- published: 14 Jul 2015
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Egalitarianism (from French égal, meaning "equal") is a trend of thought that favors equality among living entities. Egalitarian doctrines maintain that all humans are equal in fundamental worth or social status, according to The Stanford Encyclopedia of Philosophy. The Cultural theory of risk holds egalitarianism as defined by (1) a negative attitude towards rules and principles, and (2) a positive attitude towards group decision-making, with fatalism termed as its opposite. According to the Merriam-Webster Dictionary, the term has two distinct definitions in modern English. It is defined either as a political doctrine that all people should be treated as equals and have the same political, economic, social, and civil rights or as a social philosophy advocating the removal of economic inequalities among people or the decentralization of power. Some sources define egalitarianism as the point of view that equality reflects the natural state of humanity.
Some specifically focused egalitarian concerns include economic egalitarianism, legal egalitarianism, luck egalitarianism, political egalitarianism, gender egalitarianism, racial equality, asset-based egalitarianism, and Christian egalitarianism. Common forms of egalitarianism include political and philosophical.
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."
Friedman's challenges to what he later called "naive Keynesian" (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies. In the late 1960s he described his own approach (along with all of mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. During the 1960s he promoted an alternative macroeconomic policy known as "monetarism". He theorized there existed a "natural" rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation. Friedman argued that, given the existence of the Federal Reserve, a constant small expansion of the money supply was the only wise policy.