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Reading Response 1

Reading Response 1

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Reading response

Liberalism undermines society because it promoted the idea of a market system. Fanaticism was also the result of the liberal creed that deployed the market economy. This gave birth to the labor market and gold standard. The principles were focused on maximizing monetary gains that caused the exploitation of labor. Freedom from regulation in production gave more power to the owners. Traditional monopoly was also created under liberalism. Freedom from regulation allowed the owners to engage in exploitative practices. The poor law affected the manufacturing class due to the burden of massive productions. The wages of the employees fell irrespective of enormous profits generated by the landlords.

Free trade was only effective when countries enjoyed equal security. Benthamite liberalism focused on replacing parliamentary actions with administrative organs. The concept of self-regulating markets had caused more harm to market systems. Liberalism was more in favor of the owners, but the labor continued to suffer the consequences. Impatience, greed and high profits were the main incentives of business organizations. The firms were focused on maximizing revenues that motivated them to exploit the position of workers by demanding high work against low wages. They were also capable of exploiting the supplier's power that affected the quality of goods.

The free-market system was also criticized for promoting unemployment. Liberalism was defeated in the 1940s that created an illusion of dictatorship. Businesses in Britain and America were operating on the principles of laissez fair. It proved that without government intervention of market principles the firms would promote unfair business practices. The society and the communities were affected by market expansion. The society suffered the adversities as the poor were getting little wages that affected their lifestyles. Liberalism also gave birth to capitalism that undermines laborer power. The absence of social legislator and factory laws were also the outcomes.

Work Cited

BIBLIOGRAPHY Polanyi, Karl. The Great Transformation. Beacon Press Books, 2001.

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