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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