This coalition, in facing unprecedented levels of public debt, has the most difficult economic inheritance since that bequeathed to Margaret Thatcher in 1979. There are two traditions it could embrace as its fundamental raison d’etre. The first is a neoliberal economic approach that retains all the hallmarks of the Thatcherite settlement. In this there is a continuity between Blairism, the Orange Book liberals and the economic orthodoxy of the current cuts agenda. This convention has brought us the extremes of private individualism and state collectivism, and its real legacy is the concentration of economic and state power – where the social damage wrought by the capture of the market by vested interest required massive state expenditure to redress. To read in full please click here.