UK dopers: Can you explain one nation conservatism to me?

With Theresa May coming into the spotlight, I have just recently learned of the term one nation conservatism. Going from her speech today and the Wiki article on it, it sounds like an appealing strain of thought of letting the markets work but not as dog eat dog as American conservatism. But it sounds like it could also be elitist and paternalistic. So what do I need to know?

Moderators I put this in GQ hoping it will stay factual.

It goes right back to Benjamin Disraeli in the 1870s, who argued that the rich had an obligation to help the poor.

Disraeli believed that industrialisation was creating a Britain of two nations, rich and poor, which would undermine social stability. More recently it led to the postwar consensus and eventually to the downfall of Margaret Thatcher.

Britain generally dislikes extremes, so for any political party to succeed they have to capture the so called middle ground of people who will vote for a Labour party led by Tony Blair, but are unlikely to vote for one led by Jeremy Corbyn. If the Cons swung too far to the right, they would lose that support to other parties, and possibly the next election.

These days it’s code for “We can’t afford to be perceived as always favouring the better-off, screwing the workers, disregarding foreigners (other than Americans, rich Asians, Russian oligarchs and Rupert Murdoch) and being beastly to the poor”. It usually marks the start of a Conservative government and lasts for approximately 2-3 years, depending on the size of the overall majority and the numerical strength of head-banging die-hard backbenchers.