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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.
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 business cycle theory and finance, any economic quantity that is positively correlated with the overall state of the economy is said to be procyclical. [2] That is, any quantity that tends to increase in expansion and tend to decrease in a recession is classified as procyclical.
The theory which Eysenck developed to explain individual variation in the observed dimensions, relating tough-mindedness to extroversion and psychoticism, returned ambiguous research results. [ 26 ] Eysenck's finding that Nazis and communists were more tough-minded than members of mainstream political movements was criticised on technical ...
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. [13]
In the United States, and increasingly worldwide, libertarian is a typology used to describe a political position that advocates small government and is culturally liberal and fiscally conservative in a two-dimensional political spectrum such as the libertarian-inspired Nolan Chart, where the other major typologies are conservative, liberal and ...
National conservatism prioritizes the defense of national and cultural identity, often based on a theory of the family as a model for the state. [86] National conservatism is oriented towards upholding national sovereignty, which includes limited immigration and a strong national defense. [87] In Europe, national conservatives are usually ...
Seeking a more positive definition, the Conservative Political Action Conference, or CPAC, defines conservatism as "the political philosophy that sovereignty resides in the person.