History Commons^™

Thatcherism's Triumph: How Margaret Thatcher’S Neoliberal Policies Brought Prosperity To Britain, Carl J. Demarco Jr.

Student Publications

By 1979, the British economy was in complete and utter disarray. Inflation was at record highs along with unemployment. The post-world war consensus was built off the idea of embedded liberalism, which stressed that the government must play a large and active role in regulating the markets and that it was in the government's interest to keep unemployment at its natural low. Similar to the United States, since the Great Depression the welfare state in Great Britain had been expanding. The post-war consensus proclaimed and exhausted the economic theories of John Maynard Keynes who believed in embedded liberalism and the …