At conceptual level, this research traces the idea of ‘moral economy’ from its original focus on food riots in 18th century England (Thompson, 1971), to its more contemporary application. Here the notion refers not simply to protest from ‘below’, but to a discourse that may be imposed from ‘above’ and deployed in a strategic reshaping of key features of socio-economic life. This framework was applied to analysis of key political speeches on domestic welfare and migration, and involved the translation of abstract concepts into their substantive content. So in both fields we find ‘morality’, construed as ‘fairness’ and ‘responsibility’, set against ‘dependency’ and ‘abuse’, together with a linkage between welfare and migration as ‘two sides of the same coin’, and mutually opposed in a zero-sum game.