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Transcript of Thatcherism
High interest rates (17% in 1979)
Increase poverty levels to 22% below median income
Led to decline in consumer spending
Cons of Thatcherism
Pros of Thatcherism
Margaret Thatcher was born on October 13,1925
She attended Oxford, where she became a chemist and later a lawyer.
She became a member of the Conservative Party in 1959.
29.4% growth in GDP
3.6 million service jobs created
Reduced inflation to less than 5%
Increasing home ownership
More production as a result of less striking by powerful labour unions
Inside the Policies of Britain's Iron Lady
Conditions in Britain
Even though Britain was aligned with Capitalist powers such as the United States, the country itself was democratically socialist.
The Incumbent Labour party used demand-side economics and emphasized social programs
Britain was experiencing high unemployment and inflation at 26%, as well as many labour union strikes.
The government was in debt after the Yom Kippur War and OPEC oil crisis
Thatcher planned to:
Limit the power of labour unions
Reduce national debt
Make economic policies more efficient by reducing unnecessary spending
Opposition to the Current System
Thatcher showed her clear disapproval of the democratic socialist economic system in Britain before her premiership:
"To cure the British disease with Socialism is like curing leukemia with leeches. "
Thatcher made decisions based on the values of supply-side economics and laissez-faire capitalism. These included:
Deregulation of financial sectors
Replacing progressive property taxes with a poll tax.
During the period of economic slowdown, she cut taxes for corporations and higher income earners
Cutting government spending, especially on social programs such as welfare.
1. True or False: Margaret Thatcher was a proponent of demand-side economics and supported theorists such as John Maynard Keynes.
2. As a result of Thatcherism, people
a)paid a lot more taxes, especially if they were rich
b) enjoyed more social programs
c) bought more homes
d) joined more labour unions
3.Due to Thatcher's economic policies, inflation ______,
Unemployment_____ but GDP _______.
4.Thatcher would be most aligned with the views of:
a) John Stuart Mill
d) Adam Smith
5. True or False: Margaret Thatcher's top goals were to reduce stagflation and the power of labour unions.