Case for Thatcher
“To those waiting with bated breath for that favorite media catchphrase, the U-turn, I have only one thing to say: You turn if you want to. The lady’s not for turning!”
After the second world war, Great Britain became burdened with debt, and trade unions’ powers became a dominant power in the country. During that time, Margaret Thatcher became the Prime Minister of Great Britain. Inflation had reached dizzying heights of over 25% in the mid-1970s. And before Margert Thatcher came to power, trade union power was al-time high. How powerful were there? Well, they were the cause for the downfall of the 1970s British government. We can see the same situation in Sri Lanka also, unions are always demanding more from the government, even during the pandemic. After Margaret Thatcher left the house, UK’s inflation decreased to almost 8%.
What did Margaret Thatcher do, she successfully outmaneuvered the miners and fundamentally weakened the NUM(The National Union of Mineworkers), by that other trade unions. otherwise, how can she continue the government? After 1985, the UK economy starts to grow at the rate of almost 4% annually thanks to Mrs. Thatcher. The key policies that I wish to talk about are on the supply side. During her time as the prime minister she,
- Sells government-owned properties like Gas, Water, and Electricity
- Deregulate government monopolies in different sectors
- Deregulating financial sector
Now I come to why I decided to write this article, government sourly alone cannot bring Sri Lanka out of the shit hall we are in, they can help by creating entrepreneur-friendly regulations like Margert Thatcher did while she was in power. As humans we are inherently selfish, we do what we see as best for ourselves or our group. That why we need more entrepreneurs, do be selfish, that way we can create more jobs. That is why the government should end its monopoly on electricity, water, etc. So, entrepreneurs can take their place, make profitable businesses out of them, make more jobs, and paying a good salary for talented people. So, they can also create more jobs. As Thatcher, we need to deregulate the financial sector, people need to invest their money into legitimate businesses, as eventually, it will create more jobs in the economy.
Some people can point out that, people will lose their jobs. Sadly, that is true, people will lose their jobs, even in Thatcher’s time whole cities lose their main income, this could happen in Sri Lanka, there is no denying that. But this is the world we live in, either we consumed the evil or it will consume us. Our government should decide what either we consume or consumed by this great evil.