Conservatism Economy Essay Plan

What do all cons support?

Support for capitalism

Why do cons support capitalism?

Capitalism is seen as the most effective form of economy by all conservatives, as the inequality of rewards reflects merit and hard work, and acts as an incentive: a fully owned state economy as proposed by many socialists would remove these elements of competition and incentive.

What theories do trad and neoliberal cons agree with?

Traditional and neoliberal conservatives, such as Burke and Hayek, agree with the theories of Adam Smith that show capitalism as the most productive form of economic management.

What do one nation cons agree on the downsides of capitalism ?

One-nation conservatives, such as Disraeli and Macmillan agree that although capitalism can produce some social disadvantages, these can be managed by some state regulation in a way that maintains the advantages of capitalist competition.

What is there disagreement on with market approaches?

Laissez faire vs more intervention

What type of market do trad and neoliberals want?

Traditional and neoliberal New Right conservatives favour a free market with as little intervention by the state as possible.

What did Burke note on trade?

Burke noted that trade should involve ‘organic’ free markets and ‘laissez-faire’ capitalism.

What did Rand say on free market capitalism?

Rand saw free market capitalism as an expression of ‘objectivist’ individualism and, therefore, it should not be hindered by the state.) This led to ‘deregulation’ and ‘privatization’ of commerce by Thatcher.

In contrast, what did Disraeli believe on regulation?

In contrast, Disraeli believed that some state regulation of capitalist enterprise was necessary to counteract the effects of too much emphasis on ‘laissez-faire’.

What did Oakeshott state on free markets?

Oakeshott also displayed a one-nation style of thinking when he stated that free markets were volatile and unpredictable, and so may require pragmatic moderation by the state.

What type of economics was MacMillan prepared to use?

Macmillan was prepared to use Keynesian economics to control demand and even maintained the state ownership of some British industry, in what he described as a ‘middle way’.

What rights do all cons support?

• Support for extensive (private) property rights

• Conservatives accept that the state should infringe as little as possible on individual property rights.

What approach did Burke support?

Burke accepted Adam Smith’s approach that was based on the high priority being given to individuals to choose how to use and dispose of their own property.

What property rights did Nozick emphasise?

New Right conservative Nozick also emphasised the property rights in his ‘entitlement theory’.

How did Thatcher show support for property ownership?

Thatcher showed her support for property ownership in her council house sales policy, ‘the right to buy’ scheme, selling much social housing to private ownership.

How did MacMillan support private ownership?

Even under one-nation conservative Macmillan, 80% of the UK economy remained in private hands.

How do conservatives disagree on property ownership?

Property ownership brings obligations vs rationalist individualism in economic matters

What do traditional conservatives recognise about property ownership?

Belief in organic society led Burke & trad. cons. differed in some ways from the view taken by New Right, & recognised that property ownership is not just an individual right, but does bring with it a paternalistic obligation of the wealthy to the less well off, and a duty to safeguard assets for future generations.

What concept on ownership did Disraeli and MacMillan emphasise?

This concept was expanded by Disraeli, emphasising the concept of ‘noblesse oblige’, and then expanded further by Macmillan who accepted some redistribution of wealth through taxes, benefits, and services.

What unrestrained economy does the new right want?

In contrast, New Right neoliberals expect unrestrained individualism in economic matters such as ownership and distribution of property.

What did new right individualism support?

New Right individualism only supports voluntary rather than state-imposed disposal of property and wealth.

What did Nozick state on rights?

Nozick stated that ‘Individuals have rights, and there are things no person or group may do to them (without violating their rights)’.