Modern Labour now accepts that capitalism is the best way of creating wealth.
It no longer views society in terms of class and class conflict. Though class differences still exist and are significant they no longer beliebe thrm to be fundamental. Instead they emphsise the idea of individual identity rather than class identity.
Although it is still accepted that free market capitalism creates a great deal of inequality, Labour accepts that this can be tolerated. This implies that Labour no longer supports a steeply graduated tax system.
Labour has abandoned socialism's strong attachment to collectivism and now promote individualism, the idea that individuals prefor to pursue their own goals rather then entering into a collective enterprise.
Labour is a monetarist party in that it sees the state's role in economic problems will be minimised. It no longer believes that the state should intervene to actively pursue full employment.
Labour no longer believes that the state has a responsibility to significantly redistribute income…