The Economy

Question 1

Why does Conservatism support capitalism?

Answer 1

Capitalism tends to cause wide economic inequalities between the rich and poor. Inequality is something Conservatives support

Question 2

Which economist did Burke agree with?

Answer 2

Adam Smith, writer of “The Wealth of Nations” - 1776

Question 3

Why do Conservatives not support capitalism?

Answer 3

Capitalism promotes risk, innovation and iconoclasm (destruction of icons).
A free market is an optomistic view of the market while conservatives are naturally pessimistic

Question 4

What type of economic system do many conservatives support?

Answer 4

Protectionism - when the state interferes in the economy to provide stability, especialy advocated by one nation conservatives

Question 5

Which econimist do one nation Conservatives agree with?

Answer 5

John Maynard Keynes - Keynesian economics

Question 6

How do new right thinkers view the economy?

Answer 6

They support pro market, neo-liberal economists like Milton Friedman and Friedrich Von Hayek

Question 7

Give 2 example of new right economics in action.

Answer 7

Ronald Regan ‘Reganomics’ of the 1980s

Margaret Thather privatisation in the 1980s

Question 8

How do new right thinkers agree with traditional Conservatives on the economy?

Answer 8

By having less intervention in the economy, the state can focus on important things like defence.
Also, if thre economy is prosperus it will put people off of socialism