Political Developments: Monetarism Flashcards

1
Q

What economic policy did Thatcher introduce to Britain?

A

Monetarism

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2
Q

Why was introducing Monetarism controversial?

A

The military dictatorship of Chile was the only other country using Monetarism

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3
Q

What 2 things did Monetairsm limit?

A

Limit public money supply and limit government spending

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4
Q

How would public money supply be limited?

A

By increasing interest rates

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5
Q

What was the goal of Monetarism?

A

To reduce inflation

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6
Q

What was a negative impact of Monetarism 1 year after it was implemented?

A

Inflation had doubled

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7
Q

How many people were unemployed around a year after Monetarism was introduced?

A

2.8 million

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8
Q

What was significant about the amount of people unemployed by the early 1980s?

A

It was the time where the most people had been unemployed since WWII

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9
Q

What did Thatcher refuse to do despite the initial negative impacts of Monetarism?

A

A U-Turn

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