Monday, April 8, 2013

Economy: Margaret Thatcher R.I.M.

This morning we got sad news: Margaret Thatcher died. There are not many politicians whom I admire. The former British Prime Minister is one of the few.

"Maggie" Thatcher accomplished almost a miracle. She converted her country from an ailing nation ("The English Patient") into a wealthy and prospering state. U.K. is still benefitting from her bold reforms.

She was a very practical economist and realized ideas from Milton Friedman, Friedrich Hayek and Adam Smith. She curbed government influence, clipped overgrown bureaucracy and tamed the aggressive unions, who had lamed the whole British economy. Thatcher opened the doors to more market and private initiative which encouraged people to work, to save money and to invest into the economy. Hence she laid the fundament for economic growth and wealth.

The "Iron lady" had a legion of enemies, of course. Especially elitist left-wing, grown up in wealthy families, despised her and the career of this "grocer´s daughter". But her uprising from a middle class family to political power made her to an role model. She did not only overcome the stiff class hurdles in U.K., she also broke into the male domain of political power.

Europe could urgently need a political figure like Maggie Thatcher to find ways out of today`s economical mess.

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