The philosophies and institutions underlying classical liberalism are based on certain presumptions or core values that encompass freedom, equality, individual rights, limited government, constitutionalism and the rule of law. Within such concepts are certain postulates that form the basis of classical liberalism. The first of these is the notion of rational self-interest as the underlying principle motivation human behavior. The second of these is the notion that rationality is limited because of human passion, emotion, and irrationality.
Principles involved in liberalism include that of autonomy, in which it is posited that the individual is the best judge of his or her own interests. Another principle is the principle of equality, in that no individualÆs interests have more or less intrinsic value than those of anotherÆs. The principle of being free to pursue oneÆs own interests, so long as it does not harm the interests of another, is also involved in classical liberalism. A final core principle involved in classical liberalism is the belief that each individual should be held responsible for the consequences that stem from his or her actions.
In response to the economic and population-based pessimistic views of Thomas Malthus, who argued that ôhuman suffering and poverty were unavoidable, a natural result of overpopulationö, Jeremy Bentham proposed his view of utilitarianism (Cannistraro and Reich, 1999, 816). BenthamÆs theory of utility included the belief that laws and governments are in place to produce the ôgreatest good for the greatest numberö (Cannistraro et al., 1999, 817). Frederic Bastiat maintained that individuals are given the gift of life. This life is carried out in an environment of natural resources that are transformed into products to make life possible. To Bastiat, life must include freedom and the ability to keep the products of oneÆs own labor, or private property. In The Law, Bast...