A Right Approach to Economics?

The Conservative party under Margaret Thatcher was elected to office in 1979 and remained in power throughout the 1980s, winning re-election in both 1983 and 1987. This book considers various aspects of policy which have been important under the Conservative government. It is divided into four sections. The first looks at how industry has fared during the 1980s in the light of various aspects of government policy. It starts with a focus on the manufacturing industry, which suffered badly during the recession of 1979-81. Competition policy is then discussed, with particular reference to merger policy. A case-study approach is adopted as a means of discussing some of the major issues, such as privatization. The Conservatives' privatization programme is assessed and, in particular, the issue of whether privatization has increased competition, rather than simply raising money for the government. The motor industry can be seen as a test case for Thatcherism in the 1980s. The industry has been chosen for an in-depth case study to consider various aspects of policy, including the government's attitude towards foreign investment and privatization.
Opponents of the Conservative government argue that the benefits of economic growth during the latter part of the 1980s have not been evenly spread. The government has been accused of not giving enough care to those least able to help themselves and also of presiding over a situation in which prosperity has not been fairly spread across the country. These aspects are considered in parts two and three respectively. The book concludes with an overview of Thatcherism in the 1980s, which is a consideration of the main strands of macroeconomic policy during that period.