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Originally Posted by pricemazda
The early 80's recession was caused by monetarism, no one was talking about the ERM.
But even that was her fault, for political reasons she insisted on the pound going in at a high level, despite the treasury and economists advising her otherwise.
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And many other advisors said the level wasn't high enough. Hindsight made many fools seem wise.
And Britain's current prosperity owes a great deal to Thatcher's liberalising policies. She rolled back the state, reduced taxes, smashed the unions, encouraged private enterprise, sold off public housing, privatised vast sections of Britain's economy, ceased protection of "crown jewels" (ie national champions), encouraged competition, cleared the dead wood from British industry (British Leyland etc), deregulated the City leading to London's current pre-eminance as a global financial capital (the "Big Bang")....
Her policies were consistently market driven and that, more than anything else, explains why Britain has come from so far behind to now being a margin ahead of the other large European economies in terms of GDP per capita. Thatcher is why Britain is rich and successful today.
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