The Road From Thatcherism
This year marks four decades since Margaret Thatcher came to power as Britain’s first woman prime minister, inaugurating an era of market fundamentalism that is still with us today. Why does an ideology that is so obviously exhausted maintain its grip on policymakers worldwide?
LONDON – The last few years, with the rise of populism across the developed world, have seemed like the ending of an age. This is perhaps most true of economics, where the free-market revolution that emerged forty years ago now seems to have petered out in denunciation, self-doubt, and recrimination.