Thatcher's Economic Policies. An Assessment of Efficiency

      Аннотация: Whereas several literature reviews and empirical papers address macro- and micro- economic policies under Mrs Thatcher’s administration from 1979 to 1990, few ones focus on her policies directed toward labour market and educational system. This book examines the original hypothesis that Thatcher’s policies in the fields of employment, education and training came later on her political agenda as a way to correct the poor level of productivity and the high unemployment rate that were in force in the first half of the decade. Prime Minister’s first wave of policies are assessed in order to enable the reader to understand the framework in which employment, education and training policies were implemented. While Thatcher’s neo-liberal approach produced efficiency gains and achieved greater flexibility in the labour market, her government’s main failures included a rise in income and wealth inequality as well as massive unemployment, notably in traditional industries. Deep-rooted features of British educational system have also played a role in hindering Thatcher's strategy to achieve greater standard levels of qualifications of the labour force, which may still be an issue nowadays.

Ключевые слова: Unemployment, Labour market, Political Economy, British History, economic assessment, Thatcherism, Market Failures, Neo-liberal policies, Education and Training system