Liberal Capitalism

Paper Summary:

This paper explains and discusses the ideology of liberal capitalism. It discusses the manifestation and history of liberal capitalism in the United States and looks at how this affected homespun industry. The paper also discusses the role of Alexander Hamilton in first recognizing the position of family manufacturers and the impact this had on industry and production.

From the Paper:

"The individual citizen is repeatedly subjected to the influence of both favorable and unfavorable experiences (Muller 2007). As voters, citizens promote their self-interest through politics. And this placing of self-interest above public or common interest is what democracy precisely considers a corrupt practice. Of the many national issues that illustrate this, the most important is the acquisition of profit. Experience shows that voters react promptly and willingly to the inducement. This necessarily depletes the power of democracy. These voters display their corruption and their being bad judges of their own interests. It is only when voters are better informed and when they give their choice sufficient reflection that the inducement diminishes. The hazards inflicted by democracy to liberal capitalism imply the absence of clear solutions. These are created by economic ignorance of politicians and voters alike, the forces of envy and guilt and other forces, which lead to inflation. These hazards present themselves as inherent in capitalist democracy (Muller)."

Sample of Sources Used:

• Anderson, Kim. Liberal Capitalism: the Will to Happiness. Policy: the Centre for Independent Studies, Summer 2007
• Lowell National Historical Park. Early American Manufacturing. National Park Services: US Department of the Interior, 2002. Retrieved on October 8, 2008 from http://www.nps.gov/archive/lowe/loweweb/Lowell_History/earlyam.htm
• Muller, Jerry Z. The Democratic Threat to Capitalism. Daedalus: MIT Press Summer, 2007
• Zakim, Michael. Sartorial Ideologies. Vol 106 number 5, The Historical Review: The American Historical Review. Retrieved on October 8, 2008 from http://www.historycooperative.org/cgi-bin

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