Their combined fervor for a desperate and terribly soul destroying brand of what is now euphemistically called "trickle down economics", has ultimately left the new generations of the 21st century, to deal with an out of whack economic system, that has spread vital sovereign wealth only upwards, to enrich but a few, and dissembled their own nations once powerful engines of growth and the bastions of their once strong and vibrant middle class!
Many seem to forget that when actions become outcomes and results, history tells the ultimate truth. As an analyst I cannot avoid these facts. The class issue I do agree was a valid target of Margaret Thatcher, but that was also the desires of the populace as a whole and a viewpoint that helped her get elected! The ' to the manor born' structures of British society had too long been a financial and restrictive burden on their nation.
Thatcher however, in her principled and charging 'bull in the China shop' approach and idealistic manner, which was also much admired by American political factors at the time, without thought as to it's social consequences, ripped the bastions of British manufacturing and it's core industries, out of the hands of the public sector and promptly privatized them! Throwing millions out of work!
Today not one of those industries, if they exist at all, are even a shadow of their former selves, and the jobs of millions were eventually outsourced to cheaper labor markets in The European Union, most notably Germany and France. Later to be further taken by India. Unemployment and poverty in the UK in this sector, remains at extremely high levels to this day. So much for the "free market" and the non existence of society, or any communal responsibility one to the other, as she posited again and again in her naivete'
I ask everyone to be honest and while they may admire her righteous tenacity in many areas, to look at the comparative dynamic of the same ideology that has also occurred in the United States. Again as a result of a too hasty charge toward elimination of Government, in favor of the private sector. The American middle class has been decimated by these same Thatcher/Reagan policies and American industry came near to collapse, under the strain of the outsourcing of jobs! All this in a relatively short time span of 35 years.
Thatcher's good or badness is of course relative to ones views. My comment, as I hope is noted, is based upon economic realities as to the end result, or as we in the trade call it the "ripple effect".
Her decisions, while seemingly attractive at the time, must be judged through the lens of historical reality and results. As an economic analyst I can assure you her faux pas are well documented. The frightening thing for me is to see how many today, in modern day America, would copy her radical approach and continue to enforce it to effectively dissemble an American society, that has been hard won by innovation and entrepreneurial genius, from both the private and public sectors. To lead the world as the most admired society and community on earth, at it's peak.
To me this is the danger of continuing an economic policy which seeks to abuse so terribly, the social system of the relatively young U.S, and replace it with a new elitist class, not unlike that very "to the manor born uber class" that even Thatcher abhorred.
The "crustiness" of British and even some Euro economic structures in the 70's, had more to do with centuries of cultural elitism (Class society) than with progressive 20th century economics. That is a well recognized fact, and while I applaud Thatcher for her modern approach to the erasure of old style British snobbery, it is unfortunate that her insistence on the economic adaptation of Hayek's radical labor and capital theories, almost exclusively as her answer to the U.K's ills, were as equally destructive as they were constructive.
The result was that British society splintered and it has never fully recovered even to this time. Unless of course one considers the success of "The City"(London) and it's leadership role in the banking fraternity as the sole measure of a nations success?? The new elitist class of "The unspeakable in pursuit of the inedible," that Thatcher herself had sworn to eliminate as any economic force in the U.K?
History will reflect no doubt, that this was a strong willed and powerfully persuasive woman. But it will also hopefully urge us to learn, that it is highly dangerous to allow any ideologue to imprint only 'their stamp' on any nation! We cannot afford dictatorial currents in politics to so easily again arise, without restraints on their ability to dictate what is economic common sense for the longer run, and the protection of future generations!
Surely the time has come when we must rely more readily on the historical and real scientific lessons of our society, than to be persuaded by the whims and fancies of individual characters at large in the body politic?
James M. Convey