A newly endangered species: the free-market conservative

Republicans in the US no longer champion free-market economics

- ALLISON SCHRAGER

Once upon a time, the conservative position on economics was easy to describe: It was in favor of free markets. In terms of public policy, this meant support for lower taxes, less regulation, smaller government, and fiscal prudence. Republicans did not always adhere to those principles, but at least they aspired to them. Call them free-marketish.

But there has been a political and economic vibe shift, and now a large part of the conservative movement is turning against free markets. This shift may well be bigger and last longer than the presidency of Donald Trump. All of which raises an uncomfortable question for free-marketers like me: Is there still a market-friendly party in America?

Consider the 2024 Republican Party Platform, which does not mince words: "For decades, our politicians sold our jobs and livelihoods to the highest bidders overseas with unfair Trade Deals and a blind faith in the siren song of globalism." Never mind Ronald Reagan—this is not even the party of Mitt Romney.

For his part, Trump has his own free-market contradictions. His first-term economic policies were mostly pro-market. The tariff hikes were small and his signature policies included tax cuts and deregulation. True, he ran up US public debt, but that was one way he was similar to previous Republican presidents.