
The truth about conservatives and laissez-faire
Was it remarkable that George Osborne rejected laissez-faire economics in his speech yesterday? A CoffeeHouser, Marcus Cotswell, asks why I didn’t pick up on it in my summary yesterday. It is a very good point, and perhaps one worth addressing in a post rather than a comment. The Tories have never, ever believed in laissez-faire – this was a Liberal policy, a product of late Victorian politics. But the phrase is now said to caricature and attack the right (like “trickle-down economics” and “Washington consensus” etc). As Adam Smith observed, businessmen tend to collude with each other – you need laws and regulations to stop them. It’s a basic tenet
