Throughout time economic theories have influenced the path of society and history. Neoliberalism is one of these economic theories and its roots trace back to classical liberalist of the 18th century like Adam Smith. Over time Neoliberalism has evolved into an independent school of thought aiming at maximizing the individual’s freedom and limiting state power. The work by Friedrich August von Hayek and Milton Friedman can be seen as the underlying fundament of this school of thought.
Neoliberalism became reality in the United Kingdom through the implementation of Prime Minister Margaret Thatcher’s neoliberal policies in the 1980s and 1990s. In order to assess whether Thatcher’s regency classifies as neoliberal, this paper conducted a literature review to compare Thatcher’s policies with the neoliberal ideology constructed by von Hayek and Friedman.
Thereby, significant similarities in the perception of socialism, as well as the importance of individual freedom and the handling of inflation were detected, just as significant differences in the fields of Law & Order, Centralization, and National identity.
Thus, this paper concludes that Thatcher’s regency included several important elements of neoliberal thought, but also showed several contradictions to this ideology. Therefore, Thatcher’s regency can be classified as a neoliberal regency with certain limitations, outlined in the paper.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Brief History of Neoliberalism
- Ideological background of Neoliberalism
- Thatcher & Thatcherism
- Thatcherism as a neoliberal regency?
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to critically analyze Margaret Thatcher's influence on Great Britain during her regency and its connection to Neoliberalism. It seeks to determine if Thatcherism can be classified as a neoliberal regency by comparing her policies with the neoliberal ideology developed by von Hayek and Friedman.
- The historical evolution of Neoliberalism from classical liberalism.
- The key ideas and principles of Neoliberalism as outlined by prominent figures like von Hayek and Friedman.
- An examination of Thatcher's policies in relation to Neoliberalism, analyzing similarities and differences.
- The impact of Thatcherism on British identity and self-understanding.
- The controversial nature of Neoliberalism and its influence on economic and political landscapes.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: Introduces the paper's focus on Thatcherism and its relation to Neoliberalism, highlighting Margaret Thatcher's legacy and the controversial nature of Neoliberalism. It also establishes the research question: Can Thatcherism be classified as a neoliberal regency?
- Brief History of Neoliberalism: Traces the evolution of Neoliberalism from classical liberalism, highlighting key figures and developments, including Adam Smith's concept of the invisible hand, the rise of the welfare state after World War II, and the breakdown of the "golden age of controlled capitalism" in the 1960s.
- Ideological Background of Neoliberalism: Explains the fundamental ideas and principles of Neoliberalism, particularly those associated with Ludwig von Mises and August von Hayek, emphasizing the importance of individual freedom, limited state intervention, and market liberalization.
- Thatcher & Thatcherism: Provides an overview of Margaret Thatcher's career and policies, emphasizing her impact on British society and the economic and political landscape.
- Thatcherism as a neoliberal regency?: Analyzes Thatcher's policies in relation to Neoliberalism, comparing them with the ideas of von Hayek and Friedman, identifying both similarities and contradictions. This chapter explores key areas like perceptions of socialism, individualism, inflation, and British identity.
Schlüsselwörter (Keywords)
Key terms and concepts explored in this paper include Neoliberalism, Thatcherism, classical liberalism, the invisible hand, individual freedom, limited state intervention, market liberalization, socialism, inflation, British identity, Euroscepticism, and the impact of economic theories on social and historical development.
- Quote paper
- Anonym (Author), 2017, Margaret Thatcher and Thatcherism. A neoliberal regency?, Munich, GRIN Verlag, https://www.grin.com/document/436061
