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I fight to win. Margaret Thatcher. This article is more than 8 years old. Key comments from Britain's first female prime minister. Margaret Thatcher as prime minister in Photograph: PA Archive. Reading the interview the context is clear. She is is insisting that we not loose sight of the fact that society IS your neighbours. If I remember correctly she is also not saying anything that Adam Smith was not saying. David, Nice post. I use to think that there is a confusion in liberal world between individual as the main objective of social order and individual as the unique agent of this order.
I agree with the first: individual is the supreme moral objective. Thanks for a most enjoyable post. Nicholas P. The first is concerned with the extent of governmental power, the second with who holds this power. The difference is best seen if we consider their opposites: the opposite of liberalism is totalitarianism, while the opposite of democracy is authoritarianism.
In consequence, it is at least possible in principle that a democratic government may be totalitarian and that an authoritarian government may act on liberal principles. Having a killing machine is not what makes you totalitarian. The authoritarian regime denies political rights to its subjects. Sorry David. And not on principle: only because then present institutions prevented it.
Had british democracy not stood in the way, she would have gone the whole Pinochet way. I would bring to mind, with regard to the self-reliance vs. The relative efficiency of Ms. Thatcher may have sped up growth although Professor Krugman has pointed out how problematic that would be to demonstrate , but it may be nothing more than trading off a modest amount of extra growth probably not for a less supportive welfare state.
Marcus, I am not going to say whether Pinochet was or was not a totalitarian. He certainly was a bad guy, and Hayek had no business singing his praises, but I am sure that Hayek did not think of him as a totalitarian. To what extent Hayek allowed himself to be misled about the nature of the Pinochet regime or knew what its true nature was and supported it anyway is a question that deserves further study. I hope that he was misled and was not really aware of the crimes committed by Pinochet.
Nicholas, Thanks for suggesting a plausible alternative reading of what Thatcher may have meant to say. Luis, Thank you. You are right to distinguish between individualism as a moral principle and individualism as a methodological principle.
The two often go together but it is not logically necessary that they do so. Are you suggesting that the British democratic tradition is some sort of triviality? How could Hayek dare treat that tradition as if it were a triviality? What is important is that Thatcher reversed a tide toward increasing state control over the economy, which was a long-running trend in England from the second world war onward, with modest interruptions when the Conservatives came to power in the s and early s and accelerated by the Conservatives in the disastrous Heath government in the early s which led to the equally disastrous Labour government that succeeded Heath.
Thatcher established once and for all that inflation was a monetary phenomenon that had to be controlled by monetary policy not wage and price controls. That was her great achievement; everything else was secondary.
She lead a huge movement into privatizing state owned businesses. Which is the way to go if you want businesses to do better. The less state owned we have the better it is. But I may be wrong. Or, if you are already a subscriber Sign in. Other options. Close drawer menu Financial Times International Edition. Search the FT Search. World Show more World. US Show more US.
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