The Evolution of Modern Liberalism Timeline

Taft and the Sherman Anti-Trust Act 1890

Taft and the Sherman Anti-Trust Act 1890

The Sherman Anti-Trust Act was created in order to prevent monopolies, buisness entities, organized labour activities. Not prevent single company domination. The Clayton Act further strengthened the Sherman Anti-Trust Act by making boycotts, stikes, etc allowed as long as they were peaceful. This leans toward classical liberalism.

Red Scare 1917-1920

The Red Scare was the public fear of communism. The Russian revolution is what fuelled public fears of this uprising. Red was associated with the Bolshevik army. This lead to modern liberalism because americans stand for classical liberalism and their fear was bcoming a communist country.

Great Depression 1917-1920

Great Depression 1917-1920

The great depression ultimately led to the growth in government involvment in the economy and it has continued until today. This takes a step towards modern liberalism because the economy had government control, which limited individual independence in the economy.

Postwar economy in Canada 1942

After WWII the economy in Canada was strengthened by the government because social programs were funded, for example unemployment insurance, family allowance, and welfare. This is a modern liberalistic approach because the governement is taking control of the collective group.

Economic Crisis of the 1970s

During the economic crisis of 1970s Americas withdrawl from Bretton Woods Agreements lead other countries to follow, creating inflation, slowing the economic activity. The attacks on Israel by Egypt and Syria also contributed by creating an oil monoply; ultimately leading the economy to slow down. Causing stagflation. This went on to impact the British economy negatively eventually forcing them to borrow money from the US. Modern liberalism is in effect here because countries had to work together to keep the economy running, because there was a period where the economy was really slow for most liberal countries.

Economic Crisis of the 1970s

Monetarism: Friedman and Hayek

A monetarist is an economist who holds the strong belief that the economy's performance is determined almost entirely by changes in the money supply.

Friedman believed that inflation was primairly the results of an excess supply of money produced by centeral banks.

Hayek believed that in order for a collectivist society to function government has to maintain control of society

Both individuals believed that government control should be enforced making their perspective left wing, modern liberalistic because they want a hands on government who can take care of the economy.

Reaganomics

Reaganomics: the economic policies of the Ronald Reagan US presidency, which advocated less government intervention in the economy and pro-industry, anti-labour, anti-regulation, anti-environmental regulation policies.

This is a step towards classical liberalism because less government involvement is promoted.

Reaganomics

Britains Thatcherism

Prime minister Margaret Thatcher tried to reduce government involvement in the economy, resulting in the increase of economic freedom. This was originally a step towards classical liberalism because they were attempting to follow Ronald Reagan.

Britains Thatcherism

Blair's Third Way

Blair's Third Way

Tony Blair a former prime minister introduced the idea of a third way. Neither conservative nor 'old labour party'. This is modern liberalism because government intervention, public ownership etc are all things that contribute to a hands on government.

The Election of Barack Obama 2008

The election of Barack Obama in 2008 lead to government involvement in the economy through national banking systems and financial markets. The ebb and flow of economic liberalism is flowing to the left; increase in government involvement in the economy.