Economy

Question 1

Inequality and hierarchy

Answer 1

• don’t think inequality is bad or should be removed
• property is central to conservatism. Looks naturally to protect land and ownership, traditionally the basis of the wealth of the elite.
• One Nation conservatism support social reform to help those at the bottom of society against the vagaries of market forces. Motivated by the desire to maintain hierarchy and prevent support to over throw them.
• The New Right championed inequality by championing the wealth of yuppies in the 1980s. Yuppies are fashionable young, middle class people.

Question 2

Laissez-Faire Economics

Answer 2

• Edmund Burke supported the ideas of Adam Smith.
• New Right closely linked to Neo-liberal economic thinking from von Hayek and Friedman.
• New Right support free market economics as seen with Reaganomics in the US and Thatcherism in the UK.
• New Right: remove state from the economy.

Question 3

Reluctant supports of capitalism

Answer 3

• markets are not best left alone
• state intervention: protectionism promoted by traditional conservatives notable in the 19th century.
• state intervention: Keynesian Economics - updates paternalism of One Nation Conservatives looking after all members of society.