I will readily admit that I am neither a prophet nor the son of one. I do not know what the economic future of conservatism will be, but I can say something about what it ought to be. Conservatives ought to reaffirm the good of economic liberty, both domestically and internationally. Free markets and free trade, sustained by the rule of law and a culture of basic propriety, as Adam Smith outlined, ought to undergird the economic policy of any free and prosperous nation without neglecting the importance of non-state, non-economic spheres, such as religion and family.
However, at present economic liberty has fallen out of favor with some who see a sea change in recent events—from the election of President Trump in the United States to Great Britain's “Brexit” referendum—moving away from a perceived elitist, globalist liberalism and back toward the old order of nation states, not only politically but also economically.
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