The Economic Right Flashcards
What is the core belief of the economic right regarding free markets?
The economic right believes that free markets are the best way to promote economic growth and improve people’s lives.
How does the economic right view individual rights in relation to the economy?
Free markets respect individuals’ rights by allowing them to make choices, own property, and engage in economic activities without excessive government interference.
What is the difference between procedural and substantive guarantees?
Procedural guarantees ensure fair and equal application of laws, while substantive guarantees involve government intervention to achieve specific economic outcomes.
Why does the economic right oppose substantive guarantees?
They argue that substantive guarantees interfere with individual freedom and market efficiency, leading to economic distortions.
What is the economic right’s main argument against government intervention?
Government intervention disrupts market mechanisms, leading to inefficiencies and wasted resources.
How does the economic right view market-driven decision-making compared to government planning?
They believe that the “wisdom of crowds” allows millions of individuals to make better economic decisions than a small group of government planners.
What is the concept of Pareto optimality, and how does it relate to the economic right’s views?
Pareto optimality refers to an economic state where one person cannot be made better off without making someone else worse off; the economic right argues that government interference prevents this efficiency.
How does the economic right link government control to corruption?
They argue that when the government has economic power, businesses and individuals will try to manipulate policies through lobbying and favoritism.
What role does the economic right believe the government should play in the economy?
The government should only ensure fair competition and protect property rights, not actively shape economic outcomes.
What is the economic right’s stance on wealth inequality?
They view inequality as a natural outcome of a free-market system and argue that fairness in opportunity is more important than forced equality of outcomes.
