Sean Gabb on the “choices” available to a theoretical British voter who might still pine for a smaller and less intrusive central government:
The truth is that, since the 1960s, Conservative and Labour Governments have alternated. In this time, with the partial exception of the first Thatcher term – and she did consider banning dildoes in 1983 – the burden of state interference has grown, if with occasional changes of direction. In this time, with the exception of John Major’s second term, the tax burden has stayed about the same as a percentage of gross domestic product. I cannot remember if Roy Jenkins or Gordon Brown managed to balance the budget in any particular year. But I do know that George Osborn never managed it, or tried to manage it, before he was thrown into the street. Whether the politicians promised free markets or intervention, what was delivered has been about the same.
A longer answer is to draw attention to the low quality of political debate in this country. It seems to be assumed that there is a continuum of economic policy that stretches between the low tax corporatism of the Adam Smith Institute (“the libertarian right”) and whatever Jeremy Corbyn means by socialism. So far as Mrs May has rejected the first, she must be drifting towards the second. Leave aside the distinction, already made, between what politicians say and what they do. What the Prime Minister was discussing appears to have been One Nation Conservatism, updated for the present age.
Because it has never had a Karl Marx or a Murray Rothbard, this doctrine lacks a canonic expression. However, it can be loosely summarised in three propositions:
First, our nation is a kind of family. Its members are connected by ties of common history and language, and largely by common descent. We have a claim on our young men to risk their lives in legitimate wars of defence. We have other claims on each other that go beyond the contractual.
Second, the happiness and wealth and power of our nation require a firm respect for property rights and civil rights. It is one of the functions of microeconomic analysis to show how a respect of property rights is to the common benefit. The less doctrinaire forms of libertarianism show the benefit to a nation of leaving people alone in their private lives.
Third, the boundaries between these first two are to be defined and fixed by a respect for the mass of tradition that has come down to us from the middle ages. Tradition is not a changeless thing, and, if there is to be a rebuttable presumption in favour of what is settled, every generation must handle its inheritance with some regard to present convenience.
The weakness of the One Nation Conservatives Margaret Thatcher squashed lay in their misunderstanding of economics. After the 1930s, they had trusted too much in state direction of the economy. But, rightly understood, the doctrine does seem to express what most of us want. If that is what the Prime Minister is now promising to deliver, and if that is what she does in part deliver, I have no reasonable doubt that she and her successors will be in office as far ahead as the mind can track.
At the Daily Norseman, 
