Coined for Margaret Thatcher, recognized as one of the most dominant political figures of the 20th century, Thatcherism refers to the policies and principles of her three terms as Britain's Prime Minister throughout the 1980's. Thatcher believed that citizens should show greater responsibility for themselves, staking a philosophical stand against collectivism (Howard, 2004). Thatcherism is heavily influenced by free market economic policies from the United States. Comparable to Reaganomics, coined in turn for US President Ronald Reagan, it sought to decrease government control of trade, opposition to trade unions, privatization and the decreasing the size of Welfare State. In line with its monetarist theories, spending was controlled with the objective of curbing inflation. In this scenario, society benefits through the development of industries and commerce that are attracted and benefited by economic freedoms and governments control of price volatility (Needham and Nou, 2005).
The term New Labour is used to refer to the evolution of UK Labour Party in the late 1990's which coincided with the beginning of Tony Blair's three terms as Prime Minister. ...Show more