Has the Conservative Party abandoned ‘Thatcherism’?
Thatcherism was the name given to the type of policies that were put in place, by the then prime minister Margaret Thatcher. The policies primarily involved the idea monetarism, privatization, and strong law and order. Thatcherism put emphasis on the government controlling the amount of money that was in circulation in Britain, so that inflation was kept at a steady level and so it was not a hindrance to economic growth. Moreover, it also involved getting the public sector opened up, so that the private sector could get involved in it. This was done in order to once again stimulate economic growth and create jobs, as private firms run more efficiently than public ones, which allows them to employ more people and so there is more money being spent in the economy. Lastly, Thatcher also put strong emphasis on strict law and order. She believed better law enforcement would therefore create a stronger country. However, when David Cameron came to power, unlike many previous leaders, he was quick to question many of the key ideas of Thatcherism; but it has been widely debated that although he was quick to dismiss them, these ideas of Thatcherism may still be present in the current conservative party.
In terms of economic policies, there still seems to be an air of Thatcherism within David Cameron’s Conservative Party. The fact that Cameron has centred his economic policy around massively reducing public spending, and his wish to see the state hand over certain responsibilities to private enterprises, seems to reflect the continuing influence of Thatcherism. For instance, the conservatives recently announced £7 billion spending cuts to reduce Britain’s ever growing deficit, and it has been continually debated about whether to privatise some parts of the Royal Mail. These policies show the influence of Thatcherism,