Features and impacts of Thatcherism In UK

Essay by Hantta81University, Master'sA-, March 2008

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Thatcherism is the political ideology, which is personified to free market policy of Margaret Thatcher, British prime minister from 1979 to 1990. Thatcherism is also known as the same kind of policy and targets as the modern liberalism and it can also be compared with Reaganomics in the United States. The ideology of Thatcherism is opposite to Keynesian economics, of which the target is to increase discretionary government spending, decrease taxes during a recession, and to increase taxes during inflationary periods. Whereas Thatcherism policies focus on:•reductions in tax•manipulation of the money supply to reduce inflation•privatization of public industry•reduction of trade union power•reduction of government's role in the economy•encouragement of people to save, work and buy property. /1; p.1-11,2; 3, 4/Thatcherism’s era in UK (1979-1990)In 1970’s Labour party and Keynesian policy had made a poor impact to the Great Britain’s economy and people wanted changes. When conservative party won the polls and Margaret “the iron lady” Thatcher becomes first woman prime minister of the UK in 1979 the new sheet turns in Britain’s political and economical history.

On being appointed she appealled, for help in bringing harmony when there is discord. Afterwise many people has said that thatcherism affect anything but harmony. But there have to be also something good in his policy, because Margaret Thacher win three next general elections and was the longest standing prime minister in british history at 20th century. What were these things that keep the Thatcherism alive so long? /1;pages 1-11,2, 5/There are several identifiable aspects of Thatcherism which helped her and her government stay in power for so long and improve the United Kingdom so immeasurably. Thatcher’s main idea was that economic stagnation should stop so in some day british industry could be competitive in the world market. /6/One of the these actions were...