Note - Summary - $! . A. 1 ' Ad;l111 S ltirli (1723-1793):...

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$! . Ad;l111 Sltirli (1723-1793): (cl;~ssic:ll libelxlis111) ll~e firs! ;~c:~dc~~iic cco~~o~ilisl :11lr1 iou~~derof lllr d~scipli~~e of econo~nics and the ;~ulltor 01' Tl~r We;lltIi of N;~lions. For S~nilli. IILII~:III co~~duct is sriculaled by six nol lives: s-, s-v, desire 10 be iree. sense of prop~icty. 1-1' I:~bour and EoP~~~l~k bd. ne~dlidwc~nu~. Frolli Illis c011cepI. Iiulllilll 1x1s IIS O%\'II Sell. iZGs1 and if Itelshe allo\ved to puruse il. lie will contribute u~lrviltil~gly lo llle COI IOI, good. 111 process of pursuit sel1'-i1ireres1. edcholle is led by II invisible hm~d. The invisiblr hand is ;n ~narker guided by [he force oidena~~d and supply Exchange IIXI~KS possim'e~le si~nult:~~leous satifactiotl of il~dividual i~~ierest ~;h?l~~~70;b there lnusl be IO obstxcles to trade. ~vliicli servcs lo ~naxi~nize the adwtlage of division of labour and specializ:~tios (productivir)') (tnlde tlieo~y). Economic freedom and cornpetilion musl, therefore, be 111:tde lo prev:lil. Tlj:~o~q~e!~o~~is belief is [he role ol rke.pemnlr. Goven~~~ienr is best whicl~ ooverns 1e;at (laisscz-hire). Tl~r h;~rtion of g~v&tment should li~nit to: (a) defence agai~lsl tbreigl-11, (b) exact admiaistratio~~ of justice. and (c) ulldenaking public works 11x11 :ire 1101 profirable 10 p~ivilte enterprise. (econo~luc liberalism or Liisscz-hire capili~lis~li) State: ppl Iving in a specific lerrilory under a colnmon leg:~l ;eid political ;lothonty. SovereigntL: is the lno~~opoly of coercive power wielded by the stale. exercised b] go!,eltillleln ;IS the apellt of tllt svste. Consti~tional'siln: a gover~l~irnt is lilttited ;old restr:lined by checks :lnd b;11;111ces. illcludillg tile assenion of polillcal rights and freedoni. A. Classical Likralis~n: look irs charccteristics form duri~t: 18"' a~d 19"'cent111ies,a1td .ave 1' ~deological expression to the profoul~d cha~~ges-social. econo~liic. and poliric:ll-e~~geiidered by [lie Illdustrial revolutio~t. It grew out llie diss;ttisf;ictio~~ on the p:ln of !new 2nd eae~adle classes with a social older Ihat f~s1r;lled [lie acliieve~ne~~t oi tllelr own sociaingenda. Twed ;!!I ellr~lrOllllKlll ior fee prodJct1011 illld free lrnde T11ey H':IICO peace. older OVCI .II'K,IS I,lige e~~~oll~i~re~:llllili~l~t~-fi~~:~n~ed soci.11 I 1Sl1111110.1S 111:tI nould ~ISPCIISC . - with ell obsolete and liierarchial srructu1.e and a political voice com~~rnsur;~le with [lie growing economic clouts, p;~nicul:uy in determining what socii~l services should be provided by lhe st:~lt sld how ~nucli Iliey would cost. Value oix society is ~ilcasured by Ihe salisfnclio~~ of lhc illdividu;~l. Anti dunlping: refer to goods lhal are sold at prices lower Ili;~n ill their do~nestic markel o Argued for the elimination of social secuiily aad otlier ele~iie~lrs of tlie wclklre s1:11c 3downsizitlg the public sector budget and expe~lditure o As the Iargest single purchaser of bevelage :tlcollol ill tlie world. 011la1io goveoitllcnc - .
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This document was uploaded on 10/25/2011 for the course LAPS adms1010 at York University.

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Note - Summary - $! . A. 1 ' Ad;l111 S ltirli (1723-1793):...

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