Thatcherism restored Britain’s economy and its place in the world by honouring the vigorous virtues - like courage and enterprise – which drive all progress.
Margaret Thatcher’s achievements
Margaret Thatcher won her place in history the moment she walked into Ten Downing Street in May 1979. This double law and science graduate, mother of two, and MP for Finchley, had become Britain’s first female Prime Minister. She had succeeded despite the snobbery of many Tory grandees who condescendingly called her the ‘grocer’s daughter’.
This ‘grocer’s daughter’ secured many achievements:
- She won three General Elections: in 1979 against Jim Callaghan; in 1983 against Michael Foot (with a landslide majority of 144); and in 1987 against Neil Kinnock.
- Her 1979-1990 governments rebuilt Britain’s global reputation by retaking the Falkland Islands from the Argentine junta and leading the anti-communist fight with Ronald Reagan. It was the ‘Iron Lady’ who famously told the world that Soviet leader Mikhail Gorbachev was a man with whom she could do business.
- Her signature issue was the sale of council houses to their tenants, and an overall extension of home ownership.
- The restoration of Britain’s economy was, perhaps, Mrs T’s biggest achievement. The restoration relied on supply-side reforms – including (1) privatisation of huge sections of British industry; (2) democratisation of the trade union movement; and (3) lower income tax rates. Britain was transformed from the sick man of Europe to become the continent’s fastest growing economy. Thatcherism’s economic record was spoilt by patchy macroeconomic management, however. Misguided exchange rate policies in the late 1980s – favoured by Nigel Lawson – reignited inflation and made Mrs Thatcher vulnerable to the 1990 regicide.
It has to be said, however, that two of the people responsible for that ‘regicide’ made two of the biggest contributions to Mrs Thatcher’s successes. Geoffrey Howe (her reforming Chancellor from 1979-83) and Michael Heseltine (the Tarzan-like campaigner for Britain’s independent nuclear deterrent during the Greenham Common protest period) made massive contributions to Thatcherism’s early victories.
Mrs T and the Tories
Thatcherism probably did more long-term good for the country than for the Conservative Party. The Tories have struggled to understand the Thatcher legacy – partly because she was never defeated by voters-at-large. Tories wonder if her emphasis on tax cuts and economic issues can still get Tories elected? Because Mrs T was always more respected than she was liked, some believe that core vote Toryism can still win. Others think a more compassionate brand of conservatism is now required. Is her Euro-scepticism the answer? These questions remain central to debate in conservative circles.
The other awkward legacy of Mrs T – to her party – was her ‘pull-up-your-socks’, handbagging style. She may have been ideologically close to Ronald Reagan but she did not have much of his 'morning in America' optimism. The Tories remain something of a negative party today – focusing on the difficulties of every course of action. They are not driven by the same progressive and reforming spirit of American conservatism.
Was Thatcherism libertarian, authoritarian or what?
Many of today’s Conservatives profess to be Thatcherism’s true heirs. Some focus on the toughness of the not-for-turning Iron Lady. Others focus on her belief in small government and conclude that she was a libertarian. Both interpretations of Thatcherism are based on very partial accounts of her premiership, however.
The No Turning Back Group over-emphasise the Thatcher governments’ hardline policies against trade union barons and foreign aggressors. In reality Thatcherism was never as uncompromising as was often portrayed. Mrs T was a first class tactician – waiting and waiting until she was strong enough to win fights (as with the miners in 1985). Some fights were never begun, though - both the welfare state and the NHS were hardly touched by Mrs Thatcher’s governments. Douglas Hurd was permitted to pursue ‘liberal’ reforms as her Home Secretary. It wasn’t until John Major’s premiership that Michael Howard’s tough-minded ’prison works’ policies were enacted.
Libertarian Thatcherites have also misunderstood Thatcherism. They overlook Margaret Thatcher’s oft-stated (but rarely acted-upon) commitment to family and tradition. Her post-leadership autobiographies outline a ‘Social Thatcherism’ that she thought should be the next stage of Conservatism. ‘Social Thatcherism’ should, she wrote, address problems of crime and family breakdown.
The vigorous virtues
The best ‘anatomy of Thatcherism’ was provided by Shirley Robin Letwin in her 1993 book of that title. Dr Letwin suggested that the revaluation of vigorous virtues like courage and enterprise was Thatcherism’s defining characteristic – and its lasting achievement.
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