Explain what is meant by the term Thatcherism 10 marks (I got 8/10= A)

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What is meant by Thatcherism

Thatcherism is the term that is used to describe Margaret Thatcher's interpretation of Conservatism:

  • When she won the GE in the 1970s, Britain's unemployment rate was very low. 
  • So Thatcher needed a way to increase employment and the economy.
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What Thatcherism believes in

Thatcherism believes in:

  • Capitalism where privatisation and free market takes place.
  • This allows businesses in Britain to compete and prosper with each other.
  • For example, Thatcher privatised a telephone company which made lots of money and was abe to compete with other businesses once it was privatised. 
  • This is an element of neo- liberalism (economic Thatcherism).
  • Neo-liberalism is an approach to economic studies in which control of economic factors is shifted from the public sector to the private sector (privatisation). 
  • It suggests that govts reduce deficit spending, limit subsidies, reform tax law to broaden the tax base and opens up markets. 
  • it seeks to create a laissez-faire atmosphere for economic development.
  • Neo-conservatism advocates the active use of government power in pursuit of Conservative domestic and foreign policies.

 

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Thatcherism on the political spectrum

Thatcherism is more right wing than Left because:

  • they believe in those that work for their money, should be able to keep that money instead of helping those in need.
  • This is also known as individualism where people only look out and work for themselves.
  • This eans that the welfare state would be decreased as the govt would disagree to help those in need as they shouldn't depend on anyone else.
  • This ideology leans more towards the wealthier people because:
  • under Thatcherism they wouldn't have to pay so much tax to fund the welfare state to please others. 
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