The Rise and Fall of Thatcherism*

Abstract

Abstract The ‘battle of the books’ conducted in memoirs of the Thatcher government can yield valuable historical insights. ‘Doctrinal Thatcherism’ is examined, especially the proclaimed filiation of the Medium Term Financial Strategy from Friedmanite monetarism. This is shown to be somewhat uncertain either in theory or in practice. Yet the ability of Thatcherism to withstand such frailties proved it ideologically robust in both objectives and methods. If its appeal was crucially dependent on the personality of Thatcher herself, her fall was likewise irreducibly personal, as illustrated in her handling of the poll tax and of her relations with key colleagues.