To what extent are the views of One Nation conservatives on the economy consistent with those of the New Right?

Introduction -

Conservatism aims to conserve society in its existing form and conservatives are wary of change. One nation conservatism - updated version of traditional conservatism, emerged in resposnse to the development of laissez - faire capitalism ( minimal intervention in business and the state by the government) - organic society and social obligation of those as the top of the hierarchy. - New right - the New Right strand of Conservatism gathered momentum in the mid -70s as a rival to one - nation conservatism. Almagating Neo - liberal and Neo - conservative beliefs, contains radical, traditional and reactionary elements - abandoning government intervention. Debate over the economy - Favour private enterprise but their views on the economy vary, one - nation endorse limited interventionist economic management techniques to maintain high employment levels, mixed economy of private and public concerns and state welfare programmes, preventing social instability. In contrast, New Right believes the states role in the economy has to be reduced. Neo - liberals in particular, call for a free market economy as it is the best mechanism to meet consumer demands and generate prosperity. Overall, they disagree to a greater extent than they agree, as one nation favour 'compassionate conservatism' whereas new right regards gov intervention in the economy to be the most potent threat to the free market.

Consistent -

Point 1 - They both favour private enterprise. If the economy prospers and wealth is created in terms of property, then property owners develop a stake in society and will not rebel. Burke advocated for free trade and market economy on the grounds that such arrangements were efficient, just and 'natural' due to the human desire for wealth. Point 2 - · All conservatives regard private property as a vital component of the economy as it provides psychological security for individuals within society (be it atomistic or organic), especially during economic recessions and depression. E.g Cameron austerity cuts, but between 2010 and 2019 more than £30 billion in spending reductions have been made to welfare payments, housing subsidies and social services. Point 3 - Private property reduces individuals’ dependency upon the state. This appeals especially to neo-liberals like Rand and Nozick. Rand (20th century) argues that people should work hard to achieve a life of purpose and happiness. Rational self interest and maintains that individual freedom supports a pure, laissez faire capitalist economy.

Not consistent

Point 1 - In an industrialised capitalist society, one nation would argue that paternalism should now embrace social reform or 'welfarism' to strengthen national unity and thus preserve 'one nation' whereas, new right determination to abandon gov intervention in economic affairs. One nation - Harold Macmillan.

vs new right thinker Robert Norzick. Harold Macmillan - One nation conservatism was most dominant in the years just after the Second World War between 1951 - 1964. HM - 57 to 63, adopted Keynesian economic management techniques to maintain high levels of employment, accepted the mixed economy and supported an expanded wellfare state. New right - Norzick, right wing libertarian argued for a minimal state. Since humans are rational self aware beings with free will - gives them the right to liberty and rewards for their labour. Minimal or 'night watchman state' with powers limited to those necessary to protect against violence, theft or fraud. Opposes taxation to fund welfare state. Point 2 - Thatcherism vs Cameron and Mays governments. Cameron (2010 - 2016) / In 2007, the Conservative Party under Cameron's leadership pledged to meet Labour's spending on public services. Thatcherism - (79 - 90) - Privatisation of state controlled industries (gas, electricity, water) on the grounds of freedom, competition and efficiency. Point 3 - Keynesian economics vs monetarism. One nation - This form of conservatism was most influential in the late 19th and early 20th centuries, and was also dominant in the years following the Second World War. This was seen by Conservative Party government’s acceptance of welfarism and support for Keynesian economic intervention. Harold Macmillan further developed these ideas through the ‘middle way’, which tried to balance free-market individualist liberalism against socialist-style collectivism and state planning. // New Right Friedman would suggest that Keynesian policies to stimulate demand created inflation by encouraging Govs to print more money or provide too much credit. His solution was monetarism. Gov to reduce inflation by controlling the money supply through cuts in public spending. Both Thatcher and Reagan pursued monetarism in the 80s.

Conclusion

To conclude conservatives do largely disagree about the role of the state in the economy as whilst there is a broad consensus about a capitalist state the extent to which the capital should be restricted is a source of division and the extent to which the government should intervene in order to curb some of the cyclical tendencies of capitalism is also.

Traditional conservatives

Broadly speaking, traditional conservatism defends the established order in society based on commitment to organicism , hierarchy and paternalism. Noblesse oblige - encapsulated the idea that nobility and privilege Bring with them social responsibilities, notably the due and obligation to care for those less fortunate. Thomas Hobbes and Edmund Burke.