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Clearly it's ultimately a sort of shorthand, but I'd say that the Left favour equality and recognise that the welfare of the majority should be the paramount concern whilst the minority's interests are protected. The Left also tends to accept and support state action in pursuit of the above. A belief in the necessity of abolishing (or at least radically reforming) capitalism is fundamental to the Left.
The Right clearly support capitalism as a system, prefer minimal state activity and regard individual freedom as the ultimate good.
Obviously that's very crude, but I think that it's more or less a definition many (most?) would understand and accept.
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Far too simplistic. Did Margaret Thatcher not increse the size of the State greatly?
No; the privatisation programme effectively eliminated the State's role in industry and transport; the "Right to Buy" policy began a process which has now all but ended its role as a housing provider. And that's before the effect of the promotion of private healthcare and education and underinvestment in public services is taken into account. Even Clause 28 was an attempt to limit the role of the state (and therefore in a strict sense, "liberal" legislation). Taken together, unless you define "the state" very narrowly, the Thatcher government presided over a reduction in its role and size that could not have been envisaged in the fifties, sixties or early seventies.
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I'm with Zippy - left and right have become meaningless - just look at New Labour.
Leaving aside any judgement on New Labour as a government, to suggest that it has rendered the left/right distinction meaningless seems to me to be absurd, because so many people still use exactly the same left/right/centre model to discuss politics: Blair and Brown shifted Labour to the right because they and many others believed that elections could only be won from the centre ground. Cameron is now shifting the Tories leftwards for exactly the same reason. Brown will face a challenge from the Left, and many of us in the party still consider ourselves to be "left-wing" - just as there is an increasingly discontented Right lurking behind Cameron.
Socialism still exists as an ideology and has considerable support.
Ironically, if one term has become problematic, if not actually redundant, it is arguably "conservative"; Thatcher turned the Tories away from conservatism (i.e. defending the status quo) into a radical liberal party in economic terms, if not entirely in its approach to social policy.
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I prefer the term Progressive. That way you get to keep Thomas Paine but can ditch Stalin
The old hardline communists of the seventies CP referred to themselves and their allies as 'progressives'; and I read an article a while ago in which Melanie Phillips described herself as a 'progressive', on the basis of her objectives despite her opposition to most 'progressive' policy. The problem for me is that 'progressive' begs the question "Progress towards what, and by what means?"
It's ultimately mostly a question of semantics, but I think that 'progressive' like 'radical' is far too woolly.
I prefer the term 'Socialist'...