The Conservative Party needs a moral reset

A party member recalls that Adam Smith was a moral philosopher as well as an economist.

Jean Kabasomi

Jean Kabasomi works in financial services in London. She also writes and broadcasts.

A statue of a Georgian man looks to the left.

Adam Smith, looking right to left.

Glasgow University.

The election of a new government in the United Kingdom has felt like an opportunity to fix some of the daily challenges faced by the people of these isles. As a member of the Conservative Party, it also presents the chance for those of us who are Conservatives to take stock of what it means to be conservative and how best that definition can serve the people of the UK in a way that benefits the whole and not just specific parts.

Those who follow the internal machinations of the Conservative Party will know that the battle for a new leader has already begun. For the most part, it has focused on whether the Party needs to move to the right to combat the offering by the new kids on the block – Reform, or to the centre in order to block the leaking Shire vote that shifted to the Liberal Democrats. I want to propose a different approach.

For years as I was growing up, probably influenced by the media and how it presents politics, I assumed that the idea of a minimum wage was a socialist idea or what we might today describe as progressive politics. Things changed, when I studied the history and influence of Christian thought on Western economics, as part of a Masters in Biblical Studies at the University of Edinburgh.

Adam Smith is the father of modern capitalism and hero to many conservatives. His foundational text, The Wealth of Nations, was on the reading list. Prior to these studies, I had heard and seen many conservative commentators use that text to support their claims around small government. I had also seen liberal commentators vilify his work for being the source of our broken Western systems. Many claimed that it was the basis for the economic thought and principles of Hayek and Friedman, the prominent economists who influenced the policies of the Thatcher government in the UK and the Reagan government in the US.

It tells us that our dogmatic positions should not prevent us from focusing on what is in the best interest of the people that politics and economics are supposed to serve.

When I read The Wealth of Nations for myself, I was shocked. I couldn’t believe how much of what he had actually said was ignored or had been misrepresented. Reading it for myself changed my assumptions and my learned narrative on capitalism. One of my greatest surprises was that Smith held what I had known to be a socialist policy, the idea of a minimum wage. To him it was such a fundamental truth that it was only briefly mentioned. Perhaps, that’s the reason so many people miss it.

Another shock was discovering that Adam Smith wrote about the place of government in regulating large corporations. For Smith, the wealth of large corporations was to be invested back into the areas from which the company was built. Jobs were to be kept local so that as many people as possible in society benefited from the wealth generated. Smith outlined that government regulation should prevent large corporations from moving their manufacturing operations to cheaper international locations to reduce costs and sidestep local communities.

Adam Smith, the father of capitalism – a protectionist and believer in the rights of workers! But what has this got to do with a discussion about the Conservative Party? It tells us that policies that do not always favour corporations but help workers or local communities are not unnecessarily anti-capitalist and by extension unconservative. It also tells us that our dogmatic positions should not prevent us from focusing on what is in the best interest of the people that politics and economics are supposed to serve.

My party needs to move away from policies that are focused on ideological battles and economics rooted in abstract ideals. And, instead, look to policies that will tangibly help everyday people. Or put differently, the party needs to move away from Oxford Union politics (I have nothing against the Union, I am a lifelong member!) and focus on real-world grown-up politics that improve the lives of the ‘many not the few’!

Lord Cameron tried to move the party to a position often dubbed Compassionate Conservativism. In fact, the origins of capitalism have long been connected to moral principles. Adam Smith not only wrote The Wealth of Nations but also considered issues around morality in his The Theory of Moral Sentiments. For a government to govern effectively and an opposition to oppose properly, morality and the interests of the many must be reflected in policy. And in my humble opinion, it is not unconservative to do so.

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Economics

23 October 2024

1 min read

Budgeting for discontent

The Chancellor can't please everyone, but is contentment possible?

Paul Valler

Paul Valler is an executive coach and mentor. He is a former chair of the London Institute for Contemporary Christianity.

A woman stands behind a lectern against a blue and red backdrop.

Chancellor Rachel Reeves speaks at a recent event.

HM Treasury.

As the Chancellor Rachel Reeves seeks to raise billions in this Autumn budget, the news media are all over the downsides. Poor pensioners freezing during winter and businesses complaining of the tax burden are political headlines. Tough choices must be made, but we are rarely happy when it comes to money.

Economic discontent is ironically a cultural norm in first world countries. In the west we have become used to what psychologists call the hedonic treadmill – adjusting our expectations to any new benefits and finding ourselves wanting even more, to try to maintain the same level of happiness. It’s a mentality that dooms us to discontent. Socrates said, ‘He who is not contented with what he has, would not be contented with what he would like to have.’

Contentment seems to be a forgotten virtue today, and increasingly elusive in a society striving for happiness through wealth. Yet being content in life is a more valuable form of wealth than money. There is something enormously attractive about a tranquil state of mind and heart. Contentment does not mean passive acquiescence; there is a noble side to being passionately discontented about something that is unjust – especially when we are fighting for others. William Wilberforce demonstrated that with his campaign for the repeal of laws allowing slavery.

Our personal challenge is to be content in ourselves, whatever the circumstances. Oscar Wilde said, ‘True contentment is not having everything, but being satisfied with everything you have.’ Practising paying attention to what we do have and being thankful for it. That attitude of gratitude is a recognised way to lift our mood and strengthen our resilience. But thankfulness doesn’t solve every problem. Warm words may help warm hearts, but they don’t heat cold homes. Although gratitude is proven to improve our wellbeing, it’s not enough to compensate for all the problems of life. Because here’s the deal; life is tough and then you die, and there are many worse things than economic woes.

Pain, grief and loss are all too common, and they can test our resilience beyond what feels like our ability to endure. Chronic physical or mental illness for example; or being permanently disabled. Or the life-sapping effort to parent children with special needs; or caring for a parent/partner with dementia - especially when it goes on and on. Sometimes horrible events happen like violent abuse, or the deep grief of relationship breakdown or bereavement. This level of suffering pushes us to the end of ourselves, to the place where something more than psychological self-help is needed. What is the secret of contentment then?

I don’t envy the Chancellor, and I do not trivialise the very real challenges raised by having to make tough economic choices.

This is where the secular and the Christian worldview are radically different. Secular philosophers call people to show their own self-sufficiency and superior reason when enduring suffering. This can feel principled and stoic, but it lacks empathy and hope. Christianity accepts the reality of our own weakness and insufficiency, recognising that we can’t fix everything ourselves. Instead of trusting in humanity, we choose to trust God both for this life and the life to come. And this trust and hope is linked to a deeper form of contentment, which transcends pure rationality.

Of course, sceptics say this is just psychological comfort from an imaginary friend, and it doesn’t make sense, because surely any good God would not allow us to suffer in the first place. But any realist must acknowledge that a lot of human suffering comes from the damaging exercise of our own free will. Wars and slavery are examples. If God were to override our free will, we would be robbed of the authentic capacity to love, which makes us fully human. The coexistence of free will, suffering and God is a complex issue.

The experience of millions of Christ followers is that trusting God is much more than imaginary comfort. God is real and prayer changes things; the most ordinary, natural and chance experiences can be affected by it. And prayer changes us. In our vulnerability, if we choose to trust God something changes, we begin to relax, things become a bit easier to bear. In fact, the apostle Paul claimed that Christ’s power was perfected in his own weakness.

Contentment is a strange peace that comes from trusting God in the middle of difficult circumstances. One of the great old hymns was written by a man who lost his four daughters in an accident at sea, and also lost all his money in a fire. The refrain says, ‘It is well, it is well with my soul.’ This isn’t denial or delusion, it is the inner sense of quietness that God can give. Only an eternal perspective allows for that kind of contentment.

I don’t envy the Chancellor, and I do not trivialise the very real challenges raised by having to make tough economic choices. Britain is clearly in a place where some stringent fiscal discipline is needed, and that will inevitably cause some hardship and difficulties. But in the face of all the discontent that is so freely shared in the news, there is another way to respond. Instead of complaining about our flawed Government or moaning about our circumstances, we can change our perspective to put our trust in the ultimate Authority. And in doing so can find a peace that the world cannot give. Contentment is a treasure beyond the wealth of nations.