In economics, a free market is a system in which the prices for goods and services are determined by the open market and by consumers. In a free market, the laws and forces of supply and demand are free from any intervention by a government or other authority, from all forms of economic privilege and artificial scarcities.. Proponents of the concept of free market contrast it with a regulated market in which a government intervenes in supply and demand through various methods, such as tariffs, used to restrict trade and to protect the local economy. In an idealized free-market economy, prices for goods and services are set by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology and political science. All of these fields emphasize the importance in existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those forces to operate to control productive output and distribution.
Although free markets are associated with capitalism within a market economy in contemporary usage and popular culture, free markets have been advocated by anarchists and some proponents of cooperatives and advocates of profit sharing. Criticism of the theoretical concept may regard systems with significant market power, inequality of bargaining power, or information asymmetry as less than free, with regulation being necessary to control those imbalances in order to allow markets to function more efficiently as well as produce more desirable social outcomes; the laissez-faire principle expresses a preference for an absence of non-market pressures on prices and wages, such as those from discriminatory government taxes, tariffs, regulations of purely private behavior, or government-granted or coercive monopolies. In The Pure Theory of Capital, Friedrich Hayek argued that the goal is the preservation of the unique information contained in the price itself; the definition of free market has been disputed and made complex by collectivist political philosophers and socialist economic ideas.
This contention arose from the divergence from classical economists such as Richard Cantillon, Adam Smith, David Ricardo and Thomas Robert Malthus and from the continental economic science developed by the Spanish scholastic and French classical economists, including Anne-Robert-Jacques Turgot, Baron de Laune, Jean-Baptiste Say and Frédéric Bastiat. During the marginal revolution, subjective value theory was rediscovered. Although laissez-faire has been associated with capitalism, there is a similair left-wing laissez-faire system called free-market anarchism known as free-market anti-capitalism and free-market socialism to distinguish it from laissez-faire capitalism. Thus, critics of laissez-faire as understood argues that a laissez-faire system would be anti-capitalist and socialist. Various forms of socialism based on free markets have existed since the 19th century. Early notable socialist proponents of free markets include Pierre-Joseph Proudhon, Benjamin Tucker and the Ricardian socialists.
These economists believed that genuinely free markets and voluntary exchange could not exist within the exploitative conditions of capitalism. These proposals ranged from various forms of worker cooperatives operating in a free market economy, such as the mutualist system proposed by Proudhon, to state-owned enterprises operating in unregulated and open markets; these models of socialism are not to be confused with other forms of market socialism where publicly owned enterprises are coordinated by various degrees of economic planning, or where capital good prices are determined through marginal cost pricing. Advocates of free-market socialism such as Jaroslav Vanek argue that genuinely free markets are not possible under conditions of private ownership of productive property. Instead, he contends that the class differences and inequalities in income and power that result from private ownership enable the interests of the dominant class to skew the market to their favor, either in the form of monopoly and market power, or by utilizing their wealth and resources to legislate government policies that benefit their specific business interests.
Additionally, Vanek states that workers in a socialist economy based on cooperative and self-managed enterprises have stronger incentives to maximize productivity because they would receive a share of the profits in addition to receiving their fixed wage or salary. Socialists assert that free-market capitalism leads to an excessively skewed distribution of income which in turn leads to social instability; as a result, corrective measures in the form of social welfare, re-distributive taxation and administrative costs are required, but they end up being paid into workers hands who spend and help the economy to run. They claim. Thus, free-market socialism desires government regulation of markets to prevent social instability, although at the cost of taxpayer dollars; as explained above, for classical economists such as Adam Smith the term free market does not refer to a market free from government interference, but rather free from all forms of economic privilege and artificial scarcities. This implies that economic rents, i.e. profits generated from a lack of perfect competition, must be reduced or eliminated as much as possible through free competition.
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Republicanism in the United States
Modern republicanism is a guiding political philosophy of the United States, a major part of American civic thought since its founding. It stresses liberty and unalienable individual rights as central values, making people sovereign as a whole. American republicanism was articulated and first practiced by the Founding Fathers in the 18th century. For them, "republicanism represented more than a particular form of government, it was a way of life, a core ideology, an uncompromising commitment to liberty, a total rejection of aristocracy."Republicanism was based on Ancient Greco-Roman and English models and ideas. It formed the basis for the American Revolution, the Declaration of Independence, the Constitution, the Bill of Rights, as well as the Gettysburg Address. Republicanism includes guarantees of rights. Alexis de Tocqueville warned about the "tyranny of the majority" in a democracy, suggested the courts should try to reverse the efforts of the majority of terminating the rights of an unpopular minority.
The term'republicanism' is derived from the term'republic', but the two words have different meanings. A'republic' is a form of government. Two major parties have used the term in their name – the Republican Party of Thomas Jefferson, the current Republican Party, founded in 1854 and named after the Jeffersonian party; the colonial intellectual and political leaders in the 1760s and 1770s read history to compare governments and their effectiveness of rule. The Revolutionists were concerned with the history of liberty in England and were influenced by the "country party". Country party philosophy relied on the classical republicanism of Roman heritage, it drew on ancient Greek city-state and Roman republican examples. The country party shared some of the political philosophy of Whiggism as well as Tory critics in England which roundly denounced the corruption surrounding the "court party" in London centering on the royal court; this approach produced a political ideology Americans called "republicanism", widespread in colonial America by 1775.
"Republicanism was the distinctive political consciousness of the entire Revolutionary generation." J. G. A. Pocock explained the intellectual sources in America: The Whig canon and the neo-Harringtonians, John Milton, James Harrington and Sidney, Trenchard and Bolingbroke, together with the Greek and Renaissance masters of the tradition as far as Montesquieu, formed the authoritative literature of this culture. American republicanism was centered on limiting greed. Virtue was of the utmost importance for representatives. Revolutionaries took a lesson from ancient Rome. A virtuous citizen was one who ignored monetary compensation and made a commitment to resist and eradicate corruption; the republic was sacred. Republicanism required the service of those who were willing to give up their own interests for a common good. According to Bernard Bailyn, "The preservation of liberty rested on the ability of the people to maintain effective checks on wielders of power and hence in the last analysis rested on the vigilance and moral stamina of the people....
" Virtuous citizens needed to be strong defenders of liberty and challenge the corruption and greed in government. The duty of the virtuous citizen became a foundation for the American Revolution; the commitment of Patriots to republican values was a key intellectual foundation of the American Revolution. In particular, the key was Patriots' intense fear of political corruption and the threat it posed to liberty. Bernard Bailyn states, "The fact that the ministerial conspiracy against liberty had risen from corruption was of the utmost importance to the colonists." In 1768 to 1773 newspaper exposés such as John Dickinson's series of "Letters from a Farmer in Pennsylvania" were reprinted and spread American disgust with British corruption. The patriot press provided emphasized British corruption and tyranny. Britain was portrayed as corrupt and hostile and that of a threat to the idea of democracy; the greatest threat to liberty was thought by many to be corruption – not just in London but at home as well.
The colonists associated it with luxury and inherited aristocracy, which they condemned. Historian J. G. A. Pococ
Morton C. Blackwell is an American conservative activist, he is the founder and president of the Leadership Institute, a 5013 non-profit educational foundation that teaches political technology to conservative activists. He serves as Virginia's national committeeman on the Republican National Committee. In youth politics, Blackwell was a College Republican state chairman and a Young Republican state chairman in Baton Rouge, Louisiana, he served on the Young Republican National Committee for more than a dozen years. He rose to the position of national vice chairman at-large of the Young Republican National Federation. Off and on for five and half years, 1965 to 1970, he worked as executive director of the College Republican National Committee under four consecutive College Republican national chairmen. For eight years, he was a member of the Louisiana Republican State Central Committee. Blackwell worked for seven years under the specialist in direct mail. Blackwell was first elected to the Arlington County Republican Committee in 1972.
He is a member of the Republican Party of Virginia's State Central Committee. In 1988, Blackwell was elected as Virginia’s Republican National Committeeman, was re-elected in 1992, 1996, 2000, 2004, 2008, 2012, 2016. In 2004, Blackwell was elected to the Executive Committee of the RNC. Blackwell was Barry Goldwater’s youngest elected delegate to the 1964 Republican National Convention in San Francisco, California, his Louisiana delegation was headed by gubernatorial candidate Charlton Lyons of Shreveport. In the spring of 1966, he worked for the election of the late Roderick Miller of Lafayette as only the third Republican member of the Louisiana House of Representatives since Reconstruction, he was a national convention alternate delegate for Ronald W. Reagan in 1968 and 1976, a Ronald Reagan delegate at the 1980 Republican National Convention. In 1980, he oversaw the national youth effort for Reagan. From 1981 to 1984, Blackwell was a special assistant to President Reagan. Blackwell was at the center of controversy during the 2004 Republican National Convention, when he passed out purple heart bandages which were perceived by some as denigrating the award.
The Kerry campaign attacked the activity as the Republican Party mocking United States soldiers. Karl Rove called Blackwell's bandages "inappropriate". Blackwell is considered something of a specialist in matters relating to the rules of the Republican Party, he served on rules committees of the state Republican parties in Virginia. He serves now on the Standing Committee on Rules of the Republican National Committee and has attended every meeting of the RNC rules committees since 1972. In September 2016, Blackwell received the second annual Phyllis Schlafly Award for Excellence in Leadership, he was honored for his work as the founder and president of the Leadership Institute in Virginia for its work in recruiting conservatives for roles in politics and the media. In the 2016 Republican presidential primary, Blackwell endorsed Ted Cruz. Byron York, The Vast Left Wing Conspiracy, pp. 233–34 Appearances on C-SPAN
Rule of law
The rule of law is defined in the Oxford English Dictionary as: "The authority and influence of law in society when viewed as a constraint on individual and institutional behavior. The phrase "the rule of law" refers to a political situation, not to any specific legal rule. Use of the phrase can be traced to 16th-century Britain, in the following century the Scottish theologian Samuel Rutherford employed it in arguing against the divine right of kings. John Locke wrote that freedom in society means being subject only to laws made by a legislature that apply to everyone, with a person being otherwise free from both governmental and private restrictions upon liberty. "The rule of law" was further popularized in the 19th century by British jurist A. V. Dicey. However, the principle, if not the phrase itself, was recognized by ancient thinkers; the rule of law implies that every person is subject to the law, including people who are lawmakers, law enforcement officials, judges. In this sense, it stands in contrast to a monarchy or oligarchy where the rulers are held above the law.
Lack of the rule of law can be found in both democracies and monarchies, for example, because of neglect or ignorance of the law, the rule of law is more apt to decay if a government has insufficient corrective mechanisms for restoring it. Although credit for popularizing the expression "the rule of law" in modern times is given to A. V. Dicey, development of the legal concept can be traced through history to many ancient civilizations, including ancient Greece, Mesopotamia and Rome. In the West, the ancient Greeks regarded the best form of government as rule by the best men. Plato advocated a benevolent monarchy ruled by an idealized philosopher king, above the law. Plato hoped that the best men would be good at respecting established laws, explaining that "Where the law is subject to some other authority and has none of its own, the collapse of the state, in my view, is not far off. More than Plato attempted to do, Aristotle flatly opposed letting the highest officials wield power beyond guarding and serving the laws.
In other words, Aristotle advocated the rule of law: It is more proper that law should govern than any one of the citizens: upon the same principle, if it is advantageous to place the supreme power in some particular persons, they should be appointed to be only guardians, the servants of the laws. The Roman statesman Cicero is cited as saying, roughly: "We are all servants of the laws in order to be free." During the Roman Republic, controversial magistrates might be put on trial when their terms of office expired. Under the Roman Empire, the sovereign was immune, but those with grievances could sue the treasury. In China, members of the school of legalism during the 3rd century BC argued for using law as a tool of governance, but they promoted "rule by law" as opposed to "rule of law", meaning that they placed the aristocrats and emperor above the law. In contrast, the Huang–Lao school of Daoism rejected legal positivism in favor of a natural law that the ruler would be subject to. There has been an effort to reevaluate the influence of the Bible on Western constitutional law.
In the Old Testament, the book of Deuteronomy imposes certain restrictions on the king, regarding such matters as the numbers of wives he might take and of horses he might acquire. According to Professor Bernard M. Levinson, "This legislation was so utopian in its own time that it seems never to have been implemented...." The Deuteronomic social vision may have influenced opponents of the divine right of kings, including Bishop John Ponet in sixteenth-century England. In Islamic jurisprudence rule of law was formulated in the seventh century, so that no official could claim to be above the law, not the caliph. However, this was not a reference to secular law, but to Islamic religious law in the form of Sharia law. Alfred the Great, Anglo-Saxon king in the 9th century, reformed the law of his kingdom and assembled a law code which he grounded on biblical commandments, he held that the same law had to be applied to all persons, whether rich or poor, friends or enemies. This was inspired by Leviticus 19:15: "You shall do no iniquity in judgment.
You shall not favor the wretched and you shall not defer to the rich. In righteousness you are to judge your fellow."In 1215, Archbishop Stephen Langton gathered the Barons in England and forced King John and future sovereigns and magistrates back under the rule of law, preserving ancient liberties by Magna Carta in return for exacting taxes. This foundation for a constitution was carried into the United States Constitution. In 1481, during the reign of Ferdinand II of Aragon, the Constitució de l'Observança was approved by the General Court of Catalonia, establishing the submission of royal power to the laws of the Principality of Catalonia; the first known use of this English phrase occurred around AD 1500. Another early example of the phrase "rule of law" is found in a petition to James I of England in 1610, from the House of Commons: Amongst many other points of happiness and freedom which your majesty's subjects of this kingdom have enjoyed under your royal progenitors and queens of this realm, there is none which they have accou