What is the difference between one nation and Thatcherism in the Conservative party?
Whereas Conservatives of the One Nation tradition saw the workings of the market as imperfect and needing correction by the Government and a need to bind together the different groups in society, there were always some Conservatives who believed in the need for a market free from government interference and in the importance of individual effort rather than any idea of society as a whole. The Thatcher Governments from 1979 to 1990 followed many New Right ideas. Here's three key examples: - A reduction in the size of the State. The New Right view was that Government Departments and local authorities had an inbuilt interest in spending more on the programmes that they controlled. - The reduction of public expenditure because it took resources away from private investment. In the same way, high taxation inhibits entrepreneurship. - Deregulation of the economy. Markets will work best and create wealth without government intervention.
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