Thatcherism is the system of political thought attributed to the governments of Margaret Thatcher, British Prime Minister from 1979 to 1990. Margaret Hilda Thatcher Baroness Thatcher LG, OM, PC, FRS (born 13 October 1925 This article is about the government position For other uses see Prime Minister (disambiguation. Thatcher was unusual among British Conservative Prime Ministers in that she was a highly ideological leader — she once slammed a copy of Friedrich Hayek's The Constitution of Liberty down on a table during a Shadow Cabinet meeting, saying, "This is what we believe. Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist The Constitution of Liberty is one of the most important books by Austrian economist and Nobel Prize recipient Friedrich A The Shadow Cabinet (also called the Shadow Front Bench) is a senior group of opposition spokespeople in the Westminster system of government who together under the "
"Thatcherism" is characterized by decreased state intervention via the free market economy, monetarist economic policy, privatisation of state-owned industries, lower direct taxation and higher indirect taxation, opposition to trade unions, and a reduction of the size of the Welfare State. A market economy is a realized Social system based on the Division of labour in which the prices of Goods and Services are determined in a Monetarism is a school of economic thought concerning the determination of national income and monetary Economics. Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business The term direct tax has more than one meaning a colloquial meaning and in the United States a constitutional law meaning The term indirect tax has more than one meaning In the colloquial sense an indirect tax (such as Sales tax, Value added tax (VAT or Goods and services A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming This article refers specifically to the Welfare state of the United Kingdom. "Thatcherism" may be compared with Reaganomics in the United States, Rogernomics in New Zealand and Economic Rationalism in Australia . Reaganomics (a portmanteau of "Reagan" and "economics" refers to the Economic policies promoted by United States President Ronald The term Rogernomics, a Portmanteau of "Roger" and "economics" was created by analogy with Reaganomics to describe the economic policies Economic rationalism is an Australian term in discussion of Microeconomic policy applicable to the economic policy of many governments around the world in particular during Thatcher was deeply in favour of individualism over collectivism, with self-help as a mantra.
Thinkers closely associated with Thatcherism include Keith Joseph, Enoch Powell, Friedrich Hayek and Milton Friedman. Keith Sinjohn Joseph Baron Joseph, CH, PC ( 17 January 1918 &ndash 10 December 1994) was a British Barrister Brigadier John Enoch Powell, MBE ( June 16 1912 &ndash February 8 1998) was a British Politician, Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist Milton Friedman (July 31 1912 November 16 2006 was an American Nobel Laureate Economist and Public intellectual. In an interview with Simon Heffer in 1996 Mrs. Simon James Heffer (born 18 July 1960) is a British journalist and writer noted for his Right wing political views Thatcher stated that the two greatest influences on her as Conservative leader had been Joseph and Powell, "both of them very great men". 
Friedman once said: "the thing that people do not recognise is that Margaret Thatcher is not in terms of belief a Tory. In the political tradition of some English-speaking countries, the term Tory has referred to a variety of political parties and Creeds since it was She is a nineteenth-century Liberal. " Mrs. Thatcher believed in economic liberalism and stated in 1983 that "We have a duty to make sure that every penny piece we raise in taxation is spent wisely and well. Economic liberalism is the Economic component of Classical liberalism. For it is our party which is dedicated to good housekeeping—indeed, I would not mind betting that if Mr. Gladstone were alive today he would apply to join the Conservative Party".  In the 1996 Keith Joseph memorial lecture Mrs. Thatcher argued that "The kind of Conservatism which he and I. . . favoured would be best described as "liberal", in the old-fashioned sense. And I mean the liberalism of Mr. Gladstone, not of the latter day collectivists". 
Nigel Lawson, Mrs. Nigel Lawson Baron Lawson of Blaby, PC (born 11 March 1932 is a British Conservative Politician who was Chancellor of the Exchequer between Thatcher's Chancellor of the Exchequer from 1983 to 1989, has defined Thatcherism as:
'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. The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all Economic and Financial 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. Samuel Smiles ( 23 December, 1812 &ndash 16 April, 1904) was a Scottish author and reformer 
Reduction in the power of the trades unions was made gradually, unlike the approach of the Heath Government, and the greatest single confrontation with the unions was the NUM strike of 1984 to 1985, in which the union eventually had to concede. While Thatcher's confrontational tactics with the unions were part of a broader economic plan that in the long term ultimately benefited the economic state of the United Kingdom, they destroyed the 'post-war consensus' of British politics. Both Thatcher's approach to industrial relations and the behaviour of the trades unions in the 1970s accelerated the departure from the British tradition of voluntarism (based on contract law), bringing more and more aspects of labour relations into the sphere of government. Voluntaryism is a Philosophy that opposes anything that it sees as unjustifiably invasive and Coercive. This process was adopted under the New Labour government of Tony Blair (1997-2007). . .
Towards the end of the 1980s Margaret Thatcher, and so Thatcherism, became increasingly vocal in its opposition to allowing the European Union to supersede British sovereignty. In her famous 1988 Bruges speech, Thatcher declared that "We have not successfully rolled back the frontiers of the state in Britain, only to see them reimposed at a European level, with a European superstate exercising a new dominance from Brussels. "
Another important aspect of Thatcherism is the style of governance. Britain in the 1970s was often referred to as "ungovernable". Mrs Thatcher attempted to redress this by centralising a great deal of power to herself, as the Prime Minister, often bypassing traditional cabinet structures (such as cabinet committees). This personal approach also became identified with a certain toughness at times such as the Falklands War, the IRA bomb at the Conservative conference and the Miner's Strike. The Falklands War (Guerra de las Malvinas/Guerra del Atlántico Sur also called the Falklands Conflict/Crisis, was fought in 1982 between Argentina and the The Brighton hotel bombing was the attack by the Provisional Irish Republican Army (IRA on the Grand Hotel in the English resort city of Brighton The miners' strike of 1984 – 1985 was a major Industrial action affecting the British coal industry.
Sir Charles Powell, the Foreign Affairs Private Secretary to the Prime Minister (1984-91, 96) described her style thus, "I've always thought there was something Leninist about Mrs. Leninism refers to various related political and economic theories elaborated by Bolshevik revolutionary leader Vladimir Lenin. Thatcher which came through in the style of government — the absolute determination, the belief that there's a vanguard which is right and if you keep that small, tightly knit team together, they will drive things through … there's no doubt that in the 1980s, No. 10 could beat the bushes of Whitehall pretty violently. Whitehall is a road in Westminster in London, England. It is the main artery running north from Parliament Square, towards traditional They could go out and really confront people, lay down the law, bully a bit". 
The term "Thatcherism" was coined by one of her critics, the sociologist and head of Birmingham School Stuart Hall, in his article The Great Moving Right Show on Marxism Today magazine. Sociology (from Latin: socius "companion" and the suffix -ology "the study of" from Greek λόγος lógos "knowledge" The Centre for Contemporary Cultural Studies (CCCS was a research centre at the University of Birmingham, England. Stuart Hall (born February 3 1932 in Kingston, Jamaica) is a Jamaican cultural theorist and Sociologist who has lived Marxism Today was the theoretical Journal of the Communist Party of Great Britain and was dissolved in 1991.  However, not all social critics have accepted the term as valid, with the High Tory journalist T. E. Utley believing that "There is no such thing as Thatcherism. In the political tradition of some English-speaking countries, the term Tory has referred to a variety of political parties and Creeds since it was Thomas Edwin 'Peter' Utley CBE ( February 1, 1921 &ndash June 21, 1988) was an English High Tory journalist " Utley contended that the term was a creation of Mrs. Thatcher's enemies who wished to damage her by claiming that she had an inflexible devotion to a certain set of principles and also by some of her friends who, "for cultural and sometimes ethnic reasons " had little sympathy with what he described as the "English political tradition. " Thatcher was not an ideologue, Utley further argued, but a pragmatic politician; giving examples of her refusal to radically reform the welfare state and the need to avoid a miners' strike in 1981 at a time when the Government was not ready to handle it. This article refers specifically to the Welfare state of the United Kingdom. Year 1981 ( MCMLXXXI) was a Common year starting on Thursday (link displays the 1981
On another hand some claim that Thatcherism was moved actually by pure ideology and that her policies marked a turning point in economic policies which were dictated more by reasons of political power and interests than actually by economic reasons:
Rather than by any specific logic of capitalism, the reversal was brought about by voluntary reductions in social expenditures, higher taxes on low incomes and the lowering of taxes on higher incomes. This is the reason why in Great Britain in the mid 1980s the members of the top decile possessed more than a half of all the wealth (Giddens 1993, 233). Anthony Giddens Baron Giddens (born January 18, 1938) is a British sociologist who is renowned for his Theory of structuration To justify this by means of economic »objectivities« would be an ideology. What is at play here are interests and power. 
The Conservative historian of Peterhouse, Maurice Cowling, also questioned the uniqueness of "Thatcherism". Peterhouse is the oldest college in the University of Cambridge. Maurice John Cowling ( September 6, 1926 &ndash August 24, 2005) was a British historian and a Fellow of Peterhouse Cowling claimed that Mrs. Thatcher used "radical variations on that patriotic conjunction of freedom, authority, inequality, individualism and average decency and respectability, which had been the Conservative Party's theme since at least 1886. " Cowling further contended that the "Conservative Party under Mrs. Thatcher has used a radical rhetoric to give intellectual respectability to what the Conservative Party has always wanted. "
Critics of Thatcherism claim that its successes were obtained only at the expense of great social costs to the British population. Industrial production fell sharply during Thatcher's government, which critics believe increased unemployment — which tripled during her premiership. When she resigned in 1990, 28% of the children in Great Britain were considered to be below the poverty line, a number that kept rising to reach a peak of 30% in 1994 during the Conservative government of John Major, who succeeded Thatcher. The poverty threshold, or poverty line, is the minimum level of Income deemed necessary to achieve an adequate Standard of living in a given country 
While credited with reviving Britain's economy, Mrs. Thatcher also was blamed for spurring a doubling in the poverty rate. Britain's childhood-poverty rate in 1997 was the highest in Europe. 
During her government Britain's Gini coefficient increased, going from 0. The Gini coefficient is a measure of statistical dispersion most prominently used as a measure of inequality of income distribution or inequality of wealth 25 in 1979 to 0. 34 in 1990. 
The extent to which one can say 'Thatcherism' has a continuing influence on British political and economic life is unclear. In 2001, Peter Mandelson, a Member of Parliament belonging to the British Labour Party closely associated with Tony Blair, famously declared that "we are all Thatcherites now. Peter Benjamin Mandelson (born 21 October 1953 called "Mandy" by much of the British News media, is a British Labour Politician who is the serving The Labour Party is a Political party in the United Kingdom. Founded at the start of the 20th century it has been since the 1920s the principal party of the "
In reference to contemporary British political culture, it could be said that a "post-Thatcherite consensus" exists, especially in regards to economic policy. In the 1980s, the now defunct Social Democratic Party adhered to a "tough and tender" approach in which Thatcherite reforms were coupled with extra welfare provision. This is about the UK Social Democratic Party which existed between 1981 and 1988 Neil Kinnock, leader of the Labour Party from 1983-1992, initiated Labour's rightward shift across the political spectrum by largely concurring with the economic policies of the Thatcher governments. Neil Gordon Kinnock Baron Kinnock PC (born 28 March 1942 is a British Politician. A political spectrum (plural Spectra) is a way of modeling different political positions by placing them upon one or more geometric axes The New Labour governments of Tony Blair have been described as "neo-Thatcherite" by some, since many of their economic policies mimic those of Thatcher. The Labour Party is a Political party in the United Kingdom. Founded at the start of the 20th century it has been since the 1920s the principal party of the Anthony Charles Lynton "Tony" Blair (born 6 May 1953 is a British Politician who was Prime Minister of the United Kingdom from 2 May 1997 to 
Most of the major British political parties today accept the anti-trade union legislation, privatisations and general free market approach to government that Thatcher's governments installed. A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business No major political party in the UK, at present, is committed to reversing the Thatcher governments reforms of the economy. A political party is a Political organization that seeks to attain and maintain political power within Government, usually by participating in electoral Such a convergence of policy is one reason that the British electorate perceive few apparent differences in policy between the major political parties.
On the occasion of the 25th anniversary of Thatcher's inauguration, BBC conducted a survey of opinions which opened with the following comments:
To her supporters, she was a revolutionary figure who transformed Britain's stagnant economy, tamed the unions and re-established the country as a world power.
Together with US presidents Reagan and Bush, she helped bring about the end of the Cold War.
But her 11-year premiership was also marked by social unrest, industrial strife and high unemployment.
Her critics claim British society is still feeling the effect of her divisive economic policies and the culture of greed and selfishness they allegedly promoted.