Rest of the world




As a result of the expansion of the welfare state and increased regulatory policies by the Roosevelt administration beginning in the 1930s, in the United States the term liberalism has today become associated with modern rather than classical liberalism. In Western Europe, the expanded welfare states created after World War II were created by socialist or social-democratic parties such as the British Labour Party rather than liberal parties. Many liberal parties in Western Europe tend to adhere to classical liberalism, with the Free Democratic Party in Germany being one example. The Liberal Democrats in the United Kingdom have a classical liberal and a social liberal wing of the party. In many countries, liberalism or economic liberalism is used to describe what Americans call fiscal conservatism.

Fiscal conservatism in the United Kingdom was arguably most popular during the premiership of Conservative Margaret Thatcher. After a number of years of deficit spending under the previous Labour government, Thatcher advocated spending cuts and selective tax increases to balance the budget. As a result of the deterioration in the United Kingdom's public finances—according to fiscal conservatives caused by another spate of deficit spending under the previous Labour government, the late-2000s recession and by the European sovereign debt crisis—the Cameron–Clegg coalition (Conservative–Liberal Democrats) embarked on an austerity programme featuring a combination of spending cuts and tax rises in an attempt to halve the deficit and completely eliminate the structural deficit over the five-year parliament.

In Canada, the rise of the socialist Co-operative Commonwealth Federation pushed the Liberal Party to create and expand the welfare state before and after World War II. Fiscal conservatism in Canada is generally referred to as blue Toryism when it is present within the Conservative Party of Canada. In Alberta, fiscal conservatism is represented by the United Conservative Party. In Ontario, fiscal conservatism is represented by the Progressive Conservative Party of Ontario.citation needed

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Fiscal conservatism

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Fiscal conservatism is a political and economic philosophy regarding fiscal policy and fiscal responsibility advocating low taxes, reduced government spending and minimal government debt. Deregulation, free trade, privatization and tax cuts are its defining qualities. Fiscal conservatism follows the same philosophical outlook of classical liberalism and economic liberalism. The term has its origins in the era of the 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. 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. Fiscal conservatives form one of the three legs of the traditional conservative movement that emerged during the 1950s together ...
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History

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Early to mid 20th century edit In the early 20th century, fiscal conservatives were often at odds with progressives who desired economic reform. During the 1920s, Republican President Calvin Coolidge's pro-business economic policies were credited for the successful period of economic growth known as the Roaring Twenties. However, his actions may have been due more to a sense of federalism than fiscal conservatism as Robert Sobel notes: "As Governor of Massachusetts, Coolidge supported wages and hours legislation, opposed child labor, imposed economic controls during World War I, favored safety measures in factories, and even worker representation on corporate boards". Contrary to popular opinion, then-Republican President Herbert Hoover was not a fiscal conservative. He promoted government intervention during the early Great Depression, a policy that his successor, Democratic President Franklin D. Roosevelt, continued and increased despite campaigning to the contrary. cit...
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