What did Margret Thatcher do to UK?
I hear people say she ruined lives and introduced inhumane laws. Can you explain?
- CliveLv 711 months ago
When she came to power, price inflation was high and the government was spending too much, as she saw it. So she made spending cuts and attempted to cut inflation by the monetarist policy of restricting the growth of money supply. This caused unemployment to rise and she was much hated for that. However, as I learned in studying economics, it seems to be impossible to cut inflation AND unemployment at the same time - you can only tackle one at a time and she chose to control inflation.
Unemployment increased especially in coal-mining areas, where miners' wages had risen so much, thanks to the previous government's policy of always giving in to whatever the unions demanded, it was no longer possible to sell coal at a profit - it cost more to dig it out of the ground than it could be sold for, so mines closed.
She also cut the power of the unions as they were clearly doing damage. For example, it was made illegal to go on strike just on a show of hands - the union cannot call a strike without a proper counted ballot of the members. That's one still in force now.
It hurt. A lot. But by the time she was forced out of office by her own party, the nasty medicine was working and she left the country in a better state than she found it.
Now perhaps these people could explain what "inhumane laws" she was responsible for.
- David SLv 711 months ago
Whoever said that is a fool that didn't know what s/he was talking about. Probably some youngster who wasn't even alive when Thatcher was PM.