Right-wing politics
In modern times, "right-wing" is sometimes used to describe "laissez-faire" capitalism. In Europe, capitalists formed alliances with the Right during their conflicts with workers after 1848. In France, the Right's support of capitalism can be traced to the late-nineteenth century. The so-called neoliberal Right, popularised by US President Ronald Reagan and UK Prime Minister Margaret Thatcher, combines support for free markets, privatisation and deregulation with traditional right-wing support for social conformity. Right-wing libertarianism (sometimes known as libertarian conservatism or conservative libertarianism) supports a decentralised economy based on economic freedom and holds property rights, free markets and free trade to be the most important kinds of freedom. Russell Kirk believed that freedom and property rights were interlinked. Anthony Gregory has written that right-wing libertarianism "can refer to any number of varying and at times mutually exclusive political orientations". Gregory holds that the issue is neither right or left, but "whether a person sees the state as a major hazard or just another institution to be reformed and directed toward a political goal".
Factions in the Republican Party (United States)
In economic policy, conservatives call for a large reduction in government spending, free trade, less regulation of the economy and personalized accounts for Social Security. Supporters of supply-side economics predominate, but there are deficit hawks within the faction as well. Before 1930, the Northeastern pro-manufacturing faction of the GOP was strongly committed to high tariffs, but since 1945 it has been more supportive of free-market principles and treaties for open trade. The conservative wing supports social conservatism (often termed family values) and pro-life positions.