Tag Archives: milton friedman

Opinion: Land Value Tax – an old idea with lots of modern supporters

Adam Smith in the Wealth of Nations (1776) was an early proponent of land taxes as was that great radical Tom Paine.

John Stuart Mill was an advocate and Henry George put the case in ‘Progress and Poverty’ (1879).

The economist David Ricardo gave us the concept of economic “rent” – that land or property derives its value from scarcity rather than investment.

In the debates before and after the peoples budget of 1909 both Winston Churchill and David Lloyd George argued strongly for the introduction of a land tax.

The economists John Kenneth Galbraith and Milton Friedman recommended Land Value Tax (LVT) for …

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Opinion: Getting radical with the money supply

Last week the OECD forecast that Britain was about to experience a double-dip recession, for the first time since 1975. Vince Cable in his Centreforum paper Moving from the financial crisis to sustainable growth asks “How far should monetary policy now be expanded further in the UK to boost demand and head off a period of poor growth?

He goes on to say “There is no possibility for further meaningful interest rate cuts – real short term rates are now minus 4 percent. That means further recourse to quantitative easing.

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DLT: Classical Liberalism

Duncan Brack and Ed Randall, authors of the Dictionary of Liberal Thought, have kindly agreed to let us publish extracts on Lib Dem Voice. This month we start a trilogy of postings on liberalism – classical, economic and social. This month, it’s classical. You can read previous extract on LDV here. The entire book is available on Amazon here and can also be bought at the Westminster Bookshop.

Classical liberalism

The meaning of the term ‘liberalism’ has become increasingly diffused and has been subject to many changes and interpretations over time. In the Anglo-Saxon world, ‘classical liberalism’ is the term often used by those who want to preserve the original ideas of liberalism, based on individual freedom, the rule of law and free markets; they support a reduction in the role of the state, particularly in economic and welfare policy.

In the course of its history the term ‘liberalism’ has undergone many changes and reinterpretations. Those of today’s liberals (especially in the Anglo-Saxon world) who see themselves as the heirs of the ‘original’ tradition of liberalism often call themselves ‘classical liberals’. Neither this ‘original tradition’ nor the term ‘classical liberalism’ can be defined with absolute precision, but there is a rough consensus. Today’s ‘classical liberals’ agree that individual freedom ranks above material equality, that the state’s sphere has to be more strictly limited than it is today and that freedom is the guarantor of wealth for the people. The following political creed can be extracted from their writings:

Posted in Dictionary of Liberal Thought | Also tagged and | 2 Comments
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