economy Flashcards
traditional conservatives view of economy:
-they defend inequality and hierarchy therefore they support capitalism
-they don’t completely support the free market though, as they recognise there’s sometimes a need for state intervention - it’s too risky to not have any intervention to control those fallible humans
-therefore they support a moderated form a capitalism aka protectionism
-traditional 20th century conservatives were drawn to keynesian economics, whereby the state manages market forces in the interests of full employment
new right conservatives view of economy:
-influenced by neo-liberal economics e.g. Friedman
-they are more open to having a completely free market
-new right economics still manages to complement traditional conservatism in 2 ways:
1. by disengaging almost completely with the economy - the state can then focus on its true Hobbesian purpose of law and order and security
2. they believe the free-market economy will be a prosperous economy not only promoting capitalism but also providing funds for state spending on the military and police - vital for the defence of a conservative society
