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Margaret Thatcher, a well-renowned leader of the XX century, was of character and passion to her home country, England. Loved by many and criticized by many as well. But, put herself in history because of the many difficult decisions she had to lay down. Once elected to the House of Commons, Thatcher rapidly made her plan to go up the ladder. She was lucky enough back then: in her first parliament session, she won the right by ballot to introduce a private member's bill, which with skill and the help of top politicians, she saw through the long parliamentary process into law. In 1961 she was invited to join the government as a junior minister at the Ministry of Pensions and National Insurance. She became a skilful defender of policies before Parliament, marshalling arguments and statistics with effect. So her legacy began with tenacity in enduring the precarious situation in which her country was involved will be remembered in years to come.

Oscar Mahecha

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Margaret Hilda Roberts was born on October 13, 1925 in Grantham, Lincolnshire, England, UK. She was the daughter of a grocer. She entered Oxford University where she became active in politics.

She was elected Prime Minister in May 1979 and served for three terms, eleven and a half years. She held the longest British PM position in the 20th century.

“During her government, she cut taxes, spending and regulations, privatized state-industries and state-housing, reformed the education, health and welfare systems, was tough on crime and promoted traditional values.” (imdb, 2014, p. 1). She brought England’s economy into liberalism. The individual became more independent from the state.

Her first great triumph in office was the Falklands War in 1982. She earned the nickname “the Iron Lady” from a Russian newspaper. She was also known as “Thatcher, the milk snatcher” when she eliminated free milk for schoolchildren as Minister of Education.

Her strict support for the Poll Tax and her refusal of the EURO took her out of politics.

She died April 8, 2013.

María Susana Tamayo

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Oscar Mahecha

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“She offered a clear-cut set of policies based upon core conservative principles of limited government and free enterprise.”(Gardiner, 2013, p. 1) Lady Thatcher understood the middle class and what was important to them:  the economy, taxes, immigration, and law and order. She supported small businesses and reduced taxes. Thatcher received a weak economy but her politics of reducing government spending and subsidizing small businesses paved the way for better economic growth under her government. However, she generated resentment in the mining sector and the industry in general.

María Susana Tamayo

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Thatcher's economic conservatism approaches under Hayek's principle in a free-market economy, which was not very popular during the 50s and 60s, helped Great Britain significantly save the country from bankruptcy. Although production in the mining sector was stalling due to Union disputes with the government, unemployment was exceptionally high. In addition, several other aspects in its economy such as GDP raised, inflation dropped like never before since bank interest rates were lowered progressively aiding people in the long run. Finally, private initiatives in housing and commerce took place; people had more money to invest, and their living areas increased in value. In addition, state-owned companies were sold to the private sector, boosting the economy and decentralizing state control over the economy.

Oscar Mahecha

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Won the Falklands  War in 1982

Won the Strike of Mineworkers in 1984: refused to meet union’s demands; workers went back to the mines without winning a single concession

Won the Cold War with Ronald Reagean as partner in the West and Mikhail Gorbachev’s Perestroika and glasnost in the Soviet Union. She contributed to world peace and stability.

Her economic policy of austerity is the path to be followed according to some world leaders today.

European Community:

In 1984 she succeeded in reducing Britain’s contribution to the EC budget. She resisted a single currency thus paving the way for Brexit.

Thatcher supported NATO

Later  she created the Thatcher Foundation to support countries of eastern Europe.

In 1995 she was given the order of Garter.

She continued to be a political force, even during her retirement years.

María Susana Tamayo

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Major Criticism:

Thatcher supported South Africa’s policy of apartheid. She opposed sanctions on the African nation. This led to intense criticism at home and abroad.

In 1989 disapproval of the poll tax caused street violence.

In general, an increase in unemployment is a negative side effect from her years as a PM.

María Susana Tamayo

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In conclusion, to some Margaret Thatcher was a politician who saved Britain. To others, especially those of the Labour Party, her economic policies were disastrous. Only time will tell, whether she goes down in history as a hero or a villain.

Make your own conclusion by watching this 9 min debate

https://www.cnbc.com/2013/04/09/krugman-takes-on-thatchers-legacy-as-debate-rages.html

María Susana Tamayo.

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These brief exchanges took place during Margaret Thatcher's last speech in the House of Commons on 22 November 1990. Read the complete transcript for this speech here: http://www.margaretthatcher.org/speeches/displaydocument.asp?docid=108256

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"Iron Lady " Movie starring Meryl Streep

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The Iron Lady Official Movie Trailer [HD]

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References:

Albertson, K. and Stepney, P.  (2020) A 40-year reassessment of Margaret Thatcher’s legacy on her own terms, Cambridge Journal of Economics, Volume 44, Issue 2, March 2020, Pages 319–342, https://doi.org/10.1093/cje/bez037

Farrall, S (2019, May 2), Margaret Thatcher’s Legacy : 40 years on. University of Derby. https://www.derby.ac.uk/blog/margaret-thatchers-legacy/

Gardiner, N. (2013, April 9). The Legacy of Margaret Thatcher. The Heritage Foundation. https://www.heritage.org/commentary/the-legacy-margaret-thatcher

Stepney, P. (2014), The Legacy of Margaret Thatcher: A Critical Assessment. Open Journal of Social Sciences, Vol.2 No.1(2014), Article ID:41915,10 pages DOI:10.4236/jss.2014.21013. https://www.scirp.org/html/13-1760034_41915.htm

Sandbrook, D.and Priestland, D., (2020, October 10), How should history remember Margaret Thatcher? History Extra.  https://www.historyextra.com/period/20th-century/how-should-history-remember-margaret-thatcher-legacy-first-female-prime-minister/

Young, H. (Invalid Date). Margaret Thatcher. Encyclopedia Britannica. https://www.britannica.com/biography/Margaret-Thatcher