Margaret Thatcher Flashcards
what was Margaret Thatcher’s style as prime minister?
emphasis on hard work, family values and personal responsibility
radically right wing — ended the postwar consensus
adversarial
a combination of neoliberalism and neoconservatism
what was the situation of Britain in 1979?
the winter of discontent (inflation and strikes)
stagflation economy
what were Thatcher’s aims/ideas?
self-reliance and hard work
Family values
privatisation and the rolling back of the state
lower taxes
securing a rebate from the EU (she was a Eurosceptic)
what were Thatcher’s actions with regard to Europe?
secured a rebate from the European Council
generally regarded as a Eurosceptic
what goals did Thatcher share with Reagan?
free market and the small state
what was Thatcher’s economic policy?
monetarism
this involves reducing the supply of money (stop printing), spending less of existing money and keeping inflation down
what was the initial impact of these economic policies?
inflation doubled, reaching 22%
many factories shut down
in the summer of 1981, there was a deep recession (especially in Liverpool, where unemployment reached 60%) and this led to violent riots
some of the results of the new money culture under Margaret Thatcher were that the bottom 10% saw their income drop by 17% — essentially the poor got poorer and the rich got richer
which new party was created?
SDP (Social Democratic Party)
later joined with the Liberal Party to form the Liberal Democrats
how was Margaret Thatcher ‘lucky’ regarding the economy? how was her political career saved?
gas and oil revenues made up 10% of all tax revenues (she obtained a lot of money from North Sea oil)
winning the Falklands War in 1982
how did she develop her image?
Britannica — patriotic, the embodiment of Britain
became very regal and monarch-like
what was the result of the 1983 election?
The Conservatives won by a landslide
what was her relationship with the Cabinet?
dominant over cabinet
what policies carried through her ideas to reduce the power of the state?
right to buy schemes of council houses
privatisation became the very essence of Thatcherism
why did she launch a political attack against the miners? what started the miner’s strike?
they were the last remaining socialist opposition, as they tended to be extremely left-wing
she referred to them as “the enemy within”
the miner’s strike began because 20,000 jobs were lost following the closure of 20 pits
how did the economy in Britain change under Thatcher?
it became heavily privatised and unionised (white collar)
it also became predominantly service-based and was no longer based on manufacturing industries