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Liberalism: Dead end?
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by BelaynehKassaWubie | July 15, 2010 at 04:01 am
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Western scholars and governments were the strong proponents of liberalism; that is, favouring what they call ‘small government’ which especially does not interfere in economic matters, in other words, market economy. But when the Wall Street Bill is approved, these scholars kept silent. Why? I support Obama getting the Wall Street Bill approved as the financial market was benefiting the few greedy speculators only than the large majority. But this was against the western ideology of liberalism. In my view, liberalism has weaknesses from inception due to the fact that market as economic regulatory system is not always perfect. Who can stand for the majority when market fails to regulate the economy if a government is keeping silent? There is development without liberalism and democracy as observed in China. If there is development, there inevitably comes democracy. Without development and, at least, sustaining peoples physiological and safety needs, it is difficult to think of proper democracy. This is why USA which was the strongest proponent of liberalism has finally engaged exercising ‘big government’ passing Wall Street Bill, etc. I feel sorry for neo liberal economists as their school of thought is becoming dead-end!!
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Most RecentMost Recommended Comments (2)
at 04:32 on July 15th, 2010
Belayneh, "liberalism" is a word that meant different things in different times. The 19th century concept of "liberalism" as government non-interference in economic matters is very different from what liberalism means now. It is useful to clarify as to which concept of liberalism one is talking about, as we are dealing with something that meant different things in different times.
at 10:06 on July 15th, 2010
ishambat, thank you. Liberalism might have meant different things at different times. But the well known is governments being reserved from economic interferences! Now the USA government is interfering in economic matters (e.g. Wall Street Bill Approval). I dont hate this, however, but I am sorry to the market proponents or neo liberal scholars keeping silent on Wall Street Bill Approved!
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