Thatcherism Flashcards
(32 cards)
Define Thatcherism
A set of political, economic, and ideological changes associated with the conservative gov between 1979-1990
What were the recurring problems that gov faced in the 1970s?
End of post- war boom and steady economic growth. High Inflation. High unemployment. Lack of money to invest in NHS. Tense relations with TU.
What were the political failures in the 1970s which Thatcher exploited?
Wilson's U Turn. The Social Contract. Miners Strikes. IMF Loan. Winter of Discontent.
Who was Joseph Keith? and what did he argue in the 1970s?
Right Wing lecturer, who argued that there was a need to radically cut the size of state, and gov spending.
What are Think- Tanks?
Organisations or academics bound together by a common, political agenda. e.g Adam Smith Institute.
What did the Adam Smith organisation try and do?
Come up with ideas of how to reform the economy based on free markets ideals.
What are the main principles of Free Market economics?
Individuals keep as much money they earn as possible.
Allow people to invest and create jobs.
Allow people to use their creativity.
Allow industries that are inefficient to fail.
What were the 3 main attitudes towards the economy under Thatcher?
Cut the size of the state, limit public spending, and encourage entrepreneurship.
What changes occurred in the 1980s? (7)
Move to Neo-liberalism and Free Market economics.
De-regulated banks and tried to make London a centre for finance. New set of banking reforms.
Cuts in direct taxation.
Privatization of Gas and Electricity.
Limited power of TU.
Centralization of Gov.
Introduction to Quasi-Markets to public sector.
What were Quasi-markets supposed to do?
Were introduced to public sector, in help increase standards and encourage competitiveness.
What was Thatcher’s attitude to Europe?
Early 1980s pro- eu as provided economy with trade opportunities.
However, tensions rose as she demanded rebate of British Contribution to EU as they weren’t getting enough out of it.
Signed single European act, which was a big step to political integration.
1988 Bruges speech, expressed hostility.
What were Thatcher and Reagan both pro?
Market policies, anti-communism and nuclear defense.
What did Thatcher and Reagan disagree on?
Falklands war, Grenada invasion.
When was the Falklands war?
1982.
What did the ‘Wets’ favour?
A more interventionist approach to economic policy.
When were the Miner’s strikes in Thatcher’s era? and who won?
1984-85. Thatcher gov.
What did the Thatcher Conservative disagreement on? and what did it lead to?
Policies dealing with high unemployment, eurpoean integration. Senior cabinet members such as Michael Heseltine resigned and became a back bencher.
When was the Poll tax introduced and what was it?
1990, a new type of local taxation.
Why is it argued Thatcher was lucky?
Labour’s internal arguments in the 1980s and split in 1981.
Discovery of North Sea oil which brought wealth and freedom for spending.
Thatcher’s opponents were very L like Arther Scargill, so easy to disagree with him.
Why was the leadership of Thatcher so significant?
Challenged and defeat Ted Heath in 1979.
Became the first ever female uk Pm.
Won 3 successive GE, 1979, 83, 87.
What was the impact of Thatcher economically?
She wanted to reduce size of state.
However, give spending increased due to investment in health, and education.
Economy rose significantly.
Led to a relative decrease in size of state, and a greater GDP.
What was Thatcher’s impact in terms of inequality?
Economic inequality sharply increased.
Poverty increased. (Price to pay for better NHS?)
What were the levels of unemployment like in the 1980s under Thatcher?
Extremely high. 12% of population. 1/10 unemployed. 3 million people.
What would the proponents of Thatcher say was good about her leadership?
She tackled inefficient industries and TU which led to steady economic growth.
She increased home ownership by privatisation program. Council houses could be bought at a good price.
She encouraged business growth, and promoted self-reliance and people not to depend on state.
