Liberalism: The Classical Tradition

The Latin word liber which means free is where the word liberalism originates. Liberal philosophy according to Mises is the harmony of the rationally recognised interests of all members of a free society founded on the concept of private ownership of the means of production. The theoretical and practical justifications for liberalism in the classical tradition are presented in this work. According to Mises the principles of liberalism are based on a knowledge and appreciation of private property social cooperation the concept of freedom ethics and morality democracy and the proper function of government. Liberalism is a theory of social order not a political party. The liberal programme does not grant anyone a special advantage; rather it works to ensure that everyone is treated equally before the law and has the freedom to make their own judgements provided that they do not conflict with the equally valid rights of others. According to liberalism the only responsibility of the state is to safeguard the lives property and freedom of its people to pursue their own objectives. Here more than anywhere else Mises applies the liberal programme to both domestic and international economic policy. Mises contrasts liberalism with other potential social order systems like socialism communism and fascism in this work as well.