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Thatcher and the Economics of Thatcherism

Mrs Thatcher has an 'ism' named after her ideas. Sir Vince Cable explains that 'Thatcherism’ consists of monetarism, deregulation, and privatization.

Very few political leaders have an ‘ism’ named after their economic policies, but Margaret Thatcher is one of the select few. While her political success may not have resulted from her economic policies, many argue that it is these policies which are her longest lasting political legacy.

In this film, Sir Vince Cable introduces ‘Thatcherism’ and explains the three big components of it: the conduct of macroeconomic policy through monetarism; deregulation of markets, removing state control over private business and household choices; and the privatization of state owned entities.

Which of these three components do you think had the biggest impact on the British society? Please comment below which component was most important and whether you think these changes have benefited the British economy in the long run.

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The Politics of Economics and the Economics of Politicians

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