Sunday, April 14, 2013

Margaret Thatcher: Freedom fighter | The Economist

 

as when she came to it.

She was also often outrageously lucky: lucky that the striking miners were led by Arthur Scargill, a hardline Marxist; lucky that the British left fractured and insisted on choosing unelectable leaders; lucky that General Galtieri decided to invade the Falkland Islands when he did; lucky that she was a tough woman in a system dominated by patrician men (the wets never knew how to cope with her); lucky in the flow of North Sea oil; and above all lucky in her timing. The post-war consensus was ripe for destruction, and a host of new forces, from personal computers to private equity, aided her more rumbustious form of capitalism.

The verdict of history

Criticism of her comes in two forms. First, that she could have done more had she wielded her handbag more deftly. Hatred, it is true, sometimes blinded her. Infuriated by the antics of left-wing local councils, she ended

Margaret Thatcher: Freedom fighter | The Economist

Margaret Thatcher: Freedom fighter | The Economist

 

ONLY a handful of peacetime politicians can claim to have changed the world. Margaret Thatcher was one. She transformed not just her own Conservative Party, but the whole of British politics. Her enthusiasm for privatisation launched a global revolution and her willingness to stand up to tyranny helped to bring an end to the Soviet Union. Winston Churchill won a war, but he never created an “-ism”.

The essence of Thatcherism was to oppose the status quo and bet on freedom—odd, since as a prim, upwardly mobile striver, she was in some ways the embodiment of conservatism. She thought nations could become great only if individuals were set free. Unlike Churchill’s famous pudding, her struggles had a theme: the right of individuals to run their own lives, as free as possible from micromanagement by the state.

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In her early years in politics, economic liberalism was in retreat, the Soviet Union was extending its empire, and Milton Friedman and Friedrich Hayek were dismissed as academic eccentrics. In Britain the government hobnobbed with trade unions (“beer and sandwiches in Number 10”), handed out subsidies to failing nationalised industries and primed the pump through Keynesian demand management. To begin with the ambitious young politician went along with this consensus (see article). But the widespread notion that politics should be “the management of decline” made her blood boil. The ideas of Friedman and Hayek persuaded her that things could be different.

Margaret Thatcher: Freedom fighter | The Economist