Classical Liberalism and International Economic Order: by Razeen Sally

By Razeen Sally

This e-book makes an cutting edge hyperlink among classical liberalism and questions of overseas fiscal order. the writer starts with an summary of classical liberalism as utilized to family financial order. He then surveys the classical liberal culture from the Scottish Enlightenment to fashionable thinkers like Knight, Hayekn and Viner. ultimately, he brings jointly the insights of thinkers during this culture to supply an artificial evaluate of classical liberalism and foreign financial order.
The author's deployment of classical liberalism moves a special observe to different 'liberal' interpretations in economics and political technology. particularly, classical liberalism issues to the household preconditions of overseas order, and advocates unilateral liberalisation within the context of an institutional pageant among states.

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Additional resources for Classical Liberalism and International Economic Order: Studies in Theory and Intellectual History (Routledge Advances in International Political Economy, 2)

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Invading the property of another, not upholding contractual obligations) are kept in check by the rules of justice. 26 WHAT IS CLASSICAL LIBERALISM? Moreover, it is frankly Utopian to rely on benevolence or the Christian ‘love of thy neighbour’, whose strong influence is in any case very largely restricted to family, friends and close acquaintances. In a large, complex society, most of whose members are strangers to each other, it is chimerical to depend on benevolence as a principle of social cohesion.

28 The psychological premises and evolutionary epistemology of ‘critical rationalism’ lead to the theorisation not of a mechanical and simplistic constructed order, but of a highly differentiated spontaneous order or cosmos of social activities. It is spontaneous because it relies on self-generating and self-organising properties. Far from having simple cause-effect relations between a limited number of stable elements (as in a constructed order), it has a wide variety of elements —individuals, households, organisations, etc.

208–209; Robbins (1952), pp. , 57, 169 f. Positive in the sense of active engagement, such as providing public goods and modifying and improving the framework of general rules; negative in the sense of refraining from doing certain things, such as interfering with private property and prices. Hayek (1960), p. Knight, ‘Economic theory and nationalism’, in Knight (1935), p. 289. Robbins (1952), p. 196. Vanberg (1988), pp. 23–24; Vanberg (1994), pp. 77, 122. 34 3 THE INTERNATIONAL POLITICAL ECONOMY OF DAVID HUME AND ADAM SMITH Commercial openness, institutional change and unilateral free trade Beginning with David Hume and Adam Smith, the emphasis on free trade has been not just one of the postulates, but the very heart or essence, of economic liberalism.

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