The economy 10 marker

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  • The economy 10 marker
    • Economic liberalism
      • Smith, Hayek, Friedman and Nozick challenge the idea of a planned economy.
      • Anti-statist. The state is regarded as a real of coercion and unfreedom
      • Free market economics gained renewed credibility in 1970s while governments had difficulty creating economic stability and sustained growth.
      • social welfare had created a culture of dependency.
      • social welfare can be a violation of property rights.
      • Governments should foster growth by providing conditions that encourage producers to produce: main block is high taxes
    • Mixed economy
      • The liberal new right are opposed to a mixed economy and public ownership.
      • Conservative new right still believe that state should have some intervention
    • Private property
      • Those who posses their own property are more likely to have respect for others property.
      • Helps maintain law and order
      • Socialised property threatens to create a soulless and depersonalised society.
        • They oppose the socialist ideal of common ownership.
      • Thatchers Right to Buy scheme
        • owning property would give people a stake in society and promote a sense of responsibility.
      • Conservatives originally feared the rise of the property owning middle class as they believed they would sweep away tradition with their wealth.


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