Alberto Mingardi  

Will anti-free market conservatism prove electorally successful?

Mean Reversion and the Permane... Should declining mobility impa...

The "free market" strain of conservatism is considered obsolete pretty much everywhere, a relic of the past, particularly among conservative politicians. These latter aim to provide voters with more energetic plans to action, a robust vision of the role of state, a stronger propensity for government investment and, of course, a softer, kinder approach to social and welfare policies. Free market conservatism of the sort that dominated in the 1980s is considered incompatible with the aspirations of a kinder and fairer society, incapable of dealing with the complexities of a globalised world, and ultimately responsible for growing inequality and financial turmoil.

Even would-be successors to Ronald Reagan and Margaret Thatcher are buying into their caricatures: as neither Reagan or Thatcher were such "radical" libertarians as they were portrayed, nor have any of them slashed the welfare state in the supposedly heartless way they opponent said they would. The NHS survived Mrs Thatcher basically untouched, neither, in spite of his denunciation of welfare queens, did Reagan fundamentally change the US welfare policies. Still, both of them helped in breathing new life into the rhetoric of self-reliance and individual independence, and they opened up to the mere possibility that, indeed, some areas of human life can be preserved, and even flourish, without direct government intervention.

This rhetoric has long been abandoned by "conservative" leaders in the United States and in the United Kingdom, not to mention in continental Europe, and still such a rhetorical evolution is constantly deemed a novelty. Perhaps because the alternative to Reaganism and Thatcherism on the conservative side is typically a deliberate rejection of principled stances, many "compassionate" and "pragmatic" conservatives do not stick in our memory, whereas the two icons of free-market conservatism loom large.

This has happened, most recently, in the UK, where Theresa May has clearly steered the Tories away from any limited government rhetoric, embracing industrial policy (whose demise was the true triumph of Mrs Thatcher) and building arguments that perceptive observers even considered implicitly rejecting Hayek. Theodore Dalrymple, on our sister website the Library of Law and Liberty, has a splendid essay on Mrs May's political agenda:

In the matter of taxing and spending, she is to the left of Mr. Blair, of the supposedly left-wing Labor Party. He was only for spending without taxation, while she is for spending without a promise that she will not raise taxation. I suppose that this is an advance of a kind; but even Mr. Blair, who was to economic thought what Walt Disney was to the zoological study of mice, did not believe in price controls of vital commodities as a means of assisting the poor, as she appears to do with regard to the prices of gas and electricity. Here the late Hugo Chavez is more her guru than is Mrs. Thatcher.
Read the whole thing.

Now, Mrs May's strategy seemed, until a few days ago, electorally very wise. She was confronted with a political ghost of the Christmas past, Jeremy Corbyn, a disinterested, pure and idealistic advocate of good ol' command and control socialism. Corbyn was so exceedingly unattractive, chances were good that many of his voters could switch to a credible Tory leader, if only she talked the right (left) talk. This was Mrs May's strategy: growing the base of her own party by watering its wine. Mark Littlewood, the Director General of the Institute for Economic Affairs in London, put it brilliantly: "we're being offered any political colour, as long as it's red". To be sure, there are plenty of reasons for a corporatist political strategy to work better with voters than some, even timid, promise to do away with special interest privileges. What is surprising, however, is the complete rejection of the ambition of freeing markets even as political propaganda.

The proof of the pudding is in the eating, in politics even more so. Is that strategy working? The latest polls are showing May's lead over Corbyn getting embarrassingly small, for she called elections in full confidence of the result.

Now, certainly mistakes were made in May's campaign (but Corbyn's one wasn't perfect either). Politics has a lot to do with candidates looking attractive and credible, beyond any ideological matter. The terrorist attacks in Manchester and London may eventually convince public opinion to stick with an otherwise unpopular leader. It well may be that May's platform, though unconvincing, is nonetheless more electorally convincing than anything more free market types would have worked out. And yet it would be good, for once, to have some solid conservative politician attempting to give free market conservatism another try. It may well prove as electorally disastrous as most conservative politicians think. Or maybe not.

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COMMENTS (3 to date)
Andrew_FL writes:

The problem is that Toryism has never been all that pro-market. Thatcher was mostly an abberation for them. Contrast with America, a nation founded by Whigs, where conservatism has therefore been Whiggish, rather than Tory-though confusingly, American Tories tend to also call themselves "conservative".

The real problem in Britain is the transformation of British Liberalism into an adjunct of British Socialism. By the 1970s at the latest there was no liberal party in Britain any longer.

Austin S writes:
[...] it would be good, for once, to have some solid conservative politician attempting to give free market conservatism another try. It may well prove as electorally disastrous as most conservative politicians think. Or maybe not.

This was just tried in Canada, except it wasn't in the general election; it was in the election for the new leader of the Conservative Party. The free market conservative candidate who emphasized ending corporate subsidies and ending the price controls on dairy that exist in Canada ended up losing to the standard Conservativeā„¢ candidate who is mostly just rhetorically interested in implementing free market ideas.

Label me pessimistic, but if free market conservatism can't even win within a conservative party of a Western nation, I don't see what hope their is for it winning in a general election of practically any country with millions of citizens, perhaps outside of Estonia or Switzerland.

I can't see free market conservatism being popular again without a significant shifting of the Overton window. Whereto and when the Overton window shifts, nobody can predict.

Shane L writes:

I have always thought pro-market conservatism was strange, because free markets are likely to lead to swift social and demographic change. Agricultural societies, religious and conservative, based on families and small communities working the land, give way swiftly to anonymous cities of industrial and commercial individualism when free markets engender economic growth. Messages from the pulpit are challenged by messages from radio and television, often involving flashy hedonistic lifestyles of Hollywood. If one wants to protect traditional norms, it is probably better to control the economy, prohibit cultural imports and restrict the infiltration of communications technology.

A 2016 Eurobarometer poll on attitudes torwards sexual and domestic violence found greater social conservatism in the former communist East than the more free-market West on multiple questions. Former communist respondents were more likely to say unwanted sexual advances to workmates were acceptable, that domestic violence should not be illegal, that domestic violence is "a private matter", that trying to control a partner by "preventing them from seeing and contacting family and friends, denying them money or confiscating mobile phones or official documents" should be legal and so on. Again and again, the old conservative values survive in those countries with experiences of economic control, and give way in countries with liberal economies.

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