libertarianism

libertarianism

* is a strand of conservatism thinking influenced by Adam smith arguments for economic liberalism
* it advocates: individual liberty, maximum economic freedom and minimal government or state regulation
* known as neo liberalism and rejects paternalism
* key thinkers include Ayn rand and Robert Nozick

economy

* the free market is the only mechanism that can:
* efficiently supply goods and services on the basis of consumer demand
* determine the “natural” level of unemployment

economy 2

* inflation poses the biggest threat to the market economy because it inhibits economic and business activity
* to curb inflation government spending has to be cut to control the money supply

state

* the state involvement in the mixed economy, welfare programmes and public ownership are rejected as to expensive and inefficient
* instead “supply side” economic policies should be pursued to boost production
* obstacles such as government regulation, high taxation and trade union influence over the labour market should be removed to release the wealth creating potential of the free market
* taxation represents a form of legalised “state robbery” by transferring property (income) from one individual to another without their consent, thereby undermining property rights.

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human nature

* humans are naturally competitive, autonomous, individualistic, self interested and rational
* for this reason social welfare is rejected on moral grounds since such programmes create a “dependency culture” undermining personal responsibility, freedom and initiative