is “free competition”, because that might squeeze their profits. Just look at how the supermarkets have destroyed small shops or how any new industry that emerges is soon dominated by three or four companies globally."

- Free market

0 likesLiberalismEconomic systems
"But there’s another angle to this. Capitalists preach “the market” for the working class – stand on your own two feet, don’t rely on the government – but themselves sponge off the public big time. Just look at the billions in subsidies and tax concessions the fossil fuel companies, huge enterprises for the most part, extract from state and federal governments in Australia. The vehicle manufacturers raked in hundreds of millions a year from the for decades until deciding it wasn’t enough and went overseas. This is why big companies and industry groups hire armies of former politicians to lobby on their behalf in the offices of premiers and prime ministers – there’s money in government coffers and they want it. And while the capitalists talk about “the market” setting wages for workers, in reality, they don’t really allow the market to do the job. They use the whole apparatus of state repression, the industrial tribunals, the police, the courts to suppress workers’ rights to organise to pursue their demands. But when a crisis hits all the bullshit about the market is thrown to the winds. And that is just what we are seeing now. Faced with the collapse of the capitalist economy, for the second time in a dozen years, with massive bankruptcies on the table and the stock market plunging by more than 30 percent and more to come, fervent advocates of the free market are now embracing government intervention to save their skins."

- Free market

0 likesLiberalismEconomic systems
"As the most powerful state, the U.S. makes its own laws, using force and conducting economic warfare at will. It also threatens sanctions against countries that do not abide by its conveniently flexible notions of "free trade." In one important case, Washington has employed such threats with great effectiveness (and GATT approval) to force open Asian markets for U.S. tobacco exports and advertising, aimed primarily at the growing markets of women and children. The U.S. Agriculture Department has provided grants to tobacco firms to promote smoking overseas. Asian countries have attempted to conduct educational anti-smoking campaigns, but they are overwhelmed by the miracles of the market, reinforced by U.S. state power through the sanctions threat. Philip Morris, with an advertising and promotion budget of close to $9 billion in 1992, became China's largest advertiser. The effect of Reaganite sanction threats was to increase advertising and promotion of cigarette smoking (particularly U.S. brands) quite sharply in Japan, Taiwan, and South Korea, along with the use of these lethal substances. In South Korea, for example, the rate of growth in smoking more than tripled when markets for U.S. lethal drugs were opened in 1988. The Bush Administration extended the threats to Thailand, at exactly the same time that the "war on drugs" was declared; the media were kind enough to overlook the coincidence, even suppressing the outraged denunciations by the very conservative Surgeon-General. Oxford University epidemiologist Richard Peto estimates that among Chinese children under 20 today, 50 million will die of cigarette-related diseases..."

- Free market

0 likesLiberalismEconomic systems
"Every student with the misfortune to have studied economics at school or university will know that “the market” is the god before which we must all kneel. Markets bring s and producers together to ensure an equilibrium of , the textbooks tell us. We may all be individuals each pursuing our own private interests, but this selfish endeavour miraculously results in an optimum outcome for all. You don’t even have to step inside a classroom to have received this lesson. It’s rammed home in normal times in every newspaper, in every news bulletin on the TV, in every politician’s speech. Just listen to them. Governments can’t expand spending on Newstart because “the markets” won’t allow it. Governments shouldn’t ramp up public housing because that will throw property markets into a spin. Competition should be opened between universities because a market in education will sift out the bad providers from the good. The champions of the market, if challenged to explain how it is that markets consistently result in supplies of goods lurching from shortages to gluts, point to the economic dysfunction of the old Soviet Union as proof that if “planning” replaces the market, a much bigger disaster ensues. It doesn’t take an Einstein to see what rubbish this is. The last thing any capitalist wants is “free competition”, because that might squeeze their profits. Just look at how the supermarkets have destroyed small shops or how any new industry that emerges is soon dominated by three or four companies globally."

- Laissez-faire

0 likesLiberalism
"But there’s another angle to this. Capitalists preach “the market” for the working class – stand on your own two feet, don’t rely on the government – but themselves sponge off the public big time. Just look at the billions in subsidies and tax concessions the fossil fuel companies, huge enterprises for the most part, extract from state and federal governments in Australia. The vehicle manufacturers raked in hundreds of millions a year from the for decades until deciding it wasn’t enough and went overseas. This is why big companies and industry groups hire armies of former politicians to lobby on their behalf in the offices of premiers and prime ministers – there’s money in government coffers and they want it. And while the capitalists talk about “the market” setting wages for workers, in reality, they don’t really allow the market to do the job. They use the whole apparatus of state repression, the industrial tribunals, the police, the courts to suppress workers’ rights to organise to pursue their demands. But when a crisis hits all the bullshit about the market is thrown to the winds. And that is just what we are seeing now. Faced with the collapse of the capitalist economy, for the second time in a dozen years, with massive bankruptcies on the table and the stock market plunging by more than 30 percent and more to come, fervent advocates of the free market are now embracing government intervention to save their skins."

- Laissez-faire

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"The radical centrists of the 21st century were better dressed and superficially better behaved than the Greens. But they had their own impediments to humanity and effectiveness. I got my first taste of this after my book Radical Middle was published in 2004 and I attended my first radical centrist … conference in Washington DC. I dearly wanted to meet some of the other writers whose books and articles were turning radical centrism into an emerging American political perspective. But when I introduced myself to the ones I most wanted to meet, the best known gave me stony stares and little face time. … I supposed it was just the old male competitiveness, rearing its silly head among the reconcilers, until I reread Ed Kilgore's weirdly ambivalent review of my book in the radical centrists' then-favorite magazine, the Washington Monthly. Kilgore characterized me as a person who'd "moved to Canada to avoid the draft" and "rubbed elbows there with the Weathermen," and later became a "New Age guru." There it was in a nutshell, I realized: my peers in the radical centrist community, ... many of them hoping for jobs in future political administrations, did not want a notorious New Age draft dodger exotic gumming up their ranks. I'd been in the Big World long enough to understand their concern. But it still hurt. And I knew this aversion to getting one's hands dirty would keep us from ever being able to take our movement beyond the world of think tanks and Big Ideas."

- Radical centrism

0 likesLiberalismPolitical philosophySociology
"Halstead and Lind drew explicitly on “The Radical Center: Middle Americans and the Politics of Alienation,” a sociological study published in 1976. Its author, Donald I. Warren, had supervised nearly 2,000 interviews with a cross-section of citizens, almost all of them white, in an effort to isolate the attitudes of “middle American radicals,” whose anger at political and social institutions had erupted in the early and mid-1970s. … Put roughly, “radicals” were blue-collar Catholics, and “average middles” were white-collar Protestants. The novelty of Halstead and Lind’s book lay in its suggestion that subsequent changes in demographics and party affiliation had collapsed the two warring factions into one. Between 1970 and 2000, the percentage of college graduates in the population at large had more than doubled, from one in 10 to one in four. Evangelicals had joined Catholics among the ranks of social conservatives. The working-class “flight” from the Democratic Party was all but completed in the 1980s and ’90s even as moderate Republicans began to vote for Democrats. The question Halstead and Lind tried to answer, whether this fusion of the two “middles” might form a new consensus, is again the most pressing issue of the day, with conflicting answers supplied by left and right, and with the outcome fluctuating from moment to moment, possibly confirming the authors’ guess that “the future of American politics may well belong to the major party that is first to renounce its more extreme positions.” This is why “The Radical Center” remains valuable even as the political realities that seemed to discredit its argument a decade ago have themselves proved fleeting."

- Radical centrism

0 likesLiberalismPolitical philosophySociology
"Since the mid-1970s, neoliberal economic policies have increasingly pervaded rich democracies. A list of such policies would include the following: enacting international trade agreements that strongly favor capital interests and constrain democratic policy making; deregulating markets (especially in the financial sector); tightening bankruptcy regulations and imposing harsher policies toward individual and state debtors; enhancing intellectual property protections; cutting taxes (especially on top incomes, capital income, and inheritance); retrenching the welfare state (especially replacing cash benefits with benefits conditioned on work); weakening antitrust enforcement; assaulting labor unions and laws protecting workers; reducing workers' pensions; delegating labor and trade disputes to private arbitrators; outsourcing public functions to private enterprise; and replacing Keynesian economic policies oriented to full employment with fiscal austerity. Taken together, these policies have had three principal effects. First, they have increased economic inequality and shifted the distribution of income from labor to capital, leading to stagnant wages for lower-tier workers, even as productivity has grown. Second, these policies have also constrained and undermined democracy, reducing its ability to respond to the needs and interests of ordinary people . . . Third, neoliberal policies have shifted economic and political power to private businesses, executives, and the very rich. More and more, these organizations and individuals govern everyone else."

- Keynesian economics

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"That austerity is a counterproductive economic policy in a situation of economic recession can be seen, rightly, as a “Keynesian critique.” Keynes did argue—and persuasively—that to cut public expenditure when an economy has unused productive capacity as well as unemployment owing to a deficiency of effective demand would tend to have the effect of slowing down the economy further and increasing—rather than decreasing—unemployment. Keynes certainly deserves much credit for making that rather basic point clear even to policymakers, irrespective of their politics, and he also provided what I would call a sketch of a theory of explaining how all this can be nicely captured within a general understanding of economic interdependences between different activities... I am certainly supportive of this Keynesian argument, and also of Paul Krugman’s efforts in cogently developing and propagating this important perspective, and in questioning the policy of massive austerity in Europe. But I would also argue that the unsuitability of the policy of austerity is only partly due to Keynesian reasons. Where we have to go well beyond Keynes is in asking what public expenditure is for—other than for just strengthening effective demand, no matter what its content. As it happens, European resistance to savage cuts in public services and to indiscriminate austerity is not based only, or primarily, on Keynesian reasoning. The resistance is based also on a constructive point about the importance of public services—a perspective that is of great economic as well as political interest in Europe."

- Keynesian economics

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"I think that today Keynesian economists primarily distinguish themselves from other economists through their belief that you cannot understand the behavior of our economy on the assumption that it is always at or near a full, or Walrasian, equilibrium, and that you cannot account for the movements that you see in output and employment on the assumption that everything you see is at the intersection of traditional supply and demand curves, and that the movements are only accounted for by shifts in those curves People who think of themselves as Keynesian economists can be divided as to what they would put in place of Walrasian equilibrium. Some of them think that what we observe in the world is a disequilibrium. If the economy is moving toward Walrasian equilibrium, it is doing so very slowly. Another group of Keynesian economists, who are in some ways closer to Keynes, believe that the economy is characterized by multiple equilibria; a modern capitalist economy is capable perhaps of producing a good Walrasian equilibrium, but also a bad equilibrium, that is, a situation with bad welfare properties and without forces that move the economy away from such a situation. I find myself halfway between those two schools of thought. I used to think that the correct analysis would emphasize disequilibrium. Now I have some doubts about that. Either of these approaches is a Keynesian alternative to the idea that the economy should be regarded as being in a Walrasian equilibrium."

- Keynesian economics

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"If we are to grasp the dynamics of this unforecasted storm, we have to move beyond the familiar cognitive frame of macroeconomics that we inherited from the early twentieth century. Forged in the wake of World War I and World War II, the macroeconomic perspective on international economics is organized around nation-states, national productive systems and the trade imbalances they generate. It is a view of the economy that will forever be identified with John Maynard Keynes. Predictably, the onset of the crisis in 2008 evoked memories of the 1930s and triggered calls for a return to “the master.” And Keynesian economics is, indeed, indispensable for grasping the dynamics of collapsing consumption and investment, the surge in unemployment and the options for monetary and fiscal policy after 2009. But when it comes to analyzing the onset of financial crises in an age of deep globalization, the standard macroeconomic approach has its limits. In discussions of international trade it is now commonly accepted that it is no longer national economies that matter. What drives global trade are not the relationships between national economies but multinational corporations coordinating far-flung “value chains.” The same is true for the global business of money. To understand the tensions within the global financial system that exploded in 2008 we have to move beyond Keynesian macroeconomics and its familiar apparatus of national economic statistics. As Hyun Song Shin, chief economist at the Bank for International Settlements and one of the foremost thinkers of the new breed of “macrofinance,” has put it, we need to analyze the global economy not in terms of an “island model” of international economic interaction—national economy to national economy—but through the “interlocking matrix” of corporate balance sheets—bank to bank. As both the global financial crisis of 2007–2009 and the crisis in the eurozone after 2010 would demonstrate, government deficits and current account imbalances are poor predictors of the force and speed with which modern financial crises can strike. This can be grasped only if we focus on the shocking adjustments that can take place within this interlocking matrix of financial accounts. For all the pressure that classic “macroeconomic imbalances”—in budgets and trade—can exert, a modern global bank run moves far more money far more abruptly."

- Keynesian economics

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"Since the mid-1970s, neoliberal economic policies have increasingly pervaded rich democracies. A list of such policies would include the following: enacting international trade agreements that strongly favor capital interests and constrain democratic policy making; deregulating markets (especially in the financial sector); tightening bankruptcy regulations and imposing harsher policies toward individual and state debtors; enhancing intellectual property protections; cutting taxes (especially on top incomes, capital income, and inheritance); retrenching the welfare state (especially replacing cash benefits with benefits conditioned on work); weakening antitrust enforcement; assaulting labor unions and laws protecting workers; reducing workers' pensions; delegating labor and trade disputes to private arbitrators; outsourcing public functions to private enterprise; and replacing Keynesian economic policies oriented to full employment with fiscal austerity. Taken together, these policies have had three principal effects. First, they have increased economic inequality and shifted the distribution of income from labor to capital, leading to stagnant wages for lower-tier workers, even as productivity has grown. Second, these policies have also constrained and undermined democracy, reducing its ability to respond to the needs and interests of ordinary people . . . Third, neoliberal policies have shifted economic and political power to private businesses, executives, and the very rich. More and more, these organizations and individuals govern everyone else."

- Elizabeth S. Anderson

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"The arrival of the COVID-19 pandemic in early 2020, unfolding around the world as I write these words, will likely be remembered as an epochal shift. [...] Already, in the that the crisis has unleashed, we are seeing extraordinary measures emerge that reveal that much of the neoliberal regime’s claims to necessity and austerity were transparent lies. The God-like market has fallen, again. In different places a variety of measures are being introduced that would have been unimaginable even weeks ago. These have included the suspension of rents and mortgages, the free provision of public transit, the deployment of basic incomes, a hiatus in debt payments, the commandeering of privatized hospitals and other once-public infrastructure for the public good, the liberation of incarcerated people, and governments compelling private industries to reorient production to common needs. We hear news of significant numbers of people refusing to work, taking wildcat labor action, and demanding their right to live in radical ways. In some places, the underhoused are seizing vacant homes. We are discovering, against the upside-down capitalist value paradigm which has enriched the few at the expense of the many, whose labor is truly valuable: care, service, and frontline public sector workers. There has been a proliferation of grassroots radical demands for policies of care and solidarity not only as emergency measures, but in perpetuity. and capitalist are panicking, fearful that half a century of careful ideological work to convince us of the necessity of neoliberalism ⁠— the transformation of our very souls ⁠— will be dispelled in the coming weeks and months. The sweet taste of freedom ⁠— real, interdependent freedom, not the lonely freedom of the market ⁠— lingers on the palate like a long-forgotten memory, but quickly turns bitter when its nectar is withdrawn. If we do not defend these material and spiritual gains, capitalism will come for its revenge."

- Max Haiven

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"I am a capitalist, and after a 30-year career in capitalism... I'm not just in the top one percent, I'm in the top .01 percent of all earners. Today, I have come to share the secrets of our success, because rich capitalists like me have never been richer... How do we manage to grab an ever-increasing share of the economic pie every year? ... here's the dirty secret. There was a time in which the economics profession worked in the public interest, but in the neoliberal era, today, they work only for big corporations and billionaires... We could choose to enact economic policies that raise taxes on the rich, regulate powerful corporations or raise wages for workers... But neoliberal economists would warn that all of these policies would be a terrible mistake, because raising taxes always kills economic growth, and any form of government regulation is inefficient, and raising wages always kills jobs. Well, as a consequence of that thinking, over the last 30 years, in the USA alone, the top one percent has grown 21 trillion dollars richer while the bottom 50 percent have grown 900 billion dollars poorer, a pattern of widening inequality that has largely repeated itself across the world. And yet, as middle class families struggle to get by on wages that have not budged in about 40 years, neoliberal economists continue to warn that the only reasonable response to the painful dislocations of austerity and globalization is even more austerity and globalization."

- Nick Hanauer

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"This response was surprising not only because of its scale but also because it contradicted the conventional narrative of economic history since the 1970s. The decades prior to the crisis had been dominated by the idea of a “market revolution” and the rollback of state interventionism. Government and regulation continued, of course, but they were delegated to “independent” agencies, emblematically the “independent central banks,” whose job was to ensure discipline, regularity and predictability. Politics and discretionary action were the enemies of good governance. The balance of power was hardwired into the normality of the new regime of deflationary globalization, what Ben Bernanke euphemistically referred to as the “great moderation.” The question that hung over the dispensation of “neoliberalism” was whether the same rules applied to everyone or whether the truth was that there were rules for some and discretion for others. The events of 2008 massively confirmed the suspicion raised by America’s selective interventions in the emerging market crises of the 1990s and following the dot-com crisis of the early 2000s. In fact, neoliberalism’s regime of restraint and discipline operated under a proviso. In the event of a major financial crisis that threatened “systemic” interests, it turned out that we lived in an age not of limited but of big government, of massive executive action, of interventionism that had more in common with military operations or emergency medicine than with law-bound governance. And this revealed an essential but disconcerting truth, the repression of which had shaped the entire development of economic policy since the 1970s. The foundations of the modern monetary system are irreducibly political."

- Adam Tooze

0 likesLiberalism
"As the most powerful state, the U.S. makes its own laws, using force and conducting economic warfare at will. It also threatens sanctions against countries that do not abide by its conveniently flexible notions of "free trade." In one important case, Washington has employed such threats with great effectiveness (and GATT approval) to force open Asian markets for U.S. tobacco exports and advertising, aimed primarily at the growing markets of women and children. The U.S. Agriculture Department has provided grants to tobacco firms to promote smoking overseas. Asian countries have attempted to conduct educational anti-smoking campaigns, but they are overwhelmed by the miracles of the market, reinforced by U.S. state power through the sanctions threat. Philip Morris, with an advertising and promotion budget of close to $9 billion in 1992, became China's largest advertiser. The effect of Reaganite sanction threats was to increase advertising and promotion of cigarette smoking (particularly U.S. brands) quite sharply in Japan, Taiwan, and South Korea, along with the use of these lethal substances. In South Korea, for example, the rate of growth in smoking more than tripled when markets for U.S. lethal drugs were opened in 1988. The Bush Administration extended the threats to Thailand, at exactly the same time that the "war on drugs" was declared; the media were kind enough to overlook the coincidence, even suppressing the outraged denunciations by the very conservative Surgeon-General. Oxford University epidemiologist Richard Peto estimates that among Chinese children under 20 today, 50 million will die of cigarette-related diseases, an achievement that ranks high even by 20th century standards."

- Free trade

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