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In American political theory, fiscal conservatism or economic conservatism[1] is a political and economic philosophy regarding fiscal policy and fiscal responsibility with an ideological basis in capitalism, individualism, limited government, and laissez-faire economics.[2][3] Fiscal conservatives advocate tax cuts, reduced government spending, free markets, deregulation, privatization, free trade, and minimal government debt.[4] Fiscal conservatism follows the same philosophical outlook as classical liberalism. This concept is derived from economic liberalism.[5]
The term has its origins in the era of the American New Deal during the 1930s as a result of the policies initiated by modern liberals, when many classical liberals started calling themselves conservatives as they did not wish to be identified with what was passing for liberalism in the United States.[6] In the United States, the term liberalism has become associated with the welfare state and expanded regulatory policies created as a result of the New Deal and its offshoots from the 1930s onwards.[7]
Fiscal conservatives formed one of the three legs of the traditional American conservative movement that emerged during the 1950s together with social conservatism and national defense conservatism.[8][9] Many Americans who are classical liberals also tend to identify as libertarian,[10] holding more cultural liberal views and advocating a non-interventionist foreign policy while supporting lower taxes and less government spending.[8] As of 2020, 39% of Americans polled considered themselves "economically conservative".[11]
Because of its close proximity to the United States, the term has entered the lexicon in Canada.[12] In many other countries, economic liberalism or simply liberalism is used to describe what Americans call fiscal conservatism.[13][14]
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- ^ Everett, Jim A. C. (December 11, 2013). "The 12 Item Social and Economic Conservatism Scale (SECS)". PLOS ONE. 8 (12): e82131. Bibcode:2013PLoSO...882131E. doi:10.1371/journal.pone.0082131. PMC 3859575. PMID 24349200.
- ^ Hudelson, Richard (1999). Modern Political Philosophy (1999), Richard Hudelson, pp. 37–38. M.E. Sharpe. ISBN 9780765600219. Archived from the original on February 1, 2015. Retrieved November 23, 2021.
- ^ M. O. Dickerson et al., An Introduction to Government and Politics: A Conceptual Approach (2009) p. 129.
- ^ Coates 2012, p. 392.
- ^ Ghosh 2006, p. 56.
- ^ Grigsby 2004, p. 99.
- ^ Fujii 2013, p. 541.
- ^ a b Coates 2012, p. 393.
- ^ Ashbee, Edward; Waddan, Alex (December 13, 2023). "US Republicans and the New Fusionism". The Political Quarterly. 95: 148–156. doi:10.1111/1467-923X.13341. ISSN 1467-923X. S2CID 266282896.
- ^ Grigsby 2004, p. 100.
- ^ Brenan, Megan (May 20, 2020). "Americans Remain More Liberal Socially than Economically". Gallup. Archived from the original on June 26, 2020. Retrieved August 19, 2020.
- ^ Farney & Rayside 2013, p. 12.
- ^ Johnston 2011, p. 210.
- ^ Fujii 2013, pp. 541–542.