[T]he British economy began its long boom, combining economic growth with price stability. Loss-making industries were closed down or reduced in size. Manufacturing industries shed labor, often while increasing output, as they restructured to meet foreign competition. New companies or entrepreneurs from academic and non-industrial backgrounds established new industries in the financial services, information, and high-tech sectors. Privatization transformed inefficient state-owned industries into dynamic private sector enterprises. New financial instruments allowed entrepreneurs to take over sluggish low-earning companies and put their assets to more profitable uses.
In general, Thatcher’s British economy, like Reagan’s revived U.S. economy, was characterized by change, profitability, growth, the better allocation of resources (including labor), and the emergence of new industries—indeed of an entirely new economy—based on the information revolution.
John O’Sullivan. RTWT.
We are so far into the era of the Big Lie about Mrs. Thatcher and what she accomplished, that it is good to refresh our recollections from time to time.