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This paper focuses on the changing economic ideas which characterized Margaret Thatcher's time in office. The paper discusses Thatcher's beliefs in the privatisation of state owned infrastructure and the power of the market over other forms of allocation and then shows how business gained significantly more power over sectors which it never used to be able to influence. The paper argues that this legacy has contributed largely to the economic problems we are facing today.
From the Paper:"When Thatcher was elected in 1979 she took over from a Labour government which was struggling to take control of a country in relative turmoil. High unemployment and continuing battles with the trade unions had left the country in a state of relative disrepair. It was largely these conditions under which Thatcher took power that defined the future of her leadership and how she would be remembered. She believed in a Britain which took responsibility for itself. A Britain in which everyone could lift themselves up if only they worked hard enough. Heavily critical of ideas such as the 'nanny state' and overly inclusive systems of social insurance, she believed in hard work as a cure all. It was through individuals working hard for themselves that the country would become great again. Therefore it was always likely that she would pursue lines which would 'liberate' people to work hard.
"Margaret Thatcher, the 'Iron Lady', is largely remembered for the huge amounts of privatisation that occurred under her leadership of the UK (Walsh 2000 p.492). The prevalent philosophy of the time that tied in with both her policies in the UK and also those of President Reagan in the USA was that one should take responsibility for oneself and that the best way to create efficient public services was to privatise everything in the name of efficiency (Jenkins 2006 p.15). This is a philosophy which Jenkins argues has also had a significant effect on the two subsequent Prime Minister's, both John Major and Tony Blair (Jenkins 2006)."
Sample of Sources Used:
- Jenkins, Simon. 2006. Thatcher and Sons. London: Penguin.
- Milne, Seumas. 2004. The Enemy within: Thatcher's Secret War Against the Miners. London: Verso Books.
- Mullard, Maurice, Swaray, Raymond. 2006. The politics of public expenditure from Thatcher to Blair. Policy and Politics, 34(3), 495-512.
- Stiglitz, Joseph (2002). Globalisation and its Discontents. London: Penguin.
- Walsh, J.I. 2000. When Do Ideas Matter? Explaining the Successes and Failures of Thatcherite Ideas. Comparative Political Studies, 33(4), 483-518.
Cite this Analytical Essay:
Thatcher's Legacy in the United Kingdom (2012, February 02) Retrieved April 07, 2020, from https://www.academon.com/analytical-essay/thatcher-legacy-in-the-united-kingdom-150354/
"Thatcher's Legacy in the United Kingdom" 02 February 2012. Web. 07 April. 2020. <https://www.academon.com/analytical-essay/thatcher-legacy-in-the-united-kingdom-150354/>