Final Project Proposal
A Free market in an economy is an ideal system in which price of good and services are regulated by the consumer. In this system, the laws of demand and supply are free from government intervention. The concept of free market is deeply ingrained in the political philosophy of liberalism. Liberalism is a philosophy which promotes individual freedom. The supporters of this philosophy believe that the government uses its power to manipulate the people and measurements should be taken which can reduce the use of cohesive force by the government (Chibundu). Statement of the thesis is that the issue of whether to practice free market economy can be addressed by the suggestion of liberal philosophers.
The three prominent philosophers of liberalism are John Locke, John Stuart Mill, and John Rawls. John Locke launched the wave of liberalism and was of the view that the only role a government should perform is to protect the freedom of the people. He introduced the Laissez-Faire philosophy and argued that market works best without government intervention (Grant). John Stuart mills is one of the most influential scholars in the history of liberalism. He supported personal freedom and believed that people should be free to do anything unless they harm someone. He also argued that the labor and workforce should be free to work without any government intervention. But he also said that government should only interfere when the issue of protection of the society rises. He also supported the government and stated that the government should be allowed to take tax for the betterment of the community (Kahan). Justice as fairness was a theory presented by John Raws. He was of the belief that equality of rights and opportunity is a right of every person. On addressing the role of government, he said that the government should be neutral. (Rawls)
Liberalism supports personal freedom and free market system without the intervention of the government. If the government adopts a neutral role in the economic world, then people will get benefits from the free market (McDonald).
Chibundu, Maxwell O. “International Law and the Legitimation of External Coercive Measures in Aid of Internal Change.” Temp. Int’l & Comp. LJ, vol. 31, 2017, p. 123.
Grant, Ruth W. John Locke’s Liberalism. University of Chicago Press, 2010.
Kahan, Alan. Aristocratic Liberalism: The Social and Political Thought of Jacob Burckhardt, John Stuart Mill, and Alexis de Tocqueville. Routledge, 2017.
McDonald, Patrick J. “Peace through Trade or Free Trade?” Journal of Conflict Resolution, vol. 48, no. 4, 2004, pp. 547–72.
Rawls, John. A Theory of Justice: Revised Edition. Harvard university press, 2009.