Economy - traditional conservatism

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5 Terms

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View on the role of the state in the economy

  • Some believe in protectionism to preserve interests of the elite and nation-state

  • Protectionism = Trump - tariffs, reducing imports

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View on the role of the state in the economy - Burke

  • Economic activity rests on organic/natural free markets, promotion of laissez-faire capitalism

  • Smith’s (guiding hand) book “perhaps the most important book ever written”

  • Focus on unintended negative consequences of state intervention, which would make it harder for consumers and producers to “mutually discover each other’s wants”

  • Importance of govts knowing own limits and focusing on core functions

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Burke - paternalism and the economy

  • Believes in welfare - noblesse oblige

  • Important to support those lower down in society to ensure the stability of the elite’s position

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Views on free-market capitalism

  • 🙂 as would allow wealth to flow from the upper classes to the lower classes, theoretically benefiting everyone in society

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Importance of property

  • Promotion of social cohesion

  • Allowing trickle down of wealth to family members - property acts as a vessel for this - Burke