conservatism

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Related to Classical Conservatism: Politically conservative

Conservatism

The philosophy that what has been done should continue to be done as long as there is not a positive reason to change it. Conservatives may favor class distinctions as natural, or at least not harmful. In modern times, conservatism has become associated with the political right, or the belief that capitalism and the free market tend to best determine how an economy ought to be organized.

conservatism

or

prudence

see ACCOUNTING CONCEPTS.
References in periodicals archive ?
The insistence that power be embedded in restraining traditions and institutions is the crucial distinction between classical conservatism and the fascism that would eventually replace it on the European right.
And whereas the English flavor of Oakeshott's articulation of political conservatism is indeed unmistakable, it is but a variant of the dominant understanding of classical conservatism, since it first assumed a recognizably distinct shape in the words of Edmund Burke, widely regarded as the "patron saint" of modern conservatism.
Unlike the classical conservatism of, say, John Carroll, or the conservative humanism of Robert Manne, the pragmatic cast of the New Right does not bother to ask broader questions about the changing nature of social life, let alone the role of values or ethics within it.

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