Thatcherism (may 4, 1979 – nov 28, 1990)

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Beginning in 1979, Britain’s Conservative prime minister, Margaret Thatcher, led a right-wing political and economic movement through pursuing policies that sought to decrease government intervention in the economy and to crush the power of labour unions. Akin to Ronald Reagan in the United States, Thatcher shifted Britain back towards classical liberal principles that encouraged smaller governments, more economic freedom and entrepreneurship. Accordingly, Thatcher’s administration lowered income tax, encouraged those who rented government-owned homes to buy them and privatized many state-owned companies such as British Gas, British Airways, and British Telecom. Evidently, Thatcherism marked a movement ebbing towards a more individualistic approach in the economy.

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