Advocates of economic freedom have a peculiar habit of only promoting the merits of the free markets as they relate to innovation, poverty alleviation, and economic transformation. In response, critics are quick to lament a range of “disruptive” side effects, whether on local communities or human well-being.
Alas, in over-elevating the fruits of material welfare, we forget that such freedom is just as important as a restraint against the social dangers of an intrusive state as it is an accelerant to economic progress. If our concern is not just for economic prosperity, but for the wider flourishing of individuals and communities – social, spiritual, and otherwise – economic freedom has a role to play there, too.
As I’ve noted before, Edmund Burke builds the best bridge on this topic, offering a robust vision of liberty that connects these dots accordingly. In a new essay on Burke’s “economics of flourishing,” Yuval Levin highlights those very views, noting that, although his economic solutions were similar to those of his friend and contemporary, Adam Smith, Burke’s conclusions were more closely tied to a deeper commitment to human flourishing.
This begins with Burke’s view of liberty, which rejected any notion of radical individualism or choice as a good unto itself. As Levin explains, Burke “was moved to articulate his vision of human liberty precisely in opposition to a highly individualist, choice-centered understanding of what freedom entails and enables.” Or, as Burke himself puts it, true liberty “is not solitary, unconnected, individual, selfish liberty, as if every man was to regulate the whole of his conduct by his own will” but “social freedom” – “another name for justice; ascertained by wise laws, and secured by well-constructed institutions.” (more…)