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Political Economy and Liberalism

1. Clark's four-way division of perspectives of political economy does not entirely separate each perspective from the other. Rather, these perspectives, while distinct, overlap and converge on several issue fronts. Classical Liberalism entails hierarchy and individualism; Modern Liberalism entails individualism and equality. Radicalism entails equality and community; Conservatism entails community and hierarchy (Clark 35-6).

The conservative perspective of human nature is that it is driven more by passion than reason and requires strong, hierarchical social structures to channel passion and foster individual personality development and the discovery of appropriate social roles. The view of government is that it should "maintain the natural order of society" (79), i.e., its hierarchical structure, functioning as a symbol of institutional order, tradition, and civic and family virtue while protecting property rights. Equality is absolute as far as basic citizenship and impartial dispensing of justice are concerned. Efficiency derives from orderly governance and material production (80) and maintaining social cohesiveness and individual virtue. At its extreme, it could degenerate into pathological nationalism.

The classical liberal perspective of human nature is that of rational self-interest. Society comprises such individuals, and government enables them to maximize their interests--typically economic and property-related (48-9). Equality is a matter of equal opportunity to engage in economic activity and of expectation of government protection of individual property rights. Inequality is a consequence, not of protection but of government intervention in markets. Efficiency is a zero-sum game of access to and expenditure of resources, in which "no person can be made better off without making someone else worse off" (49).

Like classical liberalism, modern liberalism sees human nature as basically rational. It also sees individu...

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Political Economy and Liberalism. (1969, December 31). In LotsofEssays.com. Retrieved 11:15, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1706997.html