Thatcherism - 'A Heavy Hand and a Light Touch'

Banking Systems in the Crisis - The Faces of Liberal Capitalism, Forthcoming

27 Pages Posted: 2 May 2012

See all articles by Suzanne J. Konzelmann

Suzanne J. Konzelmann

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology; University of Cambridge - Faculty of Social and Political Sciences

Marc Fovargue-Davies

University of London - The London Centre for Corporate Governance & Ethics

Frank Wilkinson

affiliation not provided to SSRN

Date Written: March 1, 2012

Abstract

The decline of British industry, along with monetarism, economic liberalization and the rise of the financial sector are popularly associated with the 1980s and Margaret Thatcher’s Conservative government. But British industry had already passed its peak nearly a century before. Unregulated financial markets were in full swing in London by the late 1950s, with the emergence and growth of the Eurodollar and wholesale money markets there. Monetarist policy was attempted by Heath’s Conservative government during the early 1970s and endorsed by the Labour party leader, James Callaghan, later in the decade; and the need for a loan from the IMF in 1976 laid the foundations for much of what would later become known as ‘Thatcherism’. This paper examines Britain’s return to economic liberalism during the three decades leading-up to the 2008 global financial crisis (GFC) and its experience of the crisis.

Keywords: Global financial crisis, United Kingdom, Light touch regulation

JEL Classification: N10, N20, P12

Suggested Citation

Konzelmann, Suzanne J. and Fovargue-Davies, Marc and Wilkinson, Frank, Thatcherism - 'A Heavy Hand and a Light Touch' (March 1, 2012). Banking Systems in the Crisis - The Faces of Liberal Capitalism, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2049438

Suzanne J. Konzelmann (Contact Author)

University of London - Birkbeck College - Faculty of Social Sciences, School of Management and Organizational Psychology ( email )

Malet Street
Bloomsbury
London, WC1E 7HX
United Kingdom
+44 (0) 207 631 6799 (Phone)

HOME PAGE: http://www.bbk.ac.uk/management/our-staff/academics/konzelmann

University of Cambridge - Faculty of Social and Political Sciences ( email )

ESRC Centre for Business Research
Cambridge, CB2 1TN
United Kingdom
+44 1223 337733 (Phone)

Marc Fovargue-Davies

University of London - The London Centre for Corporate Governance & Ethics ( email )

Malet Street Bloomsbury
WC1E 7HX
London, WC1E 7HX
United Kingdom

Frank Wilkinson

affiliation not provided to SSRN

No Address Available

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