Economic liberalism in the context of "Fiscal conservatism"

After a period of political and economic crisis in the 1980s, the constituent republics of the Socialist Federal Republic of Yugoslavia split apart in the early 1990s. Unresolved issues from the breakup caused a series of inter-ethnic Yugoslav Wars from 1991 to 2001 which primarily affected Bosnia and Herzegovina, neighbouring parts of Croatia and, some years later, Kosovo.

Following the Allied victory in World War II, Yugoslavia was set up as a federation of six republics, with borders drawn along ethnic and historical lines: Bosnia and Herzegovina, Croatia, Macedonia, Montenegro, Serbia, and Slovenia. In addition, two autonomous provinces were established within Serbia: Vojvodina and Kosovo. Each of the republics had its own branch of the League of Communists of Yugoslavia party and a ruling elite, and any tensions were solved on the federal level. The Yugoslav model of state organisation, as well as a "middle way" between planned and liberal economy, had been a relative success, and the country experienced a period of strong economic growth and relative political stability up to the 1980s, under Josip Broz Tito. After his death in 1980, the weakened system of federal government was left unable to cope with rising economic and political challenges.

Conservatism in the United States is one of two major political ideologies in the United States, with the other being liberalism (more specifically, modern social liberalism). Traditional American conservatism is characterized by a belief in individualism, traditionalism, capitalism, republicanism, and limited federal governmental power in relation to U.S. states, although 21st century developments have shifted it towards right-wing populist themes.

American conservatives maintain support from the Christian right and its interpretation of Christian values and moral absolutism, while generally opposing abortion, euthanasia, and some LGBT rights. They tend to favor economic liberalism, and are generally pro-business and pro-capitalism, while more strongly opposing communism and labor unions than liberals and social democrats. Recent shifts have moved it towards national conservatism, protectionism, cultural conservatism, and a more realist foreign policy.

Ordoliberalism is the German variant of economic liberalism that emphasizes the need for government to ensure that the free market produces results close to its theoretical potential.

Ordoliberal ideals became the foundation of the creation of the post-World War II German social market economy and its attendant Wirtschaftswunder. The term "ordoliberalism" (German: Ordoliberalismus) was coined in 1950 by Hero Moeller [de] and refers to the academic journal ORDO.

In international relations, the liberal international order (LIO), also known as the rules-based order (RBO), consists of a set of global, rule-based, structured relationships based on political liberalism, economic liberalism and liberal internationalism since the late 1940s. More specifically, it entails international cooperation through multilateral institutions (like the United Nations, World Trade Organization and International Monetary Fund) and is constituted by human equality (freedom, rule of law and human rights), open markets, security cooperation, promotion of liberal democracy, and monetary cooperation. The order was established in the aftermath of World War II, led in large part by the United States.

The nature of the LIO, as well as its very existence, has been debated by scholars. The LIO has been credited with expanding free trade, increasing capital mobility, spreading democracy, promoting human rights, and collectively defending the Western world from the Soviet Union. The LIO facilitated unprecedented cooperation among the states of North America, Western Europe and Japan. Over time, the LIO facilitated the spread of economic liberalism to the rest of the world, as well as helped consolidate democracy in formerly fascist or communist countries.

Sir Winston Leonard Spencer Churchill (30 November 1874 – 24 January 1965) was a British statesman, military officer, and writer who was Prime Minister of the United Kingdom from 1940 to 1945 (during the Second World War) and again from 1951 to 1955. For some 62 of the years between 1900 and 1964, he was a Member of Parliament (MP) and represented a total of five constituencies over that time. Ideologically an adherent to economic liberalism and imperialism, he was for most of his career a member of the Conservative Party, which he led from 1940 to 1955. He was a member of the Liberal Party from 1904 to 1924.

Of mixed English and American parentage, Churchill was born in Oxfordshire into the wealthy, aristocratic Spencer family. He joined the British Army in 1895 and saw action in British India, the Mahdist War and the Second Boer War, gaining fame as a war correspondent and writing books about his campaigns. Elected a Conservative MP in 1900, he defected to the Liberals in 1904. In H. H. Asquith's Liberal government, Churchill was president of the Board of Trade and later Home Secretary, championing prison reform and workers' social security. As First Lord of the Admiralty before and during the First World War he oversaw the disastrous naval attack on the Dardanelles (a prelude to the Gallipoli campaign) and was demoted to Chancellor of the Duchy of Lancaster. He resigned in November 1915 and joined the Royal Scots Fusiliers on the Western Front for six months. In 1917, he returned to government under David Lloyd George and served successively as Minister of Munitions, Secretary of State for War, Secretary of State for Air, and Secretary of State for the Colonies, overseeing the Anglo-Irish Treaty and British foreign policy in the Middle East. After two years out of Parliament, he was Chancellor of the Exchequer in Stanley Baldwin's Conservative government, returning sterling in 1925 to the gold standard, depressing the UK economy.

Economic freedom, or economic liberty, is the agency of people to make economic decisions. This is a term used in economic and policy debates as well as in the philosophy of economics. One approach to economic freedom comes from the liberal tradition emphasizing free markets, free trade, and private property. Another approach to economic freedom extends the welfare economics study of individual choice, with greater economic freedom coming from a larger set of possible choices. Other conceptions of economic freedom include freedom from want and the freedom to engage in collective bargaining.

The liberal free-market viewpoint defines economic liberty as the freedom to produce, trade and consume any goods and services acquired without the use of force, fraud, theft or government regulation. This is embodied in the rule of law, property rights and freedom of contract, and characterized by external and internal openness of the markets, the protection of property rights and freedom of economic initiative. There are several indices of economic freedom that attempt to measure free market economic freedom. Based on these rankings, correlative studies have found higher economic growth to be correlated with higher scores on the country rankings. Critics of this approach, such as Fredrik Carlsson and Susanna Lundström, have argued that the economic freedom indices conflate unrelated policies and policy outcomes in order to conceal negative correlations between economic growth and free-market policies, such as counting lower corruption as an indicator of economic freedom.

Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist political parties generally support protectionism, the opposite of free trade.

Most nations are today members of the World Trade Organization multilateral trade agreements. States can unilaterally reduce regulations and duties on imports and exports, as well as form bilateral and multilateral free trade agreements. Free trade areas between groups of countries, such as the European Economic Area and the Mercosur open markets, establish a free trade zone among members while creating a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are intended to support local employment, such as applying tariffs to imports or subsidies to exports. Governments may also restrict free trade to limit exports of natural resources. Other barriers that may hinder trade include import quotas, taxes and non-tariff barriers, such as regulatory legislation.

Liberalism and radicalism have played a role in the political history of France. The main line of conflict in France in the long nineteenth century was between monarchists (mainly Legitimists and Orléanists but also Bonapartists) and republicans (Radical-Socialists, Opportunist Republicans, and later socialists). The Orléanists, who favoured constitutional monarchy and economic liberalism, were opposed to the Republican Radicals.

The Radical Party and especially the "republican" parties (Democratic Republican Alliance, Republican Federation, National Centre of Independents and Peasants, Independent Republicans, Republican Party, and Liberal Democracy) have since embraced liberalism, including its economic version, and have mostly joined either the Union for a Popular Movement in 2002, later renamed The Republicans in 2015, while a minority are affiliated with the Union of Democrats and Independents, launched in 2012. Emmanuel Macron, a former member of the Socialist Party, launched En Marche! (later re-named Renaissance) in 2016 and has served as President of France since 2017.

National conservatism is a variant of conservatism that prioritizes the defense of national and cultural identity, often based on a theory of the family as a model for the state. It is oriented towards upholding national sovereignty, which includes opposing illegal immigration or immigration per se and having a strong military.

National conservatism departs from economic liberalism and libertarianism and takes a more pragmatic approach to regulatory economics and protectionism. It opposes the basic precepts of enlightenment liberalism such as individualism and the universality of human rights, and in America and Europe is majoritarian populist. National-conservative parties often have roots in rural environments, contrasting with the more urban support base of liberal-conservative parties.

Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism.

Economic nationalists oppose globalization and some question the benefits of unrestricted free trade. They favor protectionism and advocate for self-sufficiency. To economic nationalists, markets are to be subordinate to the state, and should serve the interests of the state (such as providing national security and accumulating military power). The doctrine of mercantilism is a prominent variant of economic nationalism. Economic nationalists tend to see international trade as zero-sum, where the goal is to derive relative gains (as opposed to mutual gains).