Socialism: New Labour and the Post-Thatcherite Consensus

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  • Created on: 02-05-13 21:19
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New Labour and the Post-Thatcher Consensus
Consensus Issues New Labour Response (Third Way)
Free market best way of creating wealth and Accept free markets but control monopoly of
economic progress power through state regulation
Competition useful device for promoting Promote competition, even within public
efficiency and innovation services
People prefer to own their own home Accept decline of subsidised rented housing
supplied by local govt'
Privatisation Accept privatisation, introduce partnerships
between public and private sector
Withdraw state from economic management No attempt to exercise active control bovver
economy, introducing measures to ensure
stability and discipline in monetary control and
public finances
Weaken power of trade unions, freeing up Not restoring union powers, strengthening
labour markets individual rights of workers
Inequality is natural and just consequence of Accept inequality, establish minimum standard of
free market living
High taxation unjust, inhibits wealth creation Taxation drifted up, tax on income held down,
and economic growth business tax reduced
High levels of social security benefits are a Benefits targeted at most needy to ensure
disincentive to work and create a decent standard of living
`dependency culture'


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