CONS economy

• Traditional, One Nation and Neo-conservatism

  • Value private property
  • Intervention in the economy for pragmatic + paternalistic reasons only
  • Capitalism leads to economic inequality keeping to the idea of a hierarchical nature of society.
  • Taxation should fund state intervention.
  • Ambivalent attitude towards the economy, concerned that a completely laissez-faire economy leaves no room for paternalistic support for the poor/needy.
• Traditional

  • Some favour a protectionist economy, protecting domestic industries from foreign competition by tariffs.
• Traditional

  • Burke -> supported free-market economists like Adam Smith, free market the natural state of the market
  • Hobbes -> economic activity only possible due to the state
  • Oakeshott -> free market the natural state of the market. Pragmatic intervention
• One Nation

  • expanded paternalism to justify social welfare as a moral duty for the poor
  • Advocates for greater state intervention to prevent revolution
• Neo-liberals

  • Believe in laissez-faire free market economics + want to roll back state involvement
  • Radical -> favour abolishing welfare states, deregulating and privatising all services, curtailing the power of obstructive bodies to the free market e.g. trade unions
• Neo-liberals

  • Rand and Nozick -> free market capitalism with no state regulation, privatised and deregulated economy