AP® European History Crash Course, For the New 2020 Exam, Book + Online by Krieger Larry;Harrold Patti;

Author:Krieger, Larry;Harrold, Patti;
Language: eng
Format: epub
Publisher: Research & Education Association
Published: 2020-08-15T00:00:00+00:00

B.ECONOMIC LIBERALISM

1.Liberals accepted the laissez-faire economic policies advocated in Adam Smith’s Wealth of Nations (See Chapter 15).

2.Liberals insisted that the laws of supply and demand would act as an “invisible hand” so that selfish individual acts would ultimately benefit the whole society by increasing productivity and thus overall prosperity.

3.Liberals opposed legislation designed to improve wages and hours as unnecessary interference with the competitive free market.

4.Liberals believed that government policies should be limited to enforcing contracts, protecting private property, and ensuring national defense.

5.Liberals exhibited general indifference toward the plight of the working class. They prided themselves on being tough and ruthless men who survived economic downturns, overcame destructive wars, and replaced obsolete machinery with expensive new technologies.

V.

NEW IDEOLOGIES: SOCIALISM

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