conservatism economy Flashcards
(3 cards)
What are the views of Laissez-Faire capitalim?
-Traditional conservatives accept capitalism wholly, but some are cautious about Laissez-Faire, as leave alone policies can lead to damage & destabilise society.
-They are therefore cautious about their support for market forces.
-Many agree with Marx, that ‘raw capitalism’ can be an enemy to continuity & conservation.
-Unchecked capitalism is an iconoclastic economic system and troubles orthodox conservatives.
-Oakeshott complained that rural areas were threatened by “the remorseless rhythms” of market forces.
What are their views of Keynesiansim?
-Traditional conservatives support it. Macmillan argued that the best economy is one represented by a compromise between free-market capitalism, and socialist state ownership.
-Macmillan termed this the ‘Middle Way’ and the resulting mixed economy would preserve capitalism while sustaining full employment & rising levels of public spending, which is integral to the maintenance of ‘one-nation’ conservatism.
What is the New Right Perspective?
-Friedrich Von Hayek, Robert Nozick, & Ayn Rand all support free market economies.
-They have a more sympathetic view of market forces & of the free-market.
-This was strongly linked to privatisation of state-owned industries, deregulation, and of state-owned utilities, and they have a more entusiastic view of capitalism.
-They view it as a practical response to difficult economic circumstances, Nozick cited it them as allies of individual freedom.
-If the state withdrew from the economic arena, the state would be better equipped for the conservative purpose.
