Assess the claim that Thatcherism decisively recast political and economic relationships in the 1980s

Résumé du document

Thatcherism is a political thought applied by the 3 successive governments led by Margaret Thatcher, from 1979 to 1990. It quickly evolved as a doctrine. Thatcherism came at a time when the post-war consensus was collapsing, and aimed at checking the decline of the British economy, suffering "retro development". Thatcherism finds its roots in the "New Right" economic theories of Hayek, Friedman, and the School of Chicago. A thorough economic liberalism: Thatcherism advocates a pragmatic and common sense freedom of the market. As Hayek, Mrs Thatcher is a fierce detractor of exaggerated state interventions. Thatcherism focuses on the market rather than on the State to share out resources. The market naturally regulates itself, without any necessity for planning. For Hayek and, therefore, Thatcher, Planning and freedom cannot be combined. Thatcherism denies planning because it means risk aversion. No incomes policy is consequently necessary. It also induces lots of privatizations and low taxations to improve the competitiveness of the country.

Extraits

[...] Assess the claim that Thatcherism decisively recast political and economic relationships in the 1980s Table of contents 1. INTRODUCTION 2. ASSESSING THATCHERISM'S RECAST OF POLITICAL AND ECONOMIC RELATIONSHIPS 2.1 ECONOMIC RELATIONSHIPS: GROWTH RECORD PRIVATISATIONS REDUCTION OF THE INTERVENTION OF THE STATE IN THE MARKET? REDUCTION OF GOVERNMENT SPENDINGS? CONTROLLING INFLATION? TUMBLING DOWN OR REAPPRAISAL OF THE WELFARE STATE? MANUFACTURES' CLOSINGS AND INDUSTRIAL PERFORMANCE 2.2 POLITICAL RELATIONSHIPS: THATCHERISM AND THE GOVERNMENT'S AUTHORITY THATCHERISM, CORPORATISM AND THE TRADE UNIONS THATCHERISM AND THE LABOUR THATCHERISM AND THATCHER HERSELF 3. [...]

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[...] That would minimize the so-called Thatcherite revolution Assessing thatcherism's recast of political and economic relationships 2.1 Economic relationships Economically speaking, Thatcherism decisively changed the face of the country. Ideologically, it meant the return to the ultra-liberal ideas advocated before the two World Wars. It rejuvenated the 1944 works of Friedrich von Hayek, setting off an alternative theory which had hitherto been forsaken. For the first time since 1945 were the very forces of the market allowed to rule. In this economic liberalism a la Professor Hayek, emphasis of economic policy would no longer be on managing demand to maintain full employment but rather on stimulating profits by removing regulations and making the labour market more free” (Flynn, N. [...]

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