The political consequences of thatcherism

While the economic changes effected by the British Conservative government in the 1980s are transparent, there is considerable debate as to whether there was a political dimension to the Thatcher Revolution. This paper argues that the Conservatives were successful in undertaking social structural reforms that effectively moved the political center of gravity in Britain to the right and toward the government's preferred market-oriented policy agenda. The government's strategy—manifest in the sale of council houses to tenants and of shares in privatized corporations to individuals, and its attack on organized labor—was narrowly targeted on the swing electorate among wealthier members of the lower socioeconomic strata. The Labour party has acknowledged the successes of the Conservatives' structural reforms, and has moved its policy platform, in Downsian fashion, to the right in order to regain electoral competitiveness.