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Margaret Thatcher

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Chloé CL

on 16 November 2013

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Transcript of Margaret Thatcher

Margaret Thatcher
Time of immense social and economic change
Thatcher battled the
country's recession
by initially raising interest rates to control inflation
Thatcher faced a
military challenge
during her first term
From 1983 to 1987 : Thatcher handled a number of
conflicts and crises :
assassination attemp against her in 1984
She was an advocate of privatising state-owned industries and utilities, reforming trade unions, lowering taxes and reducing social expenditure across the board
III - What is left from her?
Mixed Results
Positive aspects
- lower inflation
- growth in
- effects of the Big Bang on growth and
economic activity

BBC survey:
She was a revolutionary figure who transformed Britain's stagnant economy, tamed the unions and re-established the country as a world power
Together with Reagan and Bush, she helped bring about the end of the Cold War
But her 11-year premiership was also marked by social unrest, industrial strife and high unemployment
Her critics claim British society is still feeling the effect of her divisive economic policies and the culture of greed and selfinshness they allegedly promoted

Early life

She was born in 1925 in Grantham
Daughter of a grocer, preacher and local mayor was active in local politics
1946 : Oxford university and became the President of the Oxford University Conservative association and
1947 : graduated with second-class honors in chemistry
She works as a chemist for BX Plastics
I - Who is Margaret Thatcher?
Entry into politics
1949 :
First bid for public office
1952 :
She studied law
1953 :
She qualified as a barrister
1959 :
She won her first election : seat of Finchley in London
1974 :
The Conservative Party lost power and she became a dominant force in her political arena
: She got elected as leader of the Conservative Party and became the first woman to serve as the opposition leader in the House of Commons
May 4, 1979 :
She was finally appointed as
Prime Minister
II - What has she done?
Low inflation

influence of Friedman and Hayek
opposed to previous government policies
Controlling inflation rather than unemployment
From 25% in the mid 70s to 10% in the 90s
Tight control of money supply ...
... through increased
interest rates
Inflation under Thatcher
Margaret Thatcher is elected in 1979
The Iron lady
Last years
: She lost support due to her effort to implement a fixed rate local tax
1992 :
She left the House of Commons. She was appointed a peeress in the House of Lords with the title of Baroness Thatcher of Kesteven and continued giving speeches and lectures across the world
She also founded the Thatcher Foundation wich aimed to advance the cause of political and economic freedom
: She became a member of the Order of the Garter, the highest order of knighthood in England
: Retired from public speaking
2013 :
She died of a stroke on April 8, at the age of 87
Free Markets
Supply-side economics
: create free market by lowering taxes, privatizing and taming trade unions
Reducing the power of
trade unions
, which are interfering with market forces -->
Miners' strike
in 1984-1985.
Deregulation of financial markets :
the Big Bang
Small State
= idea that state intervention should be restricted to the essentials.
Control over
public expenditure

: rejection of state ownership
Tax cuts
Right to Buy
Operating outside the welfare state
UK in the world
Nationalism : the
Falklands war
: April 1982, contributed to election victory in 1983
: Close relationships with the US, Ronald Reagan, similar policies
: "We have not sucessfully nolled back the frontiers of the State in Britain only to see them reimposed at a European level"
She is not opposed but thinks it should be limited : ensuring free trade and effective competition
Maragaret Thacther and Ronald Regan
Increase in GDP under Thatcher
The fall in inflation
: est le nom donné à l'ensemble des politiques conduites par Margaret Thatcher alors qu'elle était Premier ministre du Royaume-Uni de 1979 à 1990, notamment sa politique économique libérale.

The House of Commons :
chambre basse du Parlement du Royaume-Uni. Le Parlement comprend également le monarque (le roi ou la reine) et la chambre haute, la Chambre des lords.

Conservative party
: Le Parti conservateur britannique est le principal parti de centre droit et de droite au Royaume-Uni.

Labour party
: Le Parti travailliste est un parti politique britannique de centre-gauche.

To tame
: Soumettre, contenir, dompter

: Charbon, houille

Public expenditure :
Les dépenses publiques

Council housing:

To supersede
: Remplacer, prendre la place de

: Propriété

Welfare-dependent people
: personnes dépendant de l'aide sociale, de l'Etat-providence

: Lutte, conflit
Negative aspects
Social unrest
==> unemployment, poverty and inequalities
- Recession
- Greed and selfishness

: " Free markets, financial discipline, firm control over public expenditure, tax cuts, nationalism, "victorian values", privatisation and a dash of populism" N Lawson
Macroeconomic performances
London as a leading financial centre
To what extent do Thatcherist policies still have an impact today?
Full transcript