Sunday, September 28, 2008

Markets Conservatives and Gardens

Our England is a garden, and such gardens are not made
By singing:--"Oh, how beautiful!" and sitting in the shade,
While better men than we go out and start their working lives
At grubbing weeds from gravel-paths with broken dinner-knives
(Kipling )
Labour with their usual cynicism are playing a heads I win, tails you lose game . For years Brown told us he had cured boom-and -bustism (Got that 50% right eh ...) Now the failure of world banking is the fault of the Conservative Party because in some dimly remembered way they are the Party of markets ,America and all that sort of thing…. . There is no coherence to this , it is merely yet another base appeal to prejudice like slapping ID cards on those nasty foreigners first, slagging of the Poles in Crewe or whining about the darkies on the housing list in Barking .To them it serves a higher cause , to me its faintly disgusting
The relationship between markets and Conservatism is actually altogether more complex .Conservatives see markets as human system not a doctrine and well understand that lack of proper regulation of markets can easily halt all activity . This is usually due to the erection of barriers by participants and their active wish to subvert competition .These activities are like weeds . The market is a garden, not a wilderness and its activities emerge from a civil society and a level of trust.
Also important is the embedding of past experience from bank failures to the South Sea bubble into "gardening " practice . Institutions that evolve are preferred to day 1 year 1 plans . At the conference Conservatives should emphasise that neither they, nor Margaret Thatcher ,ever really thought that any book least of all one by Hayek had all the answers .The Conservative Party is not , at its root , a Party of the market , it is a Party of Conservatism which is suspicious of any dogma .
More than this, it is positively fearful about the destructive potential in any powerful force removed from human scale . International capitalism is exactly this sort of phenomenon and has failed precisely by being insufficiently Conservative . The effort now must be to resists the left’s wish to throw the baby out with the bath water, however, and take considered steps to encode this experience into developing the regulatory framework .Hubristic notions of world solutions are to be approached with a degree of scepticism had our own institutions been sound not a single bank would have failed.

It is beyond the ken of politicians to erect all encompassing global plans although some simple beginnings might be made .Institutions here are what should be strengthened and with unerring accuracy Cameron has found the Conservative fault ,line . Brown`s new fangled regulatory system failed .A development of the powers of the Bank of England was required and he undermined it just as he undermined the treasury.


Blue Eyes said...

Yup. You are back on top form Mr N. I am slightly worried that I agree with you more than I used to.

Auntie Flo said...

Well what do you know? The video on the BBC's online news which shows Cameron speaking along these lines is "Not working, try again later"

Bl**dy BBC, I'm sick of their bias and beginning to feel I'm wrong to defend them against those who would make them a commercial organisation.

Newmania said...

BE...I have actyually drifted somewhat in your direction so its nothing to worry about

Flo- They will be in beeeeeg trouble

CityUnslicker said...

the chinese are to introduce short-selling; they see it will benefit the market overall.

Our socialists are slavering at the return of their beloved 1970's.

Newmania said...

Not sure I precisely see the point of short selling CU. I work in a market and I see people doing harmful things in it all the time.

asquith said...

I don't share you optimism about the Tory Party valuing civil society & harnessing the benefits of markets whilst bewaring of their possible drawbacks. I wish I could, but the ideological neoliberal element is too strong.

You are making a point along the lines of "in the 1970s socialism was a dragon to be slain, markets were the answer: we must now turn our attention to social problems & deregulation & slashing taxes isn't necessarily the answer in these times". But do they all agree? I don't think they've all got your attitude.

You might well be a true Conservative, but is Cameron, are the new PPCs, are the people who will be putting pressure on Cameron to act? Time will tell, but excuse me for not getting my hopes up.

I don't go round making claims about how the Liberal Democrats are exactly the same as me in policy terms, because I know they're not. Is Cameron going to satisfy you? I think he's got people who don't share your worldview competing for influence over him...

Newmania said...

I don't think you have understood my post Asquith. My perspective here goes back a long way before the 70s . Its about what Conservatims is

asquith said...

I know what you mean by Conservatism & it's quite an admirable creed in some ways, though not one I'd put my name to.

I just don't think it would be delivered by Cameron and co! You are, imho, setting yourself up for disappointment if you put any hopes in them.

Newmania said...

I am only partly that sort of Conservative .I suspect less so than Cameron in fact

asquith said...

Time will tell...

What I will say is that I like his policy to create these new high-speed trains, as it's about time we had a rail network to match up to other countries. I was always against Heathrow expansion because the areas that would have been demolished are extremely valuable ancient woodland which is nigh on impossible to replace. Having a high speed train instead of that shite is killing 2 birds with 1 stone.

Perhaps he could do a few good bits of business if he wins the next election. I do like his education policy too :)

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