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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