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In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains. It states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.
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.
Conservatism is a cultural, social, and political philosophy and ideology that seeks to promote and preserve traditional institutions, customs, and values. [1] [2] [3] The central tenets of conservatism may vary in relation to the culture and civilization in which it appears. [4]
Economic liberalism is a much broader concept than fiscal liberalism, which is called fiscal conservatism or economic libertarianism in the United States. [12] The ideology that highlighted the financial aspect of economic liberalism is called fiscal liberalism, which is defined as support for free trade .
The primary difference between socialism and capitalism is the role of government. In socialist economies, a central body — the government — owns and controls the society’s assets, firms and ...
Finance capitalism or financial capitalism is the subordination of processes of production to the accumulation of money profits in a financial system. [6]Financial capitalism is thus a form of capitalism where the intermediation of saving to investment becomes a dominant function in the economy, with wider implications for the political process and social evolution. [7]
In this op-ed, Alexander Salter explains the important connection between political freedom and economic freedom
Other conservative ideologies support isolationism and limited involvement in foreign affairs. [107] As of 2021, over one-third of the American public self-identifies as conservative. The Republican Party represents conservatives in the United States, with 74% of Republicans identifying as conservative, compared to only 12% of Democrats. [108]