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7_Thatcher - 7 Thatcher 1 Paving the Way for Thatcher I...

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7 Thatcher 1 Paving the Way for Thatcher I. Background: British decline Strong but decentralized unions and decentralized wage bargaining No policy to provide cheap credit to industrial investors Weak links between banks and industry Poor quality of human capital Failure of Keysnesian demand management In the "Golden Age" - British "stop-go" pattern After the Golden Age - Internationalization of the economy makes Keysnesian demand management less effective. II. Background: Failures of the Conservative and Labour governments of the seventies A. Conservative government of Heath 1970-1974 B. Labour government of 1974-1979 also tried to get unions to accept wage restraint but failed "Social Contract" with the unions. Wage restrain in return for favorable social policy legislation Failed for two reasons: (1) The government could not deliver on social policy side and (2) the TUC failed implement it Strikes in the "Winter of Discontent" 1978-79 The Neo-liberal Experiment of Margaret Thatcher (1979-90) and John Major (1990-1997) I.
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  • Spring '07
  • Stephens
  • Privatization, Margaret Thatcher, Thatcher I. Background, Keysnesian demand management, residualist welfare state

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