the economy Flashcards
major agreements for conservatives on the economy
private property is essential and a fundamental right for everyone
all are skeptical of major state intervention into the economy preferring a mixed or free market
importance of economic stability and pragmatism, as it maintains social order
what did burke believe about the economy?
private property is essential to maintain social order
prefers organic development of economic practices based on tradition and pragmatism rather than centralised economic planning
economic stability = social stability
likes some state intervention and regulation based on pragmatism and tradition but not major radical ideas
likes some form of social welfare if it prevents civil unrest to preserve social stability
what did oakeshotte believe about the economy?
private property is essential and promotes individual responsibility and stability
pragmatic and gradual change in the economy is preferable to major state intervention as overreach is dangerous as the economy is complex
economic stability is essential to limit the disruption caused by capitalism whilst limiting extreme state overreach or control
more regulation and welfare than the new right promotes is needed to promote social cohesion and equality
state should provide economic safety nets to the most vunerable
mixed economy to achieve social objectives with some state regulation
nozick and rand beliefs on economy?
protection of private property
free markets with no centralised economic planning
minimal state intervention, likes laissez-faires capitalism
opposes welfare and redistribution of wealth as its each persons own responsibility (objectivism by rand)
economic regulation stifles innovation and induvial initiative
