The word "Thatcherism" is spelled with the IPA phonetic transcription /ˈθætʃərɪzəm/. The first sound is a voiceless dental fricative "th" (/θ/), followed by the short "a" vowel sound (/æ/) and then the voiceless alveolar fricative "s" (/s/). The fourth sound is the voiced alveolar fricative "zh" (/ʒ/) and is followed by the schwa sound (/ə/). The final sound is the voiceless alveolar fricative "s" (/s/) and represents the ideology associated with the conservative policies of Margaret Thatcher, the former Prime Minister of the United Kingdom.
Thatcherism refers to the political and economic policies associated with the leadership and governing philosophy of Margaret Thatcher, who served as the Prime Minister of the United Kingdom from 1979 to 1990. Thatcherism embodies a set of conservative ideologies and principles that aimed to revitalize the British economy, reduce the role of the state, and promote individual freedom and free-market capitalism.
Economically, Thatcherism advocated for supply-side economics, which emphasizes reducing government intervention and regulation, lowering taxes, and promoting entrepreneurship and private enterprise. Thatcher's government implemented a series of reforms that aimed to deregulate industries, privatize state-owned enterprises, and promote competition. These policies sought to increase efficiency and productivity, but also faced criticism for exacerbating income inequality and weakening worker's rights.
Thatcherism also encompassed social and political perspectives. Socially, Thatcherism believed in personal responsibility and self-reliance, emphasizing the freedom of choice over paternalistic state intervention. In terms of foreign policy, Thatcherism advocated for a strong military defense and a pro-market approach in international trade and relations.
The impact of Thatcherism on the UK and global politics is significant. It polarized political opinions, with supporters crediting the policies for fostering economic growth and revival, while detractors argue that it widened wealth gaps and led to social discontent. Nevertheless, Thatcherism remains influential in shaping conservative and neoliberal ideologies worldwide.
The word "Thatcherism" is derived from the name of Margaret Thatcher, who served as the Prime Minister of the United Kingdom from 1979 to 1990. Thatcherism refers to the political and economic ideology associated with her leadership and policies. It is characterized by free market capitalism, privatization, deregulation, reducing the power of trade unions, and a belief in limited government intervention in the economy. It became a widely used term to describe her conservative policies and approach to governance.