Economic Liberty

Economic liberty could be treated as a part of civil liberty in the sense of liberty of business, employment and work, profession, property and trade. However, it is generally associated with the individual in the capacity of a worker or producer using physical or mental work. Thus, economic liberty could mean different things for different people and will depend on the perspective one is looking from. For example, for an unemployed youth, economic liberty would mean liberty or chance to have employment; for a trader or businessman it will mean liberty to trade and do business within a sphere of fair competition; for an industrialist and capitalist it will mean liberty to produce and earn profit; for consumers it will mean availability of necessary items in the market at reasonable and fair prices which means a non-monopolistic and regulated market; for a worker it will mean security of work or gainful employment. Article 19 in Part III of the Constitution of India relating to fundamental rights, mentions the right ‘to practise any profession, or to carry out any occupation, trade or business’ which are in the nature of economic liberty. Some of the provisions contained in the Directive Principles of State Policy in Part IV, such as right to work, living wages and even participation of workers in management of industries are also in the nature of economic liberty. The Constitution of India also provides right to property as constitutionally protected liberty, though no more a fundamental right. There are differences even within the fold of pluralists writers. Barker, for example, in his book Principles of Social and Political Theory in which he explores the relationship between justice, equality, liberty and rights, does not treat economic liberty as liberty in the capacity of a worker. He includes it as part of civil liberty as contained in the liberty of contract. Laski, on the other hand, advocates industrial democracy as part of economic liberty. Neo-liberals such as Milton Friedman insist that economic freedom in terms of free competitive capitalism is a precondition for maintenance of political freedom. On the other hand, Marxian supporters seek economic liberty in the abolition of private property and capitalist economic structure. Dilemma of economic liberty may be captured in Rousseau’s words, ‘one should not be so strong to be able to buy the “other” person and the “other” should not be so weak to be sold.’