The meaning and significance of economic and personal liberty

Liberty and Equality

People have struggled to attain liberty and equality throughout the history of mankind. There is, however, no unanimity of view about what liberty and equality precisely mean. Liberty to the anarchist, for example, means no government at all while in the Lockean interpretation, governments exist primarily for protecting the natural rights of the people; similarly, the socialist concept of equality which emphasizes economic equality of all individuals is diametrically different from its liberal definition in which everyone is 'equal' and free to pursue their economic goals without restrictions. Among the few intellectuals to have thrown clear light on the concepts of liberty and equality is the famous Austrian economist and Nobel Laureate -- F.A. Hayek. Realizing the crucial nexus between liberty and equality, he notes in The Constitution of Liberty: "The great aim of the struggle for liberty has been equality before law." (Hayek, p. 85) Let us examine the validity of this statement.

A number of freedom struggles, such as the American Revolution of 1776, and the French Revolution (1779-99) are prominent examples of people's fight for 'equality before law.' The U.S. "Declaration of Independence" for instance, categorically proclaimed that "all men are created equal" and by virtue of this equality everyone was endowed with the "right to life, liberty, and the pursuit of happiness." It can be argued that the ideal of "equality" before law, applied mainly to the white American male at the time, and the Native Americans, the women, and the African-American slaves (considered "less equal" at the time) were deprived of the liberty to pursue happiness. However, the founding fathers were wise enough to insert the principles of equality in the Declaration and the U.S. Constitution without qualification. As a result, the deprived groups were able to struggle for their 'inalienable' rights guaranteed by the Constitution and eventually succeeded in gaining a measure of equality before law. ("The Philosophic Concept of Liberty")

America's impressive progress as a major economic and political powerhouse over the last two centuries is also arguably due to the high level of personal and economic freedom enjoyed by its citizens, which is in stark contrast to the restrictions and government interference witnessed in command economies. No doubt such liberty of action, along with vastly differing abilities of individuals, is a leading cause of inequality which can only be removed through constant governmental interference in personal and economic liberties -- the kind of interference found in Socialist countries. (Stephen) High levels of socio-economic inequality may not be an ideal situation but such "unequal sharing of blessings" is far better than the "equal sharing of misery" that socialism promotes.