6 free markets to survive and to flourish individuals

Info icon This preview shows pages 4–6. Sign up to view the full content.

View Full Document Right Arrow Icon
6. Free Markets. To survive and to flourish, individuals need to engage in economic activity. The right to property entails the right to exchange property by mutual agreement. Free markets are the economic system of free individuals, and they are necessary to create wealth. Libertarians believe that people will be both freer and more prosperous if government intervention in people's economic choices is minimized. Leave it up to the markets without government regulation and interference. The market will always determine what is right. The implications of this can be important. What about the morality of letting markets decide (i.e., pornography, prostitution, marijuana?). What about externalities such as pollution and other environmental issues? Will the market respond to these problems if let alone? 7. The Virtue of Production. Libertarians defend the right of people to keep the fruits of their labor. This effort developed into a respect for the dignity of work and production and especially for the growing middle class, who were looked down upon by aristocrats. Modern libertarians defend the right of productive people to keep what they earn, against a new class of politicians and bureaucrats who would seize their earnings to transfer them to non-producers. As such taxes should be kept at a minimal. 4
Image of page 4

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Power, Authority, and Exchange – ISS 225 Ideology 8. Natural Harmony of Interests. Libertarians believe that there is a natural harmony of interests among peaceful, productive people in a just society. One person's individual plans -- which may involve getting a job, starting a business, buying a house, and so on -- may conflict with the plans of others, so the market makes many of us change our plans. Only when government begins to hand out rewards (medical insurance, welfare, subsidies) on the basis of political pressure do we find ourselves involved in group conflict, pushed to organize and contend with other groups for a piece of political power. Government, therefore, causes the conflicts. 9. Peace. Libertarians have always battled the age-old scourge of war. They understood that war brought death and destruction on a grand scale, disrupted family and economic life, and put more power in the hands of the ruling class -- which might explain why the rulers did not always share the popular sentiment for peace. Free men and women, of course, have often had to defend their own societies against foreign threats; but throughout history, war has usually been the common enemy of peaceful, productive people on all sides of the conflict. The one role of government that all libertarians tend to support is defense against foreign threats, but even here it should be limited. Libertarians tend to oppose the wars in Iraq and Afghanistan.
Image of page 5
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern