'My Beautiful Laundrette' Context

Why was everyone so mad at Thatcher?


Thatcherism describes the conviction politics, economic and social policy, and political style of the British Conservative politician Margaret Thatcher, who was leader of her party from 1975 to 1990. It has also been used by some to describe the ideology and wider political culture of the British government while Thatcher was Prime Minister between May 1979 and November 1990, and beyond into the governments of John Major, Tony Blair, Gordon Brown and David Cameron.

Thatcherism claims to promote low inflation, the small state and free markets through tight control of the money supply, privatisation and constraints on the labour movement. It is often compared with Reaganomics in the United States. Nigel Lawson, Thatcher's Chancellor of the Exchequer from 1983 to 1989, listed the Thatcherite ideals as:

Free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, 'Victorian values' (of the Samuel Smiles self-help variety), privatisation and a dash of populism.

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 was the reason for increased unemployment during her early years as prime minister. There were nearly 3.3million unemployed in Britain in 1984, compared to 1.5million when she first came to power in 1979, though that figure had fallen to some 1.6million by the end of 1989.

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.

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.

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.