Adam Smith
Author of The Wealth of Nations, Smith laid out the foundations of free market theory and is one of the father figures of modern political economics. In context of liberalism, Smith's economic theories are a vital underpinning to the concepts of ownership of private property, and use of economic interdependence to foster cooperation between nations and prevent violent conflict. [11]
A core belief of liberalism is that cooperation for mutual benefit is achievable amongst nations interacting in the anarchic system, with economic incentives being a key part of the regulatory mechanism. Liberalists believe that it is not only possible, but within everyone's self interest to cooperate economically in the long term. This is outlined within Smith's own theories: the concept of laissez-faire economics essentially states that without an overarching regulatory mechanism and driven entirely by profit motivations, economic agents will naturally work together. Liberalism seems to applies Smith's theories concerning individuals on a larger scale to nations. [12]
Author of The Wealth of Nations, Smith laid out the foundations of free market theory and is one of the father figures of modern political economics. In context of liberalism, Smith's economic theories are a vital underpinning to the concepts of ownership of private property, and use of economic interdependence to foster cooperation between nations and prevent violent conflict. [11]
A core belief of liberalism is that cooperation for mutual benefit is achievable amongst nations interacting in the anarchic system, with economic incentives being a key part of the regulatory mechanism. Liberalists believe that it is not only possible, but within everyone's self interest to cooperate economically in the long term. This is outlined within Smith's own theories: the concept of laissez-faire economics essentially states that without an overarching regulatory mechanism and driven entirely by profit motivations, economic agents will naturally work together. Liberalism seems to applies Smith's theories concerning individuals on a larger scale to nations. [12]