• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

"Modern Conservatism is more concerned with economic freedom than with social stability" Discuss.

Extracts from this document...

Introduction

Caroline Howard December 2005 "Modern Conservatism is more concerned with economic freedom than with social stability" Discuss. There is debate among political scientists as to the extent to which the Neo-Conservative and Neo-Liberal elements that form Modern Conservative ideology can work coherently. This can be seen most poignantly in their Neo-Liberal commitment to economic freedom which directly contrasts the Conservative ideas of stability within society. Neo-Liberal economics have been influenced by Classical Liberalism, including Adam Smith and David Ricardo and Modern Conservative economic policy is merely a re-discoverance of free-market economics. Post-1945, Keynesianism had been the dominant economic policy, advocating "managed capitalism" but Modern Conservatives believed this was responsible for decline that had occurred in Britain. Their main aim in the late 1970s/early 1980s was to reverse this decline, even if it did cause social instability. Modern Conservatism ideology stipulates that governments cannot deliver economic stability/growth which they believe was the main factor in causing economic decline. They object to government intervention in the economy, epitomised by planned economies such as that of the former Soviet Union, as it does not allow for the "invisible hand of capitalism" to control the market and ensure it functions using the principles of supply and demand. ...read more.

Middle

Based on their believed link between the money supply and inflation they developed two strategies to control the money supply; targets and interest rates. The targets were known as the MTFS but were stopped after 1984 as it was proved they did not work, because from 1979-1984/5 money supply grew faster than the targets but inflation fell. This left their strategy of interest rates which is now relied upon and the current economy is based on consumer spending. This again demonstrates the Modern Conservative contradictions within their ideology in that the free economy is more important than relative, full employment. This shows that Modern Conservatives place more emphasis on the free economy than social stability as full employment is one condition of social stability which is not regarded as highly as controlling inflation and thus, keeping the economy free. The ideas and policies of free-market economics conflict those of Keynesianism and many Modern Conservatives argue that Keynes' ideas promote economic decline through the use of progressive taxation. They believe that because Keynesianism increases tax levels it so removes the incentive to wealth-create and impacts on the property rights of the individual, an inherently Classical Liberal principle. ...read more.

Conclusion

During this time, young people became more affluent than they had ever been and began to question traditional authority and values which leads to youth culture. Youth culture during the 1960s rejected moral norms such as no pre-marital sex and political norms shown by opposition to the Vietnam War for the first time ever. Neo-Conservatives viewed this as moral/social decline and want to return to moral/social stability and "Victorian values". This commitment to reversal of perceived moral/social decline demonstrates the contradictions between the Neo-Liberal and Neo-Conservative ideas that form Modern Conservative ideology. The main aspect of Modern Conservative ideology follows Neo-Liberal economics and aims for economic liberalisation. However, the Neo-Conservative aspects state a commitment to a strong state and moral/social standards. Gamble stated that this contradiction is epitomised in the economy as economic liberalisation causes poverty and inequalities within society and so the state needs empowering to counter this which is exactly what Modern Conservative ideology argues against. Modern Conservative ideas are fundamentally flawed because they attempt to combine aspects of two different ideology with contradicting views of Human Nature at their cores. This is why it is impossible to follow both Modern Conservative free-market economics to their full extent while retaining social/moral stability and standards. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Economy & Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Economy & Economics essays

  1. Discuss the policy options the Australian Government can use to achieve external stability

    On the other hand, Microeconomic policies involve specific measures to improve the operation of firms, industries and markets, by achieving change at the level of individual firms and industries.

  2. Retailing In India - A Government Policy Perspective

    Specifically, speaking some of the laws that need to be reviewed on a priority basis are a. Essential Commodities Act b. Weights and Measures c. Agriculture product market act d. Prevention of food adulteration act e. Shops and Establishment Act These are just some of the main areas that need attention.

  1. 'There is a great deal of evidence to support the view that the relative ...

    practice, with coking ovens, blast furnaces, steel furnaces and rolling mills adjacent to one another, and making full use of waste gases'. Aldcroft explains that the difficulties of the industry were enhanced by the shifting pattern of and deterioration in coal and iron ore resources, but personal deficiencies are alone responsible for the failure to adapt.

  2. The Social Balance - The Mixed Economy.

    Thus budget maximisation can reasonable be taken as a proxy for the motivations of bureaucrats. This assumption is not necessarily based on a cynical view of bureaucrats. Many of them undoubtedly seek to serve what they perceive as 'the public interest'.

  1. Margaret Thatcher - Thatcherism

    Furthermore, Jackson argues that Thatcherism ignored the need for education and training, and investment in essential research and development. Jackson maintains that governments have to take a lead in these spheres, as they have in countries such as Germany and Japan, and by not doing so Thatcherism failed to significantly change the economy.

  2. To what extent was Nazi economic policy ideologically driven?

    After much consideration Schacht came up with a way of financing the rearmament programme by the use of Mefo bills. The use of Mefo bills meant that a degree of secrecy was possible during the first few years of rearmament and figures which would have become public through the use

  1. Split Votes: A Nation Divided on the Marijuana/Drug Legalization Debate

    Whatever the case, the legalizers add much more to the debate than the prohibitionist by including monetary figures, personal freedom debates, and market suggestions in their proposals. Unlike the previously explored sectors, the media usually chooses to report on the drug legalization debate rather than give an opinion.

  2. Discuss the extent to which the economic theories in the Market's Reader can be ...

    But the government can not create a competitive economy environment without making equity in social and economy function which can be made through encouraging new Service delivery in a liberalized environment in a country revolve around two protagonists - the citizens and the government, by regulation and protection.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work