The Historical Significance Of Margaret Thatcher

1161 WordsNov 9, 20155 Pages
1979 Election of Margaret Thatcher: Its Historical Significance in Western Civilization Meggan Shields 1431618 1113 Words Western Civilization 330-910 (434) Marc Charpentier November 9, 2015 Margaret Thatcher was elected into office as the Conservative Party leader in 1979 in Britain. She replaced the Labour party’s James Callaghan, and ended the Labour party’s 5 year leadership. Thatcher was elected around the same time as her North American counterparts Ronald Raegan and Brian Mulroney who had similar conservative economic ideologies, which led to a change in global economy. She shrunk the public sector to favour privatized industry. She came into power seeking to reduce inflation, reduce the budget deficit, increase economic efficiency, increase home ownership, and reduce power of the trade unions. As will become evident, Thatcher’s controversial election changed western economics into a more capitalist market which led to great economic growth in the UK and other western countries, greater social inequality in Britain, and helped pave the way to power for women in the western world. Margaret Thatcher’s economic and political Legacy has shaped the western world. Thatcher denounced the “prolonged experiment” of socialism in Britain as “a miserable failure in every respect.” Thatcher’s economic policies, aided by Reaganomics in the United States, promoted free trade, open markets, privatization, and deregulation of the financial sector which was
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