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The economy
Former Member
Posts: 1,876,323 The Mix Honorary Guru
At the time of writing, the United Kingdom is the world's fourth largest economy. Since the end of the Second World War, most would state that the British economy has been in relative decline, as other rival economies in Europe (such as France and Germany) were growing at a faster rate than the UK. This economic slump has appeared to cease since the time of Thatcher and to a certain extent been reversed, since GDP growth in the United Kingdom has (on average) been faster than growth in France and Germany since 1992 (the time of which Britain experienced its last recession). According to figures from the United Nations (http://www.un.org), average GDP growth since 1992 in the UK has been 2.6%, by comparison with 1.3% in Germany and 1.8% in France.
As Prime Minister, Margaret Thatcher privatised numerous state industries, liberalised the labour market, initially implemented a monetarist economic policy and curbed the power of the trade unions. These economic reforms are largely seen to have produced Britain's strong economic performance over the last decade, since governments' post-Thatcher (which include John Major's Conservative administration and the New Labour government of Tony Blair) have by and large embraced, accepted and instituted such policies.
The average libertarian would accept a more free market approach, in principle. Nonetheless the reforms of the Thatcher and Major governments are still not close to the libertarian ideal. Well what exactly IS the libertarian ideal in this context?
Libertarians naturally believe in free markets and the voluntary exchange of goods and services. When analysing the reforms made by Thatcher, libertarians in general would concur with the introduction of a more liberal labour market and limits on trade union power. However, not all would strictly agree with monetarist macroeconomics, notwithstanding the fact that monetarism is more free market oriented than the Keynesian policies of British governments prior to the 1970's. Even though Thatcher's policies were 'neo-liberal' in nature, the government still owned and maintained the health and education systems. There was also an operational welfare state.
Libertarians would in general oppose the concept of state-run education, health and welfare, as all are examples of governmental force. To a libertarian, the free market is something that should be praised and not shunned or condemned. The average libertarian would state that:
- Anti-discrimination laws violate people's rights to freedom of association and should be repealed.
- Private citizens should be free to discriminate in terms of whom they offer goods or services.
- Perhaps the money supply should be privatised, in order for companies or private individuals to create and distribute their own money.
In reference to points one and two a business owner, as s/he possesses property rights in regards to their business, should be free to hire whom they choose on any criteria that they choose. The principle of freedom of association states that a person should be free to associate with whom they choose even if they would like to discriminate against others. Libertarians in Britain would largely advocate for the repeal of anti discriminatory legislation, such as the 1975 Race Relations Act and the 1995 Disability Discrimination Act.
In relation to point three, well some libertarians believe that the government should own the money supply (in what is termed as 'fiat money') as this could lead to inflation. Shouldn't HSBC or the man who runs the local cash and carry be free to create and supply their own currencies?
Since the time of Thatcher, the United Kingdom has increased its measure of economic freedom. According to data from http://www.heritage.org, the UK is one of the most economically free nations in Europe. However, from a libertarian perspective it does not go far enough. Though the economic decline of the UK has been reversed to some extent, Britain could regain its position as Europe's leading economic power with greater injections of economic freedom.
As Prime Minister, Margaret Thatcher privatised numerous state industries, liberalised the labour market, initially implemented a monetarist economic policy and curbed the power of the trade unions. These economic reforms are largely seen to have produced Britain's strong economic performance over the last decade, since governments' post-Thatcher (which include John Major's Conservative administration and the New Labour government of Tony Blair) have by and large embraced, accepted and instituted such policies.
The average libertarian would accept a more free market approach, in principle. Nonetheless the reforms of the Thatcher and Major governments are still not close to the libertarian ideal. Well what exactly IS the libertarian ideal in this context?
Libertarians naturally believe in free markets and the voluntary exchange of goods and services. When analysing the reforms made by Thatcher, libertarians in general would concur with the introduction of a more liberal labour market and limits on trade union power. However, not all would strictly agree with monetarist macroeconomics, notwithstanding the fact that monetarism is more free market oriented than the Keynesian policies of British governments prior to the 1970's. Even though Thatcher's policies were 'neo-liberal' in nature, the government still owned and maintained the health and education systems. There was also an operational welfare state.
Libertarians would in general oppose the concept of state-run education, health and welfare, as all are examples of governmental force. To a libertarian, the free market is something that should be praised and not shunned or condemned. The average libertarian would state that:
- Anti-discrimination laws violate people's rights to freedom of association and should be repealed.
- Private citizens should be free to discriminate in terms of whom they offer goods or services.
- Perhaps the money supply should be privatised, in order for companies or private individuals to create and distribute their own money.
In reference to points one and two a business owner, as s/he possesses property rights in regards to their business, should be free to hire whom they choose on any criteria that they choose. The principle of freedom of association states that a person should be free to associate with whom they choose even if they would like to discriminate against others. Libertarians in Britain would largely advocate for the repeal of anti discriminatory legislation, such as the 1975 Race Relations Act and the 1995 Disability Discrimination Act.
In relation to point three, well some libertarians believe that the government should own the money supply (in what is termed as 'fiat money') as this could lead to inflation. Shouldn't HSBC or the man who runs the local cash and carry be free to create and supply their own currencies?
Since the time of Thatcher, the United Kingdom has increased its measure of economic freedom. According to data from http://www.heritage.org, the UK is one of the most economically free nations in Europe. However, from a libertarian perspective it does not go far enough. Though the economic decline of the UK has been reversed to some extent, Britain could regain its position as Europe's leading economic power with greater injections of economic freedom.
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