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Lecture 6

POLS 3470 Lecture Notes - Lecture 6: Thatcherism, Foreign Exchange Controls, State Ownership

Political Science
Course Code
POLS 3470
Tim Mau

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Sept. 23- Lecture 6
British Model
Political elite dominated British- The labour party
Marked by Instability
o Post war settlement originated in wartime negotiation
conducted against a background of nationalism and idealism
1. economic decline during whole post war period (hyper-
inflation, perpetual stikes, IMF bailout, winter of discontent
2. Free market belief (called the British Business Model) that
was debated in terms of Thatcherism Thatcherism wanted
reduced government in economic development
3) third force driving reconfiguration of elites is globalization-
it created new elites, industrial success is less likely to be
achievable within the confines of the UK market. First
thatcher government embraced globalization with elimination
of exchange controls, deregulation of banking and stock
4) Growing tolerance of economic inequality-> stemming
from Thatcherite transformation of economic doctrine and
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