"There is a common theme uniting all these points. It’s that Thatcher was a class warrior, not an economic libertarian. Where market reforms benefited the rich (exchange controls) or bribed floating voters (council house sales), she supported them. Where market reforms could have helped the poor (school vouchers, macro markets), she did nothing...
And this is where her influence was wholly pernicious. She has given a generation of non-economists the impression that support for free markets is equivalent to support for the vested interests of the rich. Nothing could be further from the truth."
Thursday, October 13, 2005
New Economist: Thatcher's legacy revisited: