Two days late, but I'm not a machine, you know.
Stumbling and Mumbling (now belatedly installed in our sidebar) weren't celebrating Thatcher's 80th birthday on Thursday, instead offering
six reasons why her period in office had a disastrous influence upon the economy. Not, I hasten to add, six ways in which Thatcher found disaster through undermining the social democratic utopia that was Britain in April 1979. On the contrary: lack of commitment to macroeconomic reform, microeconomic reform, and to reform of the public services, as well as undermining social mobility at a time when mass unemployment made that so important. One small quote to finish:
She has given a generation of non-economists the impression that support for free markets is equivalent to support for the vested interests of the rich. Nothing could be further from the truth.
There are also some excellent comments.
Our resident (practising) economist, Owen,
adds some more points here (with more comments). Another choice quote:
I think Mrs Thatcher did, in some undefinable way, change our attitudes - largely for the better - to the role of the state in private enterprise. Before her, there was a widespread assumption, under both Labour and the Conservatives, that the state should step in to prevent the collapse of particular firms or industries. That was mainly an expensive mistake, and Mrs Thatcher was robust in refusing to come to the aid of many sunset industries. (She was, however, not entirely consistent on this: her friends in industries such as aerospace continued to receive large public subsidies.)
On a slightly different tack, and going beyond economics, Neil has 20 reasons we should (continue to?)
hate Thatcher, to which we could easily add reactionary social measures like
Section 28.
If you had asked people their views on Thatcher in 1979, in 1981, in 1991, or even in 1997, I doubt many people "on our side" would have much that was positive to say about Thatcher or her legacy. Today, though, it's pretty difficult to make a better case for a patched-up 1979-style Britain than the one we inhabit now, which, having been moved on a path of macroeconomic stability and deregulation, leaves us, here in 2005, free of international loans, worries over price and wage rises, and the very viability of our government and our economy. What an
unaccustomed luxury it has been to be able to throw billions at our favourite causes, seeing many gains (and some notable failures), reduce unemployment while offering so many new benefits, without this capitalist economy of ours crashing and burning. All that, without price and incomes policies, credit control, "Buy British", Imperial Preference, and without closing our economy to the world.
Of course it's impossible to say what would have happened if Thatcher hadn't been elected in 1979. 18 years is a ridiculously long time in economics and politics. She may well not have had the chance to fight another election. No doubt by then a "modernising" generation would already be active within the Labour party and, perhaps, the Conservatives could have persuaded Britain to swallow a more neo-liberal programme in 1983?
Today, I suspect, many in the Labour Party would reluctantly describe the Thatcher period as a "necessary purgative", despite fighting to prevent it, and many of us would still like to dance on Thatcher's grave in
hobnailed boots.