Margaret Thatcher and Thatcherism. A neoliberal regency?

Seminar paper from the year 2017 in the subject Politics - Other International Politics Topics, grade: 1,0, Rhine-Waal University of Applied Sciences, language: English, abstract: Throughout time economic theories have influenced the path of society and history. Neoliberalism is one of these economic theories and its roots trace back to classical liberalist of the 18th century like Adam Smith. Over time Neoliberalism has evolved into an independent school of thought aiming at maximizing the individual's freedom and limiting state power. The work by Friedrich August von Hayek and Milton Friedman can be seen as the underlying fundament of this school of thought. Neoliberalism became reality in the United Kingdom through the implementation of Prime Minister Margaret Thatcher's neoliberal policies in the 1980s and 1990s. In order to assess whether Thatcher's regency classifies as neoliberal, this paper conducted a literature review to compare Thatcher's policies with the neoliberal ideology constructed by von Hayek and Friedman. Thereby, significant similarities in the perception of socialism, as well as the importance of individual freedom and the handling of inflation were detected, just as significant differences in the fields of Law & Order, Centralization, and National identity. Thus, this paper concludes that Thatcher's regency included several important elements of neoliberal thought, but also showed several contradictions to this ideology. Therefore, Thatcher's regency can be classified as a neoliberal regency with certain limitations, outlined in the paper.