conservatives and the economy Flashcards
agree - capitalism and property rights
-advocate for capitalism as they see it as most practical/efficient econ system, aligns w pragmatic approach as it generates wealth & improves SoL
Oakeshott supported it believing the econ should be guided by knowledge/experience not ideological dogmatism, tried & tested v utopian vision of communism seeing it as deeply dangerous.
- ‘on being cons’ - ‘to be cons is to prefer the familiar to the unknown, the tried to the untried… the actual to the possible’
-capitalism - integral part of econ tradition in many societies that has evolved organically overtime.
they argue that disrupting this system would be impractical & disrespectful to wisdom of past generations
-idea of free market where ppl naturally trade w each other is consistent w an organic society
Burke - strongly supported tradition -driven by empiricism where tradition represented the accumulated wisdom of past societies-invaluable guidance for decision making in societies.
-property rights - cornerstone of stable society, ownership encourages responsibility -committment by one nation -PM macmillan after ww2 built 300,000 homes per yr & new right thatcher introed ‘right to buy’ scheme.
new right -libertarianism (limited state), one nation -paternalism
-disagree over level of state intervention in econ
-one nation-paternalism & change to conserv & state intervention to ensure welfare of society
-concept of ‘noblesse oblige’ -those in privileged positions have a moral duty to act w generosity to those less fortunate
-state -active steps to improve lives of less privileged in society through providing social welfare.
-e.g Disraeli’s public health act 1875 -improved health of poor but maintained social order.
-increasing inequality due to industrialisation - state int/ change needed to prevent social unrest & maintain national cohesion - ‘the palace is not safe when the cottage isn’t happy’ -also reflects ‘change to conserv’.
P2- new right
BUT NEW RIGHT
reject believe in minimal state int, laissez faire.
-low tax, spending & regulation -individuals free to act
state protects individuals rather than redistributing wealth -Nozick - ‘the minimal state is the most extensive state that can be justified. any state more extensive violates ppls rights’
-opp to welfare state & extensive tax -tax imposed by state went against individual rights & treated ppl as a means to an end rather than an end in themselves
-Ayn Rand - virtue of selfishness -‘difference between a welfare state & totalitarian one is a matter of time’
-laissez faire -most efficient econ system & most moral didn’t intervene w ppls free will.
thatcher - privatisation & reduced top income tax from 83 - 40%.
new right reject hierarchy and support capitalism for diff reasons than traditional & one nation
-new right -driven by support for individual freedom not pragmatism and tradition like traditional & one nation
-oppose state intervention-as threat to freedom in econ
-focus on individual -atomistic -society simply a collection of individuals -oppose hierarchy as it hinders individual lib
-reject paternalism & personal alturism -as it diminishes individual freedom & success -those who are recipient-depedence.
-Ayn Rand -‘man who attempt to live for others is a dependent. he is a parasite in motive & makes parasites of those he serves’.
P3 -traditional and one nation
BUT TRADITIONAL & ONE NATION - driven by pragmatism & tradition-want to maintain hierarchy & order
traditional cons didn’t support paternalism to same extent as one nation but also weren’t libertarians ideologically opposed to state int like new right.
support for capitalism & property rooted in tradition & pragmatism -Burke v weary of unregulated econ liberalism & pursuit of individual wealth if it undermined communal bonds & threatened order & stability in society
-one nation greater state int than traditional it was driven by pragmatism and change to conserv rather than ideology
-traditional cons articulated before industrialisation & econ inequalities that came w it.
-support similar policies if they were writing in the same context
overall
disagree on ecoj
all support capitalism & property rights, New Right supports them for very
diff reasons to one nation & traditional cons & supports
laissez-faire capitalism driven by ideology.
New Right’s econ views driven by ideology - directly opposed by the other strands, which are committed to the key principle of pragmatism -one-nation - change to conserve.
