Thatcherism

Political outlook comprising a belief in the efficacy of market forces, the need for strong central government, and a conviction that self-help is preferable to reliance on the state, combined with a strong element of nationalism. The ideology is associated with the former UK premier Margaret Thatcher, but stems from an individualist view found in Britain's 19th-century Liberal and 20th-century Conservative parties, and is no longer confined to Britain. Since leaving public office, Baroness Thatcher has established her own ‘Foundation’.

Elements of Thatcherism, particularly the emphasis on controlling public expenditure and promoting opportunities for personal achievement, were incorporated into the policy approach of the ‘New Labour’ government of Tony Blair, 1997–2007. However, it has sought to include a greater emphasis on social justice and assistance for the socially excluded, in what has been termed the ‘third way’.

See also United Kingdom, Conservatives come to power under Thatcher.