Thatcherism is a set of political ideas during the time when Margaret Thatcher was in power, 1979~1990, and it is also an ideology associated with Thatcher.
I would pointed out that it is difficult to define “Thatcherism” due to the fact that it combines many thoughts and ideas from different ideologies and it is absorbed from many sources from many thinkers and theorists such as Friedrich Hayek and Milton Friedman. Take how Nigel Lawson, Mrs. Thatcher's Chancellor of the Exchequer from 1983 to 1989, defined Thatcherism for reference, he said, “Thatcherism' is, I believe, a useful term … No other modern Prime Minister has given his or her name to a particular constellation of policies and values. However it needs to be used with care. The wrong definition is 'whatever Margaret Thatcher herself at any time did or said'. The right definition involves a mixture of free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, 'Victorian values' (of the Samuel Smiles self-help variety), privatization and a dash of populism.” Thatcher became the Prime Minister when UK was in the difficulties with its economy and the loss of status internationally, therefore she introduced many policies, mainly based on neoliberal economic interests, have extraordinary influence on UK’s economy, which include, of course, free market, monetarist economic policy, privatization and policy in taxation. And also her opposition to the trade union posed a vital change in the society. During the time Thatcher governed, especially in 1979 she became Conservative Prime Minister; Britain was confronted with many problems. Thatcher introduced monetarist economic policy, which means that she used the interest rates to control the money supply, to decrease the high inflation. She passed law to restrict trade union power due to the fact that there were too many strikes. The power of Trade union to disrupt the industry has been reduced. Moreover, owing to the fact...
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