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ECONOMY, WELFARE STATE, NHS
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Industrial Revolution Margaret Thatcher (Thatcherism) Brexit The Welfare State NHS
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7. ECONOMY, WELFARE STATE, NHS19th century – Industrial Revolution
The UK was very dominant in:
Cotton
Heavy industry
Mining industry (significant)
From an economic perspective, they were the biggest Empire in the 2nd half of the century.
20th century:
No longer an Empire after the two WWs
They were on the winning side but lost a lot of money, they went bankrupt
Industrial centers were bombed no money to rebuild
Poverty, unemployment for people
1980: Margaret Thatcher (Thatcherism)
1. Free market policies (capitalism)
2. Deregulation of the financial sector (Big Bang, less strict rules for banks)
3. Dismantled heavy industry (shut down everything minister’s strikes)
4. Cutting taxes
5. Privatization
6. Opposing shared currency (Euro)
Thatcher was viewed in a negative light because she looked at people solely from an economic
perspective, not as a community (see the mines she shut down). She had taken away their means of living.
21st century – A series of crises
2008 – Global recession
2016-2020 – Brexit referendum
The pound dropped immediately (most expensive currency)
2020 – Covid (the whole country shut down)
GDP declined significantly by 9.7% (worse than after the WWs)
The welfare state (=a form of state of government/state where the state protects the citizens, takes
responsibility for the welfare of the individual and the society. In the UK it was introduced in 1906.
1. Minimum wage was introduced
2. Illegal to sell kids cigarettes
3. Free school meals
4. Free medical treatment
5. Sick pay
6. Pension – retirement (age limit was 70)
After WWII. – expansion of the welfare state:
NHS (National Health Service) – 1948
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