Margaret Thatcher: The Iron Lady
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Margaret Thatcher: The Iron Lady

Margaret Thatcher\\\'s anti socialism economic stance brought her to power as the first female Prime Minister in Britain.

eader of the Opposition Party and free-market values

It was at this time that Maggie Thatcher frequented lunches at the Institute of Economic Affairs, a free-market think tank.  It was founded by poultry giant, Antony Fisher who was a disciple of Friedrich von Hayek,  philosopher and economist, known for his defense of classical liberalism and free-market capitalism. She met Ralph Harris at these luncheons and he had a big effect on her economic stance for her country; albeit one that was not all that popular with British constituents.

Her line of thinking opposed the “welfare state” that protected citizens and promoted their well-being. Her approach was the Keynesian economics approach. This approach disregards the private sectors ability to make rationale economic trends and puts power into the hands of government to regulate the economy including the goings-on of the Central bank and all all monetary policy. Her stance was to lessen government control, lower taxes, and provide more economic freedom.

Note: Readers may agree or disagree, this article is simply pointing out her economic stance.

To further show her dislike for communism and socialism for that matter, on January 19, 1976, Margaret Thatcher made a speech against the Soviet Union.

Excerpt taking from Wikipedia

“The Russians are bent on world dominance, and they are rapidly acquiring the means to become the most powerful imperial nation the world has seen. The men in the Soviet Politburo do not have to worry about the ebb and flow of public opinion. They put guns before butter, while we put just about everything before guns.”

Krasnaya Zvezda (Red Star), the Soviet Union Newspaper nicknamed her the “Iron Lady” Thatcher actually loved it. The Iron Lady became part of her governing style.

The economic recovery of the 1970's, did the labour party well for awhile, but then they began to lose favour especially during the series of trade union strikes during 1978–79. Workers were demanding wage increases and the Labour Party under James Callaghan  had imposed a wage freeze on the public sector to counteract inflation. It was hoped that the private sector would follow suit. Instead there was wide discontent in both sectors of the economy. The Media dubbed this year the "Winter of Discontent" and the strikes paved the way for the fall of the Callaghan government. The conservative Party attacked the labour party's unemployment record, with the clever slogan, “Labour isn't working.” The Callaghan government lost in a no confidence vote in the general election.


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Comments (4)

Nice political content

Good one!

Another perceptive and comprehensive analysis. Just a detail about the 'Labour Isn't Working' campaign, this was devised by Charles Saatchi, who has close family ties to the Tory Party. The line of people in the poster were all Tory party members. It was an excellent piece of propaganda, even if it was one I disagree with.

thanks Mike, I hope I am doing well on this series, as you can see it has several parts