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".
Conservatism in the United States
In addition, some American libertarians, in the Libertarian Party and even some in the Republican Party, see themselves as conservative, even though they advocate significant economic and social changes—for instance, further dismantling the welfare system or liberalizing drug policy. They see these as conservative policies because they conform to the spirit of individual liberty that they consider to be a traditional American value. However, many libertarian think-tanks such as the Cato Institute, and libertarian intellectuals such as David Boaz describe libertarianism as being "socially liberal and fiscally conservative."