Distinguish Between the Liberal and Conservative New Right

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During the post 1945 period pragmatic and paternalistic ideas dominated conservatism throughout much of the western world. A new right was the term coined to describe this. It is a very broad term and has been used to describe ideas that range from the demand for tax cut to calls of greater censorship of media ect. . It attempts to fuse economic libertarianism with state and social authoritarianism. As such it is a blend of radical, reactionary and rational features. In essence the new right is a marriage between two apparent contrasting ideological traditions. Liberal economics, particularly the free market theories of Adam Smith, which were revised in the second half of the twentieth century as a critique of “big government and economic and social intervention. This is called the liberal new right or neoliberalism. Liberal new right was a product of the end of the long boom of the 1970’s that saw a revival in free market thinking and resulted in the ideas that there should be minimal state intervention in the economy. Free market economics (Friedman and Hayek) gained credibility in the1970’s because the government failed to deliver economic stability and sustained growth using Keynesian demand management. Due to stagflation (high unemployment and inflation) Freidman and Hayek argued the government was to blame. Freidman argued that there was a natural rate of unemployment and that attempts to reduce unemployment lead to other problems like inflation. Neoliberals thought that inflation undermines the market system because there is lack in faith of money and discourage money economic activity. In order to solve inflation the government needed to control growth in money supplies by cutting public spending and allowing unemployment to rise so the market can solve the problem. The liberal new right regards the state as a realm of coercion and “unfreedom”,

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