Disscuss about the views on Finanical crisis with four perspectives classical liberalism, modern liberalism, conservativism, radicalism.
Financial crisis arises when financial assets suddenly lose a large part of their nominal value because of some major factors.
In terms of four perspectives, classical liberalism is a political philosophy and ideology belonging to liberalism where individual freedom is desired by limiting the power of the government.
Modern liberalism which is also known as social liberalism endorses a market economy and expansion of civil and political rights.
Conservatism is the commitment to traditional values with opposition to change or innovation.
Radicalism is the belief of people who advocate complete or thorough political or social reform. It is known as the progressive liberal ideology.
Financial crisis in terms of classical liberalism lacks legitimacy. Thus various proponents argue that there should be state control so as to avoid unconstrained market forces. They worry that markets would run haywire if there is no proper state control.
According to modern liberalism views on financial crisis, they mention that there should be rebalancing of market forces in an efficient manner so that debt does not exceed beyond limits and financial crisis is averted.
Conservatives are usually skeptical of government interventions and prefer automatic policy rules wherein a predictable environment is established. Thus they associate too much government intervention to unpredictable markets and contribute that to cause of crisis.
Radicals often have little patience and may seek change by democratic means or through revolution. Thus in times of financial crisis they often try to abolish the current working system and maintain that the current crisis is because of the existing system which needs to be replaced by a new one.
Disscuss about the views on Finanical crisis with four perspectives classical liberalism, modern liberalism, conservativism, radicalism.
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