Conservatism - Economy Flashcards
what do all Conservatives favour in terms of the economy?
private enterprise and private property
what do One-Nation conservatives believe about private property?
ownership of private property provides a sense of security
for One-Nation conservatives, how does private poverty provide protection?
offers physical and psychological protection from the pressures of the world outside and something to fall back on during difficult financial times
what does private property encourage for humans?
- encourages morally imperfect humans to show respect for other people’s property
- upholding law and order
what does home ownership allow?
enables us to pass down our wealth to members of our own family, who then act as custodians of that wealth
what do New-right conservatives think private property encourages?
- believe it is an incentive to individual effort
- reward for individual merit
what do Conservatives prefer private ownership over?
common ownership
what do One-Nation conservatives endorse for the economy?
limited interventionist economic management techniques to maintain high employment levels, a mixed economy of private and public interests, and state welfare programmes
what policy of economics do One-Nation Conservatives subscribe to?
Keynesian economics - state saves money when doing well and state inject money when economy is struggling
why do One-Nation Conservatives adopt Keynesian economics?
to avoid perceived drawbacks of free market and to prevent social instability
why do One-Nation Conservatives favour the interventionist policies?
- due to commitments of Conservatism to concepts such as reform and social obligation
- reforms to improve conditions for the poorest in society would reduce the likelihood of large-scale social discontent, preserving the position of the upper classes
what do New Right advocate for the economy?
laissez-faire capitalism
what do new right believe the economy should allow?
- equality of opportunity
- allowing individuals to rise and fall on the basis of merit with no help or hindrance from the state
what do new rights believe a free market is the best mechanism to do?
best mechanism to meet consumer demand and maximise resources and ternate prosperity
what do new rights believe a free market promotes?
- economic well being in that it is self-regulating
- serves as a form of social discipline, imposing economic restraints on working class
