Capitalism and welfare
- Created by: Rachellowe
- Created on: 18-04-18 15:53
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- Capitalism and welfare
- Capitalism
- Classical liberals suggest the economy should be a free market
- Adam Smith
- Thatcherism and privatisation
- State management of the economy (Lib Dem 2010 manifesto)
- Modern liberals prefer state intervention in the economy
- Liberals argue capitalism needs a lot of economic freedom
- It is vital for individuals to consider themselves to be free, both in their pursuit of self-interest and from over-regulation by governments
- The success of new free economies in creating wealth was a testament to how desirable such economic liberalism had become
- J.M Keynes = the state needs to engage in positive economic management to create an economic environment where individuals would feel confident in their ability to engage in commercial and industrial enterprises
- Classical liberals suggest the economy should be a free market
- Welfare
- Free school meals (1906)
- Old age pension (1908)
- National insurance (1911)
- As the liberal movement came to accept the expanded role of
the state, it became clear that it needed to respond to the growing popular
support for socialist initiatives.
- The creation of the NHS under Attlee
- Beveridge report suggested that the government should protect people from 'cradle to grave'
- Modern liberals defend welfarism on the basis of equality of opportunity
- Capitalism
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