The Thatcher government's economic ideology - must intervention be precluded?

Frank H Stephen

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Abstract

The Thatcher government's economic policy is radically different from that of any other post-war UK government. The difference is not simply that the government wishes to reduce the Public Sector Borrowing Requirement (PSBR); or control the money supply; or privatise nationalised industries; or reduce regulation. These policies have been espoused by previous governments. What is different is the single-minded way in which the present government pursues this policy package: a single mindedness which borders on religious fervour. The present government's economic policies are founded on an ideology which accords the market a pivotal role in ensuring economic and political freedom. This perspective spells out this underlying ideology and assesses its validity.
Original languageEnglish
Pages (from-to)82-84
Number of pages3
JournalQuarterly Economic Commentary
Volume10
Issue number2
Publication statusPublished - Nov 1984

Keywords

  • Thatcher government
  • economic policies
  • classical liberal ideology
  • free-market economics
  • monetarism

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