Margaret Thatcher's Case against Democratic Socialism and Keynesian Economics: Markets, Monetarism, and British Politics in the 1970s

Britain experienced two significant developments in the late 1970s: the fall of post-war Keynesianism and big government, and the election of Margaret Thatcher as the first female prime minister. Thatcher's fight for economic change had dramatic and subtle stages, ultimately leading to a victory over "socialism" due to the issue of inflation.

Format: Hardback
Length: 184 pages
Publication date: 11 November 2021
Publisher: Lexington Books

Britain experienced two stunning developments in the late 1970s. Post-war Keynesianism and big government fell out of favor, and, for the first time, British voters chose a female prime minister. When Margaret Thatcher became leader of the Conservative Party in 1975, she was the first leader to oppose the consensus views of both the Labour Party and centrist Tories who, in varying degrees, accepted Keynesianism and state ownership of industry. With her traditional conservatism stretching back to her childhood years and her receptiveness to free-market arguments that revealed the economic shortcomings of Keynesianism and socialism, she developed a strong case against government management of the economy. The author explains that Thatcher’s fight for economic change had both dramatic and subtle stages. In the end, the issue of inflation altered British economics and politics and Thatcher was there to take advantage of the moment and score a victory over “socialism.”

Weight: 485g
Dimension: 227 x 161 x 17 (mm)
ISBN-13: 9781793650177