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Thatcherism summary
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THATCHERISM- Image of the “Iron Lady”
- Emphasis on personal leadership + dynamic and decisive action ⇒ radical + combative
style of gvt
- Anti-socialist ideology (was opposed to Keynesian policies), individual > society
- Aim to end complacent post-war consensus politics and decline (gvt shouldn’t pay for the
incompetent and half-hearted) ⇒ Goal: break with the past
1979-83
Context of her election:
- Soc-econ crisis bc oil price crises of 1973 and 1979
- Rising inflation + decline in manufacturing output
- Right after Winter of Discontent (1978-9) → collapse of the Labour vote
Monetarism:
- Restrict public expenditure + high interest rates (“New Right” thinking) → against inflation.
Rate of inflation went from 15% in 1979 to 5% in 1983.
- BUT other csq: recession, unemployment, high interest rates, fall in industrial output, social
tensions ⇒ failure
Deregulation:
- Housing Act (1980) → house-owners represented 68% of the pop in 1990 (rise of 15%)
- Stock exchange: lack of regulations made London become a centre of world finance
- BUT: Boom of house prices + housing shortages in the 1990s + large balance of payment
deficit (1980 = £16 billion / 1989 = £47 billion)
Privatisation:
- Number of shareholders in Britain rose from 3 mil to 9 mil between 1979/1990
- Gvt received £10 bil from privatisations between 1979 and 1989
- BUT on the long term: destroyed large parts of Britain’s industrial economy
Popularity:
- Economic recession caused many riots in 1981 ⇒ very unpopular
- Recovered thanks to Victory of Falklands War in 1982
Foreign Policy:
- “Special relationship” w USA, Reagan (cf. neoliberalism)
- Significant leader of EEC (anti-European but took Britain deeper into Europe)
- Britain was expected to pay a huge sum to Europe in 1980, and Thatcher fought
fiercely to see Britain’s contribution reduced (“I want my money back” and she
succeeded)
1983-87
Supply-side economics:
- = Aims to stimulate the economy by creating greater demand
- Largely participated in Britain’s rapid economic growth starting 1985 (4-5% a year)
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