IMPORTANCE OF MARGRET THATCHER SUPPLY SIDE POLICIES
Student name
International Trade and Policy
Name of lecturer
School of Public Leadership, Stellenbosch University
Date
Supply-side policies are government policies that seek to increase efficiency in the economy and productivity. Margret Thatcher came into power in 1979 and faced a daunting United Kingdom economy in which she had the task of transforming the economy [1]. This was done through the implementation of economic policies which sought to embrace monetarism and free-market economies and destroy the power of trade unions[2]. One of these policies she implemented was the supply-side policies that aimed at increasing efficiency and productivity. In this essay, the importance of Margaret Thatcher’s supply-side policies and the success of her economic policies are discussed.
Thatcher Supply-Side Policies
Thatcher implemented several supply-side policies to ensure that the is a new market-based supply side. One of the supply-side policies that she implements was the privatization of critical public sector the-importance-of-human-resources-in-a-business-environmen stries to ensure that there was no floating of these companies shares, thus enabling the owners to gain wealth through the increased share prices. This supply policy saw Britain big government companies such as BP, BT, British airways become privatized. The critics of this policy argued that these government shares were undersold and thus created an increase in inequality[3].
Another supply-side policy that Margret Thatcher implemented was the deregulation of the industries that were considered to be dominated by monopolies, thus allowing more competition. These industries included gas, electricity, and telecommunication industries, which had a nationalized legal monopoly.
References
- Seldon, A., & Collings, D. (2014). Britain Under Thatcher. Routledge.
- Michie, J. (1992). The economic legacy, 1979-1992. Academic Press.
- Minford, P. (2015). What did Margaret Thatcher do for the UK economy? British Politics, 10(1), 31–40. https://doi.org/10.1057/bp.2014.21
[1] Seldon, A., & Collings, D. (2014). Britain Under Thatcher. Routledge.
[2] Michie, J. (1992). The financial legacy, 1979-1992. Academic Press.
[3] Minford, P. (2015). What did Margaret Thatcher do for the UK economy? British Politics, 10(1), 31–40. https://doi.org/10.1057/bp.2014.21