October 2011
What should the government role in the economy be?
The original liberal-conservative split was political: monarchy, order, and tradition versus democracy, revolution, and change. With the Industrial Revolution, the question turned to economics and the idea of "economic rights". It was unfettered markets and social stability versus workers rights and government involvement. In the post-Industrial Age, the issues may be different but the question remains: how involved should the government be in economic decisions?
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Conservative Response
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One thing the introduction left out is a key component for conservatives: the rule of law. Yes we believe in the market, but also the law. Without the rule of law, corruption and crime become the rule.
Having said that, the conservative idea is that people should be left to make a living for themselves and their family, unencumbered by government interference.
We should establish by law constitutional restrictions on business — racist exclusion from housing and employment, pollution, etc. — and enforce the law. But we should relieve businesses of burdensome regulations and heavy-handed taxation. THIS is what will stimulate the economy and get people working.
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— Editor
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Liberal Response
Here is the basic reality: in a complex, global, and huge economy, the government plays a crucial role. The role is regulatory, budgetary, and monetary.
As far as limiting the role of government, we have done the experiment many times and the results are the same: poor. THAT is why we demand government involvement. We the people need some instrument to counter Big Money. We know that if we take our eye off of Wall Street, we pay dearly (Great Recession of 2008). If we take our eye off banks we pay dearly (S&L crisis of '80s). If we take our eyes off corporate behavior we pay dearly (WorldCom and Enron, 1990s). Can you imagine a stock market without an SEC (Great Depression, 1929)?
We are at a time when we need government oversight more than ever. It has been suggested that in our complex economy, that the "experts" on the inside should self-regulate. That goes against history and human nature.
— Editor
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Alternative Response
You can see here that liberals and conservatives are really singing from the same songbook. What is needed is a true liberation of the economy. The rule of law? Of course, but make the laws clear and minimal. Give people the freedom and the choice to make a living as they see fit. If they have nothing to offer, the market will force them to do something else.
How do we compete in the global marketplace — a corrupt and unfair environment? Well, what good is a national government if it doesn’t support us? We should use tariffs and our laws to favor US and not Chinese imports. You say they can do the same? Let 'em, and see who wins.
— Editor
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