Sunday, April 24, 2011

Definition: Classical Liberalism

Classical liberalism — which we shall call here simply liberalism — is based on the conception of civil society as, by and large, self-regulating when its members are free to act within very wide bounds of their individual rights. Among these the right to private property, including freedom of contract and free disposition of one's own labor, is given a very high priority. Historically, liberalism has manifested a hostility to state action, which, it insists, should be reduced to a minimum
Source:  Ralph Raico, Austrian Economics and Classical Liberalism at, 03/04/2010
Taken From:  Source

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