Jump to ContentJump to Main Navigation
Rich Democracies, Poor PeopleHow Politics Explain Poverty$
Users without a subscription are not able to see the full content.

David Brady

Print publication date: 2009

Print ISBN-13: 9780195385878

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780195385878.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 October 2019

The Poverty of Liberal Economics

The Poverty of Liberal Economics

(p.121) 6 The Poverty of Liberal Economics
Rich Democracies, Poor People

David Brady (Contributor Webpage)

Oxford University Press

While liberal economics exerts great influence in poverty debates, systematic evaluations of the approach have rarely been undertaken. In particular, few have articulated the core precepts of the liberal economic explanation of poverty, demonstrated its coherence, and subjected it to empirical scrutiny. This chapter reviews the core elements of the liberal economics of poverty by identifying strands in classic and contemporary liberals and recent social science and policy developments. Liberal economics can be distilled to a set of four theoretical precepts: harmonious progress, free market capitalism, human capital and worker productivity, and supply and demand. Next, the chapter operationalizes each of the tenets of liberal economics and conducts an empirical analysis of affluent Western democracies. In the process, this book compares the empirical performance of liberal economics against institutionalized power relations theory. Ultimately, based on these results and others' findings, liberal economics is critiqued and institutionalized power relations theory is advocated as a superior explanation of poverty.

Keywords:   economics, economic growth, unemployment, productivity, free markets

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .