The strong economic medicine she administered to a country sickened by inflation, budget deficits and industrial unrest brought her wide swings in popularity, culminating with a revolt among her own cabinet ministers in her final year and her shout of No! No! No! in the House of Commons to any further integration with Europe.
But by the time she left office, the principles known as Thatcherism the belief that economic freedom and individual liberty are interdependent, that personal responsibility and hard work are the only ways to national prosperity, and that the free-market democracies must stand firm against aggression had won many disciples. Even some of her strongest critics accorded her a grudging respect.
At home, Mrs. Thatchers political successes were decisive. She broke the power of the labor unions and forced the Labour Party to abandon its commitment to nationalized industry, redefine the role of the welfare state and accept the importance of the free market.
Abroad, she won new esteem for a country that had been in decline since its costly victory in World War II. After leaving office, she was honored as Baroness Thatcher of Kesteven. But during her first years in power, even many Tories feared that her election might prove a terrible mistake.
In October 1980, 17 months into her first term, Mrs. Thatcher faced disaster. More businesses were failing and more people were out of work than at any time since the Great Depression. Racial and class tensions smoldered. Even her close advisers worried that her push to stanch inflation, sell off nationalized industry and deregulate the economy was devastating the poor, undermining the middle class and courting chaos.
At the Conservative Party conference that month, the moderates grumbled that they were being led by a free-market ideologue oblivious to life on the street and the exigencies of realpolitik. With electoral defeat staring them in the face, cabinet members warned, now was surely a time for compromise.
To Mrs. Thatcher, they could not be more wrong. I am not a consensus politician, she said. I am a conviction politician.
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