capitalism and property Flashcards
capitalism and property rights are strongly support by cons rooted in the principles of
pragmatism , respect for tradition and the concept of an organic society
cons advocated for capitalism primarily because they see it as the most practical and efficient economic system it aligns with their
pragmatic approach as it has historically generated wealth and improved living standards
cons are also very wary of idealistic visions of changing the economy and society using state intervention , Oakeshott in particular saw the danger of this in
the 20th century , strongly criticising idealism and the death it created both the far left and the far right
furthermore cons support for hierarchy means that cons are generally very comfortable with the
inequality capitalism produces
conservatism values tradition in an organic society , capitalism is seen as integral part of the economic tradition in many societies , not just as a set of economic mechanisms but
as part of the cultural and historical fabric that has evolved organically over time
cons argue that disrupting this system would not only be impractical but also
disrespectful tot he legacy and wisdom, of past generations
the idea of the free market in which individuals naturally trade with teacher other is consistent with an
organic society rather than a designed society
this support for property rights is equally paramount in conservative though , property is seen a cornerstone of a stable society , ownership encourages
responsibility and discourages support for socilaist ideology that upturn the social order
the right to property is also intertwined with the cons emphasis on an organic society where the individual ownership forms part of the
societal fabric , contributing to the overall health and stability of the community
traditional cons were strong supporters off capitalism and property which were seen as
being the most pragmatic and tested economic system based on the accumulated wisdom of tradition and experience
both capitalism and property were also seen as important to maintaining hierarchy and social order for traditional cons although
they were comfortable with the inequalities it created
traditional cons didnt support paternalistic economic policies to the same extent as one nation cons , but also weren’t libertarians who were
ideologically opposed to state intervention in the economy like the new right
Burke a key traditional con was wary of the potential and unregulated economic liberalism and the unvetted pursuit of individual wealth if it
led to social injustice or undermined communal bonds
traditional cons were also worried about the possibility of completely free markets undermining order and stability in society which led them to
supporting some state intervention were necessary
- this included protectionism to protect national industries from foreign competition
it is important to recognise however that traditional cons was first articulated prior to full scale development industralsiaiton and thus the
economic inequalities and social issues that came with it
it seems reasonable to suggest that traditional cons beliefs in changing to conserve and pragmatism may had led to them supporting similar polices to
one nation cons given this changed context
one nation cons strongly support capitalism due to the
pragmatic approach and respect for tradition it shares with traditional cons
due to one nation cons greater emphasis on paternalism and the need to change to conserve in the context of industrialisation , they supported more
state intervention to ensure the welfare of all members of society
one nations cons recognised that in the face of societal changes and increasing inequality brought about by industrialisation that some degree of
state intervention and reform was necessary to prevent social unrest and maintain national cohesion
with support for socialism growing this change was necessary for one nations cons to conserve the hierarchal ,
stable nature of society and prevent a socialist revolution that would threaten it
one nation cons were also influenced by their paternalism which led to the belief that the state should take proactive steps to improve the
welfare of the less privileged members of society , through policies designed to alleviate poverty and provide social welfare
in the 19th century one nation con Disraeli gov enacted a number of social refroms aimed at improving
living conditions for the working class int he context of social and economic disparities that industrialisation created
one nation con Disraeli introduced the public health act of 1875 and the artisans and labourers dwellings improvement act of 1875 improved
public health and sanitary conditions in towns and cities
one nation con Disraeli introduced the factory act of 1874 reducing the working day for women and children and implemented
stricter safety regulations in factories
one nation con Disraeli introduced income tax as a permenant tax for the first time in order to give the gov a steady source of reveneue , this taxation wasn’t progressive
and it is important not to over exaggerate the extent of one nation cons support for gov intervention in this period
one nation cons did not support intervention to the same degree as
modern liberals let alone socialists
one nation cons post ww2 including PM Churchill and Mac-Millian , both took a similarly pragmatic approach to the changing political and economic context accepting
a significant degree of state intervention in the economy
one nation cons in the 20th century accepted the introduction of a comprehensive welfare state by labour government recognising that
it played an important role in ensuring social stability and preventing the deprivation seen prior to the war , reflecting pragmatism
furthermore one nations cons accepted progressive taxation and the mixed economy in which
some key industries were nationalised
one nation cons , reflecting the key conservative support for property supported a major effort to build social housing with Mac-Millian building
300,000 new homes per year when he was PM
it is important to recognise that one nation consdidnt wholeheartedly support all of these measures in this period , in fact many originally opposed
nationalisation and neither Churchill nor Mac-Millian extended it when they were PM
however the fact C/M as one nation cons PM did not reserve them reflects not only a changing societal context but also their
pragmatic approach that recognises the importance of changing to conserve
furthermore reversing these polices would’ve been extremely unpopular for the one nation cons and thus kept them out of
power and threatened scale stability hierarchy and tradition
the new rights rise to prominence came in part due to strong opposition to one nation conservatisms acceptance of labours post war reforms , in particular
the extensive welfare state and nationalisation.
the new right saw themselves as the rue conservatives through their return to a neoliberal economic approach and advocacy for
rolling back there state in the economy and welfare
the new right was driven by libertarianism which centred on the promotion of liberty , autonomy and free choice particularly in
economic affairs
this resulted in the new right advocating for very minimal
state interference in the economy and laissez fair capitalism
the new right believed in limited taxation , low public spending and little regulation so that individuals and businesses were
left free to act how they wished
the new right believed that the states role should be limited to the narrow functions of protecting individuals from force theft and fraud and enforcing contracts rather than
redisrubiting wealth or managing the economy
new right con Nozick wrote
” the minimal state is the most extensive state that can be justified. Any state more extensive violates peoples rights “
new right believe hat the laissez faire capitalism was not one the most efficient economic system but the most
moral economic system as it didnt interfere with individuals free choice
new right Nozicks justification for libertarianism , building upon Kants principles that individuals should never be
treated merely as means to an end but always as ends in themselves
in ‘ anarchy , state and utopia ‘ new right Nozick argued that respecting individual rights is the core obligation of society and any action
that coerces individuals to serve collective purposes violates this principle
new right nozick wrote
” individuals have rights , and there are things no person or group may do to them “ and “ taxation of earnings from labor is on a par with forced labour “
the new right strongly supported property rights believing property ownership to be a
fundamental right and important to promoting self reliance and economic initiative
the new right argued that when individuals have property rights they are more inclined to
take care of their property and make productive use of it , leading to overall economic growth ands stability
importantly the new right also belied they were also more likely to be autonomous and to resist
the expansion of the state , which threatened freedom
new right ayn rand was strongly opposed to the welfare state as seen in ‘ the virtue of selfishness ‘ she stated
” the difference between a welfare state and a totalitarian state is a matter of time “
the new right was popularised by thatcher , key aspects of her tenure
big bang reforms in Londons financial district in 1986
significant tax reforms , reducing top rates of income tax
rate of tax income 83% to 60% in 1979 budget
further 40% in 1988
right to buy scheme
