The “ideological legacy” of Margaret Thatcher, according to the Economist, rivals “that of Marx, Mao, Gandhi or Reagan.” She made “Britain great again,” the Daily Telegraph asserts. Writing in the Wall Street Journal, the historian Andrew Roberts hails Thatcher for her loyalty to the U.S. and Israel, and claims that “Thatcherism will always remain, and the world is better for it.”
Prime Minister David Cameron will lead tributes in Parliament today to Britain’s only female premier, Margaret Thatcher, who died two days ago, as lawmakers break from their Easter vacation to consider her legacy.
More than any other prime minister since 1945, Margaret Thatcher changed the course of British history. In one sense, like any politician, she was a product of her times, but don’t let that mislead you: Only she could have done what she did.
Four decades ago, Richard Nixon announced his new economic policy, which included wage-and-price controls, disincentives to import, and the end of the gold-exchange standard. In the short term, meaning the period before the election of 1972, the result was strong growth. Strong enough, in fact, that in November 1972, the U.K. Prime Minister Edward Heath imposed his own wage-and-price controls.