Thatcherism

Thatcherism is the name given to the laissez-faire policy of Margaret Thatcher (1925-), British prime minister from 1979 to 1990.

An advocate of supply-side economics, among Thatcher's policies were: 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; and encouragement of people to save, work and buy property. In 1983, Thatcher's anti-inflationary policies resulted in the worst unemployment figures since 1923.

Her critics argue that she sacrificed Britain's social well-being in the pursuit of her economic policy.

Also see: monetarism, Reaganomics

Source:
Robert Studelsky, ed., Thatcherism (1989);
Christopher Johnson, The Economy under Mrs Thatcher (London, 1991)

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