Hostname: page-component-848d4c4894-xfwgj Total loading time: 0 Render date: 2024-06-16T14:25:02.910Z Has data issue: false hasContentIssue false

There are Many Alternatives: Margaret Thatcher in the History of Economic Thought

Published online by Cambridge University Press:  11 June 2009

Bradley W. Bateman
Affiliation:
Grinnell College, Grinnell, Iowa, 50112, United States.

Extract

The last twenty-five years of the twentieth century were freighted with important moments for historians of economic thought: the collapse of the Keynesian consensus, the rise (and fall) of monetarism, the collapse of the former Soviet Union and the other Marxist-Leninist states in central and eastern Europe, the rise of neo-liberalism, and arguments over the possible emergence of a “New Economy” following the internet investment boom at the end of the 1990s. Each of these moments will require its own history as we slowly move away from the tumult of the times and begin to weigh them for their own significance. But several of the moments have a common iconic face in Margaret Thatcher, the Prime Minister of Great Britain from 1979 to 1990. Few other individuals so readily embody the sense of the times. Thatcher's election—a full year and a half before Ronald Reagan's—marks for many people the moment when Keynesian policies finally and irretrievably lost their legitimacy. Likewise, the timing of her election, just two months before Paul Volcker's selection as the chair of the Federal Reserve Board of Governors in the United States, also means that for many people Thatcher's is the public face of monetarism's ascendancy. Finally, there is probably no one person whose name is so clearly associated with the rise of free market thinking and neo-liberalism during the end of the twentieth century.

Type
Research Article
Copyright
Copyright © The History of Economics Society 2002

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Barber, William J. 1996. Designs Within Disorder: Franklin Roosevelt, the Economists, and American Economic Policy. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Bernanke, Ben S., Laubach, Thomas, Mishkin, Frederic S., and Posen, Adam. 1999. Inflation Targeting: Lessons From the International Experience. Princeton: Princeton University Press.Google Scholar
Green, Ewen. 1999. “Thatcherism: An Historical Perspective.” Transactions of the Royal Historical Society, sixth series, 9.Google Scholar
Porter, Theodore M. 1992. “Comment on ‘Breaking Away: History of Economics as History of Science’.” History of Political Economy 24 (Spring): 234–36.CrossRefGoogle Scholar
Samuelson, Paul. 1987. “Out of the Closet: A Program for the Whig History of Economic Science.” History of Economic Society Bulletin 9 (1): 5160.CrossRefGoogle Scholar
Schabas, Margaret. 1992. “Breaking Away: History of Economics as History of Science.” History of Political Economy 24 (Spring): 187203.CrossRefGoogle Scholar
Thatcher, Margaret. 1993 The Downing Street Years. London: HarperCollinsGoogle Scholar
Thatcher, Margaret. 1995. The Path to Power. London: HarperCollinsGoogle Scholar
Weintraub, E. Roy. 1999. “How Should We Write the History of Twentieth Century Economics?Oxford Review of Economic Policy 15 (4): 139–52.CrossRefGoogle Scholar
Young, Hugo. 1991. One of Us: A Biography of Margaret Thatcher, 2nd edition. London: Pan Books.Google Scholar