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Margaret Hilda Thatcher, Baroness Thatcher [nb 2] (née Roberts; 13 October 1925 – 8 April 2013), was a British stateswoman and Conservative politician who served as Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party from 1975 to 1990.
But Hayek warns against excessive control and the potential stifling of spontaneous forces essential for societal advancement. In a free society the advancement of the wealthy can benefit the rest, by making new innovations and standards of living. [4] Hayek contrasts two appraches on liberty and reason; rationalistic and evolutionary.
Thatcherism is associated with the economic theory of monetarism, notably put forward by Friedrich Hayek's The Constitution of Liberty which Thatcher had banged on a table while saying "this is what we believe". In contrast to previous government policy, monetarism placed a priority on controlling inflation over controlling unemployment.
Friedrich August von Hayek CH FBA (/ ˈ h aɪ ə k / HY-ək, German: [ˈfʁiːdʁɪç ˈʔaʊɡʊst fɔn ˈhaɪɛk] ⓘ; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-born British academic who contributed to political economy, political philosophy and intellectual history.
Thatcher, an ardent admirer of Hayek, began privatizatizing industries. While her results were initially mixed, the Falklands War brought on a nationalistic fervor that kept Thatcher in office long enough to keep her reforms in place.
Coming to power in 1979, Margaret Thatcher's political and economic philosophy emphasised reduced state intervention, [52] freer markets, [53] and more entrepreneurialism. [54] She once slammed a copy of Friedrich Hayek's The Constitution of Liberty down on a table during a Shadow Cabinet meeting, saying, "This is what we believe."
Margaret Thatcher 4 May 1979 – 28 November 1990 First Lord of the Treasury: Minister for the Civil Service: Minister of State, Civil Service Department: Paul Channon: 7 May 1979 – 5 January 1981 Barney Hayhoe: 5 January 1981 – 12 November 1981 Lord Chancellor: The Lord Hailsham of St Marylebone: 5 May 1979 The Lord Havers: 13 June 1987
Thatcher and François Mitterrand agreed on the project and set up study groups. Mitterrand as a socialist said the French government would pay its share. Thatcher insisted on private financing for the British share, and the City assured her that private enterprise was eager to fund it. Final decisions were announced in January 1986. [127] [128]