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Economic liberalism and crisis

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  • Michel De Vroey

Abstract

In the many debates concerning economic liberalism, this appears as a monolithic reality. The aim of this paper is to show that this is not the case and that different degrees of liberalism must be distinguished: total liberalism, mitigated liberalism and mitigated anti-liberalism, with subdistinctions within the first two categories. In the first part of the paper, the characteristics of economic liberalism overall are recalled. Subsequently, Adam Smith's justification of liberalism is introduced. Finally, in the third part, I attempt to des-homogenize economic liberalism and show how different forms of this have been linked historically, particularly with respect to the great economic crises.

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File URL: ftp://ftp.drivehq.com/cavasco/lecturas/numero70/n70a1.pdf
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Bibliographic Info

Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

Volume (Year): (2009)
Issue (Month): 70 ()
Pages: 11-38

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Handle: RePEc:lde:journl:y:2009:i:70:p:11-38

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Web page: http://economia.udea.edu.co
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Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

Related research

Keywords: Smith; liberalism; types of liberalism; market economy; crisis;

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  1. Gonzalo Fernández de Córdoba & Timothy J. Kehoe, 2009. "The current financial crisis: what should we learn from the great depressions of the Twentieth Century?," Staff Report 421, Federal Reserve Bank of Minneapolis.
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