31 Thatcherism is also associated with supply-side economics. Whereas keynesian economics holds that the government should stimulate economic growth by increasing demand through increased credit and public spending, supply-side economists argue that the government should instead intervene only to create a free market by lowering taxes, privatising state industries and increasing restraints. Citation needed Trade union legislation edit further information: uk miners' strike (198485) see also: Opposition to trade unions and History of trade unions in the United Kingdom Reduction in the power of the trades unions was made gradually, unlike the approach of the Edward heath. There is evidence that this confrontation with the trade unions was anticipated by both the conservative good party and the num. The outcome contributed to the resurgence of the power of capital over labour. 32 Domestic and social positions edit Thatcherite morality edit Thatcherism is associated with a conservative stance on morality. 33 The marxist sociologist and founder of the new Left review, stuart Hall, for example, argued that Thatcherism should be viewed as an ideological project promoting "authoritarian populism" since it is known for its reverence of "Victorian values". 34 The social Democratic Party supporter david Marquand claimed that Thatcher exploited "authoritarian populist" sentiment in 1970s Britain: "Go back, you flower people, back where you came from, wash your hair, get dressed properly, get to work on time and stop all this whingeing and.
However, by 1979 it was not only the Thatcherites who were arguing for stricter control of inflation. The labour Chancellor Denis healey had already adopted some monetarist policies, such as reducing public spending and selling off the government's shares. Moreover, it has been argued that the Thatcherites were not strictly monetarist in practice. A common theme centres on the medium Term financial Strategy, issued in the 1980 Budget, which consisted of targets for reducing the growth of the money supply in the following years. After overshooting many of these targets, the Thatcher government revised the targets upwards in 1982. Analysts have interpreted this as an admission of defeat in the battle to control the money supply. Pratten claimed that "since 1984, behind a veil of rhetoric, the government has lost any faith it had in technical monetarism. The money supply, as measured by M3, has been allowed to grow erratically, small while calculation of the psbr is held down by the ruse of subtracting the proceeds of privatisation as well as taxes from government expenditure. The principles of monetarism have been abandoned".
Citation needed sir Charles Powell, the foreign Affairs Private secretary to the Prime minister (198419) described her style thus: "i've always thought there was something Leninist about Mrs Thatcher which came through in the style of government: the absolute determination, the belief that there's. There's no doubt that in the 1980s,. 10 could beat the bushes of Whitehall pretty violently. They could go out and really confront people, lay down the law, bully a bit". 30 Economic positions edit Graph showing the annual uk gdp growth with the Thatcher years ( ) highlighted, depicting the economic turnaround Thatcherite economics edit Thatcherism is associated with the economic theory of monetarism. In contrast to previous government policy, monetarism placed a priority on controlling inflation over controlling unemployment. According to monetarist theory, inflation is the result of there being too much money in the economy. It was claimed that the government should seek to control the money supply to control inflation.
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Thatcher saw herself as creating a libertarian movement, 19 20 rejecting traditional Toryism. 21 Thatcherism is associated with libertarianism within the conservative party, 22 albeit one of libertarian ends achieved by using essay strong and sometimes authoritarian leadership. 23 British political commentator Andrew Marr has called libertarianism the "dominant, if unofficial, characteristic of Thatcherism". 24 However, whereas some of her heirs, notably michael Portillo and Alan Duncan, embraced this libertarianism, others in the Thatcherite movement, such as John Redwood, sought to become more populist. 25 26 Some commentators have argued that Thatcherism should not be considered properly libertarian.
Noting the tendency towards strong central government in matters concerning the trade unions and local authorities, Andrew Gamble summarised Thatcherism as "the free economy and the strong state". 27 Simon Jenkins accused the Thatcher government of carrying out a nationalisation of Britain. 28 Libertarian political theorist Murray rothbard did not consider Thatcherism to be libertarian and heavily criticised Thatcher and Thatcherism stating that "Thatcherism is all too similar to reaganism : free-market rhetoric masking statist content". 29 Thatcherism as a form of government edit main articles: Premiership of Margaret Thatcher and List of ministers dissertation under Margaret Thatcher Another important aspect of Thatcherism is the style of governance. Britain in the 1970s was often referred to as "ungovernable". Thatcher attempted to redress this by centralising a great deal of power to herself, as the Prime minister, often bypassing traditional cabinet structures (such as cabinet committees). This personal approach also became identified with personal toughness at times such as the falklands War, the ira bomb at the conservative conference and the miners' strike.
14 Thatcherism before Thatcher edit a number of commentators have traced the origins of Thatcherism in post-war British politics. The historian Ewen Green claimed there was resentment of the inflation, taxation and the constraints imposed by the labour movement, which was associated with the so-called Buttskellite consensus in the decades before Thatcher came to prominence. Although the conservative leadership accommodated itself to the Clement Attlee government's post-war reforms, there was continuous right-wing opposition in the lower ranks of the party, in right-wing pressure groups like the middle Class Alliance and the people's league for the defence of Freedom and later. For example, in 1945 the conservative party chairman Ralph Assheton had wanted 12,000 abridged copies of The road to serfdom (a book by the anti-socialist economist Friedrich hayek later closely associated with Thatcherism 15 taking up one-and-a-half tons of the party's paper ration, distributed. 16 The historian.
Christopher cooper has also traced the formation of the monetarist economics at the heart of Thatcherism back to the resignation of Conservative chancellor of the Exchequer Peter Thorneycroft in 1958. 17 As early as 1950, Thatcher stated her acceptance of the consensus of the day about the welfare state, claiming the credit belonged to the conservatives In a speech to the conservative association annual general meeting. Biographer Charles moore states: neither at the beginning of her career nor when she was prime minister, did Margaret Thatcher ever reject the wartime foundations of the welfare state, whether in health, social policy or education. In this she was less radical than her critics or some of her admirers supposed. Her concern was to focus more on abuse of the system, on bureaucracy and union militancy, and on the growth of what later came to be called the dependency culture, rather than on the system itself. 18 Libertarianism edit Thatcherism is often described as a libertarian ideology.
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10 As Ellen meiksins wood has argued, Thatcherite capitalism was compatible with traditional British political institutions. As Prime minister, Thatcher did not challenge ancient institutions such as the wallpaper monarchy or the house of Lords, but some of the most recent additions such as the trade unions. 11 Indeed, many leading Thatcherites, including Thatcher herself, went on to join the house of Lords, an honour which Gladstone, for instance, had declined. 12 Thinkers closely associated with Thatcherism include keith Joseph, enoch Powell, friedrich hayek and Milton Friedman. In an interview with Simon Heffer in 1996, Thatcher stated that the two greatest influences on her as Conservative leader had been Joseph and Powell, who were both "very great men". 13 Thatcher was a strong critic of communism, marxism and socialism. Biographer John Campbell reports that in July 1978 when asked by a labour mp in Commons what she meant by socialism: she was at a loss to reply. What in fact she meant was government support for inefficient industries, punitive taxation, regulation of the labour market, price controls- everything that interfered with the functioning of the free economy.
She is a nineteenth-century liberal". 6 Thatcher herself stated in 1983: "I would not mind betting that if Mr Gladstone were alive today he would apply to join the conservative party". keith Joseph memorial lecture, thatcher argued: "The for kind of Conservatism which he and. Favoured would be best described as 'liberal in the old-fashioned sense. And I mean the liberalism of Mr Gladstone, not of the latter day collectivists". 8 However, Thatcher once told Friedrich hayek : "I know you want me to become a whig; no, i am a tory". Hayek believed "she has felt this very clearly". 9 However, the relationship between Thatcherism and liberalism is complicated. Thatcher's former Defence secretary john Nott claimed that "it is a complete misreading of her beliefs to depict her as a nineteenth-century liberal".
April 2008 that the programme of the next non-Conservative british government, tony Blair 's administration with an emphasis on New Labour, basically accepted the central reform measures of Thatcherism such as deregulation, privatisation of key national industries, maintaining. 4 Contents overview edit Free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, " Victorian values " (of the samuel Smiles self-help variety privatisation and a dash of populism. — nigel Lawson 's definition of Thatcherism. 5 Thatcherism attempts to promote low inflation, the small state and free markets through tight control of the money supply, privatisation and constraints on the labour movement. It is often compared with reaganomics in the United States, economic rationalism in Australia and Rogernomics in New zealand and as a key part of the worldwide economic liberal movement. Nigel Lawson, thatcher's Chancellor of the Exchequer from 1983 to 1989, listed the Thatcherite ideals as "free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, 'victorian values' (of the samuel Smiles self-help variety privatisation and a dash of populism". 3 Thatcherism is thus often compared to classical liberalism. Milton Friedman said that "Margaret Thatcher is not in terms of belief a tory.
Thatcherism represented a systematic, decisive rejection and reversal of the post-war consensus, whereby the major political parties largely agreed on the central themes. Keynesianism, the welfare state, nationalised industry and close regulation of the. There was one major exception: the. National health Service, which was widely popular. In 1982, she promised the British people that the nhs is "safe in our hands". 2, both the exact terms of what makes up Thatcherism as well as its specific legacy in terms of British history over the past decades are controversial. In terms of ideology, thatcherism has been described.
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"Right-wing neoliberalism" redirects here. For other uses of the term, see neoliberalism. Thatcherism describes the conviction, economic, social and political style of the British, conservative party politician, margaret Thatcher, who was leader of her party from 1975 mom to 1990. It has also been used to describe the principles of the. British government under Thatcher as, prime minister from 1979 to 1990 and beyond into the governments. John Major, tony Blair and, david Cameron. 1, an exponent of Thatcherism is regarded as a thatcherite.