Podcast
Questions and Answers
Thatcher's economic policy was a radical attempt to revive the British economy by freeing the ______.
Thatcher's economic policy was a radical attempt to revive the British economy by freeing the ______.
market
Allowing ______ to rise meant that the government could control inflation.
Allowing ______ to rise meant that the government could control inflation.
unemployment
Tax cuts, deregulation and ______ meant that by 1990 the government played a much smaller economic role.
Tax cuts, deregulation and ______ meant that by 1990 the government played a much smaller economic role.
privatisation
Between 1985 and 1988 Thatcherism seemed to be working: unemployment fell, economic growth rose and ______ remained low.
Between 1985 and 1988 Thatcherism seemed to be working: unemployment fell, economic growth rose and ______ remained low.
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However, the boom was short-lived and economic problems returned in the ______ of 1989 and 1990.
However, the boom was short-lived and economic problems returned in the ______ of 1989 and 1990.
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Study Notes
Thatcher's Economic Policy
- Aimed to revive the British economy through market liberalization.
- Allowed rising unemployment as a strategy to control inflation.
- Focused on returning nationalised industries to profitability.
Key Characteristics of Thatcherism
- Implemented tax cuts to stimulate economic activity.
- Emphasized deregulation, reducing government intervention in the economy.
- Engaged in privatization of state-owned enterprises, significantly reducing the government's economic role by 1990 compared to 1979.
Economic Outcomes
- Between 1985 and 1988, there was significant economic growth:
- Unemployment decreased.
- Economic growth increased.
- Inflation rates remained low during this period.
Cultural Impact
- Emergence of a "loadsamoney" culture in the southeast, reflecting newfound wealth and consumerism.
Economic Challenges
- The economic boom was temporary; challenges re-emerged during the recession of 1989 and 1990.
- Highlighted the volatility of Thatcher's economic policies and their long-term sustainability.
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Description
This quiz explores the key elements of Margaret Thatcher's economic policies aimed at revitalizing the British economy. It discusses the impact of tax cuts, deregulation, and privatization, as well as the results observed in unemployment and inflation rates during her governance. Test your knowledge on the effectiveness of Thatcherism in the late 20th century.
