Margaret Thatcher is an iconic political figure that goes down in history as the longest serving, and only woman, British Prime Minister in the history of politics in the United Kingdom. Famous for her stern political stance and policies on international policies and relations, Thatcher was nick-named the ‘Iron Lady’, a name that well stuck with her considering her general approach to policies and outlook into international politics. Having served Britain for 20 years, Thatcher stands as an important political figure that brought with her great political changes in the United Kingdom. Not only is she notable for her efforts to revolutionize the British economy from Statism to Liberalism, but also her unending efforts to lower inflation and greatly reduce the high unemployment levels that were present in the country when she took office. Thatcher not only involved herself with her home politics, but also those of other countries bringing Britain politics to the international map. She became a commonly familiar figure with Ronald Reagan, the then President of the United States of America, and even most surprisingly gained praise and popularity with the then Soviet Union leader, Gorbachev. During her long and eventful stay in office, Thatcher attracted praise and criticism in equal measure. Nevertheless, she remains a political enigma in relation to British and International politics.
Margaret Thatcher was born in 1925, in the town of Grantham, to a local businessman who doubled as a grocer and Mayor of Grantham town. She was sent to a local grammar school where her oratory skills sprout roots at a tender age. It has been widely argued that her father served as an influential figure in her life and the towering figure behind her introduction to conservative politics (BBC). Being a zealous and brilliant student that she was, Thatcher got accepted in the prestigious Oxford University where she studied Chemistry, while serving as president of the Conservative Association in the University union. It is from this point in her life that her political ideologies started taking shape. She widely condemned the government`s efforts towards turning the economy into an authoritarian state (BBC).
Her political career began two years after her graduation from the Oxford University. In 1950, she ventured for a head dive into the political field by vying for the conservative candidature for Dartford parliamentary seat. Despite losing this seat, she gained recognition in the political arena as a fearless and brilliant woman (The Economist). Ever resilient, she campaigned for the seat during the next elections, only to lose again. This move seemed to take her back to the drawing board where she contemplated on studying a law degree, where she excellently qualified to the bar as a barrister that specialized in taxes in 1953 (BBC). Thatcher ventured back into politics where she eventually won a safe seat in the House of Commons, as a candidate representing Finchley in 1959 (The Economist). This marked her journey of ascension into circles of power within the politics of Britain. In 1961, she got appointed into the Parliamentary Undersecretary at the Ministry of Pensions and National Insurance, during the tenure of Harold Macmillan`s administration. As she held position in this bench, she became enthusiastically vocal concerning the ownership of council houses by tenants (BBC). She also vehemently criticized the Britain`s government policies that imposed high taxes on labor as a step towards a form of socialism and communism as opposed to a liberalistic approach that was necessary in the growth of any developing economy (The Economist). She advocated for lower taxes, which would I turn act as a labor incentive to work harder creating economic prosperity. Other controversial bills that Margaret Thatcher was famous for supporting included the bill in support of legalizing abortion, and the other one that supported legalizing male homosexuality in the country.
During the reign of the Conservative party headed by Edward Heath, rumors had it that Margaret Thatcher was possible future Premier of Britain, a possibility that Thatcher out rightly disclaimed stating that Britain had a too prejudiced male population (The Economist). Thatcher was appointed as Secretary of State for Education and Science in 1970, a post that caused her wide negative attention after she decided to cut on unnecessary expenditure in the education sector to concentrate on the more pressing economic needs (Craft). Her popularity after abolishing free milk went downhill, but her policies on education were intended for the greater good of the educational sector (BBC). She also led the campaign to close grammar schools in adoption of secondary schools, a move that saw school attendance increase rapidly during her short stint as Secretary of State for education and Science.
1975 marked the year that Thatcher became the first opposition leader of the Conservative party having defeated Edward Heath, whose term as Prime Minister proved to be a huge failure squabbling the country into an economic abyss of near bankruptcy levels, oil embargoes, union strikes and demands for pay rise waged through the economy during his tenure in office (James). During this period, Thatcher became particularly popular for her pragmatic political ideas that opposed the welfare state system that Britain was currently in. Largely drawing her political ideologies from the modern economic views that strived for a liberalized market system, she campaigned for a free of government intervention, low tax rates and more freedom of choice accorded to consumers and producers (BBC). These views proved to be what was just needed in Britain in a time when Europe was struggling in a post-depression economic period.
The current government which was then headed by Prime Minister Callaghan of the Liberal party, lost its seat to the Conservatives owing to their poor performance in improving the economic situation facing Britain at the time (Craft). This victory saw the ascension of Margaret Thatcher as the first woman Premier of the United Kingdom. Now faced by the toughest task of restoring Britain`s economy to a flourishing state, Thatcher had an uphill task ahead of her. Revolutionizing the economy of Britain, restoring national order that was a thing of the past following the union strikes that swamped the country, reducing the high unemployment rates that painfully flooded the country, protecting the sovereignty of her nation, in addition to maintaining fair diplomatic policies with the international community (GOV.U>K). Despite her attempts to accomplish all these during her 20 year tenure as British Prime Minister, Thatcher only managed to achieve some of these prospects.
Prime Minister Margaret Thatcher was greatly influenced by economic thought of modern economists (Craft). As a result she implemented economic policies that focused on lowering the high inflation rates that had struck Britain at the time she took office. Famous for her frugal approach to national economic matters, Thatcher imposed cash limits on public expenditure on social sectors such as education and housing. Her administration argued that the nation needed more funds on economic reconstruction, a feat that was only achievable through cutting on spending (Craft). She also considerably raised the interest rates to discourage the distribution of loans thereby effectively reducing the overinflated money supply in the economy. Determined on ending the economic crisis facing her country, Thatcher also implemented policies that called for massive privatization of government owned corporations, especially in the transport and housing corporations (GOV.U>K). This was done in a bid to increase competition in the market, and resultantly increase jobs in the country. However, this policy proved to be a futile attempt as the high levels of unemployment in the country continued going up. Nevertheless, the inflation rates dropped significantly and the general outlook of the economy seemed to improve.
Some of the other Thatcheric policies championed by her government included severing trade relations with the trade unions. Thatcher cold-heartedly stamped out the authority bore by labor unions through legislative sabotage, citing the section of labor unions as furtherance to economic retrogression as opposed to what her government was striving to achieve(GOV.U>K; Craft). Thatcherism, also included the implementation of unpopular policies such as the withdrawal of incentives from industries in the frugal fashion that Thatcher had adapted in running her country (Berlinski, p 142), therefore severing the relations that the tradition system of industries that the government held with these industries. Nevertheless, these policies served to introduce a new economic concept, liberalism, which according to Thatcher was lacking in the United Kingdom owing to the Socialist and Communist tendencies that the economic system in Britain threatened to follow(Craft).
Foreign affairs between Britain and other European countries came under strain under the leadership of Thatcher. This was mainly due to her uncompromising attitude and approach towards international relations, a practice that saw her fall out with her Foreign Affairs Minister later in her tenure. Thatcher is also remembered for her public outcry against Soviet union`s priority of war as opposed to humanitarian efforts (Berlinski, p 168). But perhaps her government`s most famous relation was with the U.S.A under President Reagan. Both heads of state being conservatives, they developed a strong repertoire that saw increased trade relations between these two nations. Britain also supported Reagan`s attacks on Libya in 1986, allowing U.S troops to use Britain`s bases to strategize the attacks. Margaret Thatcher`s tenure was also involved in armed conflict with Argentina over the Falkland Islands, a move that contributed to her rise in popularity which was plummeting ever since the adoption of Thatcherism started taking effect. After a long stressful 20 year tenure, Margaret Thatcher resigned from power in 1987, following her fall-out with the then Foreign Secretary of State, Sir Geoffrey Howe, citing her inept attitude towards Europe; in addition to wide protests against her newly-established poll tax that the citizens viewed as burdening and unnecessary(The Economist). This brought an end to Margaret Thatcher`s tenure which despite facing wide criticism, transformed the politics of Britain and the economic outlook of the British economy.
Before Margaret thatcher took hold of the reins of power in1975, Britain was a completely different country that was slowly deteriorating down the league table from one of the world`s most powerful nations (The Economist). It is also widely presumed that its economic performance underscored those of many European nations. Margaret Thatcher`s ascension to power came at a critical time when the general outlook of the British economy needed a complete overhaul from one that was trotting between the mechanisms of socialism and communism (James), to one that was pro-capitalistic, defying the great economic depression that was being experienced in the country.
Britain was dominated by the traditional system of industries which only backpedalled the economy by under-utilizing the large proportion of incentives offered by the government. Britain`s economy was also faced by excessive spending and high taxation policies that only served to maintain the status quo of the affluent in the society (The Economist). This situation resorted into an economy flooded by low-value money with high inflation rates deeply entrenched in the economy. This situation was worsened by the face of high unemployment levels experienced in the country. Unhealthy practices by trade unions also impacted negatively on the nation`s national output, with strikes, go-slows, and other industrial action dominantly taking place in the country. These practices only wasted Britain`s resources to a point that the present leadership aired its sentiment concerning the democracy of the nation being left at stake owing to the failing economy.
All these piteous conditions experienced by the British economy called for a leader inclined on economic transformation of the country. Britain did not just want a revolutionary leader, but one who will focus solely on solving the country`s economic problem, a leader who will completely overhaul the mechanic dragging economic performance to the gutters (The Economist). None other than Margaret Thatcher proved to be this leader. From her views that radically condemned the government`s approach on economic matters, she surfaced as the right leader at the right time in the history of Britain. Despite her numerous short-comings, Thatcher managed to curb the high inflation rates that were eating deep into Britons’ pockets (James). She also managed to tame the trade unions thereby curbing the increased rate of strikes and other negative trade union practices that pulled Britain`s economy behind. Thatcher also introduced a new strategy on government spending in addition to introducing the concept of home ownership to tenants (The Economist). Thatcher is highly remembered for her involvement in keeping the value of the Pound high, a move that has shielded Britain over the recent financial crisis being experienced in Europe. She also restored Britain`s sovereignty as a power to reckon with in international politics and the defeat of Argentina over the Falkland Islands(James).
Margaret Thatcher remains one of the most famous politicians of all time. Having adopted controversial policies to save her own country from the economic mess that it was in, Thatcher became more popular to the rest of the world than in her own country. Nevertheless, she will remain in the books of history as one of the most iconic political enigmas of all time.
Works Cited
Claire Berlinski, There Is No Alternative: Why Margaret Thatcher Matters. New York: Basic Books, 2008.
Baroness Margaret Thatcher. GOV.UK. Internet source <https://www.gov.uk/government/history/past-prime-ministers/margaret-thatcher>
Malcolm Dean: Margaret Thatcher's policies hit the poor hardest – and it's happening again. The Guardian, 9th April 2013. Internet source. (Malcom)<http://www.theguardian.com/society/2013/apr/09/margaret-thatcher-policies-poor-society >
BBC: Margaret Thatcher. Internet source. <http://www.bbc.co.uk/history/people/margaret_thatcher>
Nicholas Craft, The Economic Legacy of Mrs. Thatcher. VOX, 8 April 2013. Internet source. <http://www.voxeu.org/article/economic-legacy-mrs-thatcher>
Tod Lindberg, Ironic Logic: Margaret Thatcher Revised. World Affairs. Internet source. < http://www.worldaffairsjournal.org/article/iron-logic-margaret-thatcher-revised > (Lindberg)
The Economist: Margaret Thatcher: No Ordinary Politician. Internet source. <http://www.economist.com/news/briefing/21576081-margaret-thatcher-britains-prime-minister-1979-1990-died-april-8th-age>
Harold James: Margaret Thatcher`s Lessons for Europe. Project Syndicate. Internet source <http://www.project-syndicate.org/commentary/the-political-legacy-of-margaret-thatcher-by-harold-james>
