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Britain: The Enthusiastic Transformation

  • Gregory W. Fuller

Abstract

Though it was not top priority when she was elected, few of Margaret Thatcher’s reforms were as fundamental as her governments’ overhaul of the British financial system. When she entered 10 Downing Street in May 1979, British finance was cliquish, internationally closed off, and loosely controlled by the state. Within a decade, Tory policies successfully reforged it as a dynamic, internationally competitive, and thoroughly liberalized system. This transformation has proven remarkably durable: even after Labour returned to power in 1997, the Thatcherite approach toward financial markets established during the 1980s remained the British status quo. Britain, perhaps more than any other advanced economy, has adhered to the conventional wisdom that competitive, liquid, and deep financial markets—largely unhindered by state intervention—greatly benefit society.

Keywords

Interest Rate Credit Card Pension Fund Mortgage Market Capital Control 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

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© Gregory W. Fuller 2016

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