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".
Conservative Party (UK)
The second main grouping in the Conservative Party is the "free-market wing" of economic liberals who achieved dominance after the election of Margaret Thatcher as party leader in 1975. Their goal was to reduce the role of the government in the economy and to this end they supported cuts in direct taxation, the privatisation of nationalised industries and a reduction in the size and scope of the welfare state. Supporters of the "free-market wing" have been labelled as "Thatcherites". The group has disparate views of social policy: Thatcher herself was socially conservative and a practising Anglican but the free-market wing in the Conservative Party harbour a range of social opinions from the civil libertarian views of Michael Portillo, Daniel Hannan, and David Davis to the traditional conservatism of former party leaders William Hague and Iain Duncan Smith. The Thatcherite wing is also associated with the concept of a "classless society".