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Every person has a right to life, liberty, freedom to choose, and a right to pursue happiness. Liberalism is a political and moral ideology based on equality and liberty of people. Modern liberalism focuses on protecting the rights of people, Promote economic activities, protect the environment, and enhancing freedom of individuals in a particular country. Let’s take a look at the pros and cons of liberalism in a country.
1. Promotes economic growth: With less government regulation to inhibit business growth, businesses will be productive and innovative thus promoting economic growth.
2. Eliminates slavery: Liberalism ensures we have a great country free from injustices and slavery.
3. Stable economy: Liberalism results in a stable economy with fewer risks of recession and less wealth disparity. Many people are able to obtain an adequate amount of income with fewer people becoming richer.
4. Few regulations: Liberalism ensures there are few regulations and promoting individual liberty. Having a few restrictions on minimum wage enables companies to set up their wages which makes them competitive in the marketplace.
5. Preserve human rights: Infringing human rights is against the liberal philosophies and they fight to ensure the rights of individuals are preserved.
6. Equality: Liberalism is individualistic and each individual’s moral values should be treated equally to moral ideologies of others. The state ensures there are equal opportunities for all regardless of gender, status or age.
7. Government involvement: Liberals ensures government involvement in the conservation of the environment and promote opportunities to the citizens.
8. Collective security: Liberal countries aim at preserving the liberty of their members and promote order and justice within the communities. Having a collective security promotes democracy and free market for people to trade freely.
9. Global harmony: Liberalism promotes peace and harmony among countries. Liberal trade markets create international harmony and cooperation.
10. Fair competition: Minimal state regulations ensure there is a perfect competition and also ensure there are no barriers to entry as well as reduce monopoly.
1. Unfair business activities: If businesses are left alone without any regulations or restriction, they may not automatically formulate themselves into the best and fair formation.
2. Exploitation of resources: Fewer regulations on business economic practices results in exploitation of natural resources.
3. Market Inconsistency: The government cannot easily control market growth, there are cases where the market is unstable and experiencing a recession or affected by human behaviors making it difficult to predict the competitive market system.
4. Unfair wages: Lack of restrictions on minimum wage rate may allow some companies pay less wages which cannot cover the cost of living. This also inhibit consumerism.
5. Over-dependence: It results in over-dependence or over-reliance on the government to meet social, economic, political and personal needs of individuals in the country.
6. Government criticism: The government receives a lot of critics that it commits into a lot of expensive programs which yield unintended consequences and create more social problems than it addresses.
7. Extensive social protection: Extensive social protection can affect the overall economy of the country since many people may decide to live off government support instead of looking for jobs.
8. Unattractive investments: State control of the economy and health care facilities of the country can result in unattractive investments.
9. Moral issues: Liberalism can bring unhealthy and morally objectionable problems or practices.
10. Cultural issues: Liberal emphasis on human rights and freedom of choice/speech has affected the inherited restrictions, and it has influenced the changing characters of the western society in terms of lifestyle, mode of eating and dressing.