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The Legacy of ThatcherismAssessing and Exploring Thatcherite Social and Economic Policies$
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Stephen Farrall and Colin Hay

Print publication date: 2014

Print ISBN-13: 9780197265703

Published to British Academy Scholarship Online: January 2015

DOI: 10.5871/bacad/9780197265703.001.0001

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The long run economic consequences of Mrs Thatcher

(p.69) Commentary
The Legacy of Thatcherism

Peter M. Jackson

British Academy

Thatcher’s economic legacy is represented by a distinctive rupture with the past in terms of the framework within which economic policy is designed. Thatcherism was a counter-revolution to the post-war Keynesian revolution. Whilst this framework has evolved post Thatcher there has not yet been a further counter-revolution that has returned economic policy making to its pre-Thatcher ways. Moreover, Thatcherism paid greater attention to micro-economic details of policy which had been absent from most Keynesian discussions.

Keywords:   Social contract, Keynesian consensus, monetarism, Thatcher experiment

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