Comparison of the neoliberal economic policies of the governments of Margaret Thatcher and Ronald Reagan

Postgraduate Thesis uoadl:2285493 934 Read counter

Unit:
Κατεύθυνση Ευρωπαϊκή ιστορία
Library of the School of Philosophy
Deposit date:
2017-11-23
Year:
2017
Author:
Nikitaras Stefanos
Supervisors info:
Κωνσταντίνος Ράπτης, αναπληρωτής καθηγητής, Τμήμα Ιστορίας και Αρχαιολογίας, Εθνικό & Καποδιστριακό Πανεπιστήμιο Αθηνών
Ευάνθης Χατζηβασιλείου, Καθηγητής, Τμήμα Ιστορίας και Αρχαιολογίας, Εθνικό & Καποδιστριακό Πανεπιστήμιο Αθηνών
Κωνσταντίνος Γαγανάκης, αναπληρωτής καθηγητής, Τμήμα Ιστορίας και Αρχαιολογίας, Εθνικό & Καποδιστριακό Πανεπιστήμιο Αθηνών
Original Title:
Σύγκριση της νεοφιλελεύθερης οικονομικής πολιτικής των κυβερνήσεων της Μάργκαρετ Θάτσερ και του Ρόναλντ Ρήγκαν
Languages:
Greek
Translated title:
Comparison of the neoliberal economic policies of the governments of Margaret Thatcher and Ronald Reagan
Summary:
This thesis compares the neoliberal economic policies of the governments of Margaret Thatcher (1979-1990) and Ronald Reagan (1981-1989). It is claimed that the most important changes in contrast to the previous governments have to do with the tax policy, the monetarism and the deregulation of the economy.
The most important aim of both governments regarding to the taxation was to reduce dramatically the highest rates of taxation of income. Thatcher achieved it by increasing the indirect taxation, a policy that mostly hit the poorest people due to the equalizing character of the indirect taxes. The taxation however did not decrease as a percentage of the GDP during the era of Thatcherism, but on the contrary it increased. On the other hand, Reagan succeeded in reducing the taxes by increasing the budget deficit and the public debt. However, there were also tax increases during the Reagan Era due to the not so high growth as it had been anticipated by Reagan’s staff.
Regarding to the monetarist policy, both governments followed a similar path. The monetary policy strengthened, a deep recession followed, but the inflation finally decreased and both countries returned to economic growth.
In the field of the deregulation the differences between the two countries became clear. Thatcher as the leader of a social state proceeded to an acute conflict with the trade unions, to the privatization of strategic companies that belonged to the state and to the sell-off of thousands of council houses. On the contrary, Reagan did not need to be so radical in order to apply his neoliberal agenda, because the American state did not possess strategic companies and the trade unions were much weaker than in the UK.
The thesis ends up to the conclusion that Margaret Thatcher followed a more dogmatic, radical and confrontational economic policy, while Reagan’s economic policy was more flexible. His government reduced many tax rates, some of whom the government was forced to raise again due to the rapid decrease of the state’s income, but Reagan generally avoided extremely radical policies that would bring him in direct conflict with the American society.
Main subject category:
History
Keywords:
neoliberalism, monetarism, deregulation, Thatcher, Reagan, Friedman
Index:
No
Number of index pages:
0
Contains images:
Yes
Number of references:
199
Number of pages:
102
ΜΔΕ Νικηταράς Στέφανος.pdf (1 MB) Open in new window