economy Flashcards
(7 cards)
traditional conservatives view of economy:
-they defend inequality and hierarchy therefore they support capitalism
-they don’t completely support the free market though, as they recognise there’s sometimes a need for state intervention - it’s too risky to not have any intervention to control those fallible humans
-therefore they support a moderated form a capitalism aka protectionism
-traditional 20th century conservatives were drawn to keynesian economics, whereby the state manages market forces in the interests of full employment
new right conservatives view of economy:
-influenced by neo-liberal economics e.g. Friedman
-they are more open to having a completely free market
-new right economics still manages to complement traditional conservatism in 2 ways:
1. by disengaging almost completely with the economy - the state can then focus on its true Hobbesian purpose of law and order and security
2. they believe the free-market economy will be a prosperous economy not only promoting capitalism but also providing funds for state spending on the military and police - vital for the defence of a conservative society
hobbes’ view
constructive economic activity is impossible without a state guaranteeing order and security
burke’s view
trade should involve organic free markets and laissez-faire capitalism
oakeshott view
-free markets are volatile and unpredictable, they may require pragmatic moderation by the state
rand view
free market capitalism is an expression of individualism and shouldnt be limited by the state
nozick view
minarchist state should detach itself from the economy, merely arbitration disputes between private economic organisation
