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Vol. 11 No. 5 (2023): September

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The determinants of Thatcher's economic policy

https://doi.org/10.18510/hssr.2023.1153
Beata Rogowska
Department of Economics and Finances, Faculty Law and Social Science, Jan Kochanowski University, Poland

Corresponding Author(s) : Beata Rogowska

[email protected]

Humanities & Social Sciences Reviews, Vol. 11 No. 5 (2023): September

Abstract

Research objective: The purpose of the article, is to determine what economic policy instruments M. Thatcher used in her economic activities, and indication which of the analyzed institutions in the light of New Institutional Economic theory (North, 2019) are factors of public acceptance of Thatcher's liberal - conservative reforms in United Kingdom and contributed to the re - election of her cabinet in 1983 and 1987.


Methodology: To expose the impact of specific national formal institutions of a historical nature (not created by M. Thatcher's policies), and informal institutions, including the isolation of endogenous and exogenous factors determining the success of M. Thatcher, analysis of data from sources such as: IPSOS Political Monitor, IPSOSS MORI, Index of Economic Freedom, the Leadership capital index was used. In addition, key literature on the subject, as well as commentaries by experts on the life and work of M. Thatcher, were used for this discussion.


Main conclusions: It is worth noting that elections in the UK are generally endogenous (Dubois, 2016). During the period of Thatcher's re - election, the institutional imbalance was compensated by the specificity of the British political system. Thatcher's performance was determined by the temporal matching of formal and informal institutions.


Application of the study:. The article is intended for students of economics and all for whom the style of doing economic policy is important and its limitations.


Originality/Novelty of the study: The novelty of the study is a look at Thatcher's policy from the perspective of NIE. Therefore, it can be the basis for contemporary analyzes of the conduct of economic policy by R. Sunak's Conservative Party.

Keywords

Thatcher Economic Policy New Institutional Economics
Rogowska, B. (2023). The determinants of Thatcher’s economic policy. Humanities & Social Sciences Reviews, 11(5), 12–22. https://doi.org/10.18510/hssr.2023.1153
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