Sorry , that small C should be a big C. And because Conservatism is such a metamorphosing thing it is being reshaped into American models with ease since Thatcher vis friedmanism, Thatchernomics, property ownership, entrepreneurship worship.
There is, as I see it no other explanation other than the either the irrational belief in the promise of a huge payback.........John Majors “yes it hurt, yes it worked “ and/ or an irrational belief that no matter how little you have Labour will want to take it off you.
If you were making this case in the mid to late 80s then you would be on firmer ground. There was an undoubted move to the idea of entrepreneurship in Thatcher's approach. The move towards both share ownership and house ownership being part of that.
In that light, I would see Major's tenure as a pause followed by the Blair years where Labour were 'incredibly relaxed about being filthy rich'.
My take is that the last ten years have been pretty much the antithesis of TEMs - austerity isn't the best time for it. Instead of the iconoclasm of Thatcher, we have a return to the knowing your place so that we are ruled by Etonians, and we fear immigrants taking our low paid jobs rather than think we are likely to be millionaires.
Brexit seems to hark back to times when social mobility was non existent and we had lots of manual jobs. I think the red wall collapsed not because people think like TEMs but like serfs.