CONSERVATIVE ECONOMICS AND ITS CHALLENGES IN GEORGIA

Under liberal economic systems, countries base their welfare solely on the liberal possibilities of the market. Conservative economics rejects this approach, valuing not only economic growth but also the preservation of national traditions and cultural heritage. Conservative economics - often referred to as “fiscal conservatism” - is a theory rooted in fiscal discipline and financial responsibility. It advocates for low taxes and government spending, reduction of public debt, free trade, deregulation, minimal state interference in business, and strengthening of market competitiveness. In Georgia, the application of conservatism in economic policy should rest on three foundational principles: inviolability of private property, minimal market regulation and maximum freedom, and the adaptation of innovation and new technologies to conservative values.