By Eric J. Evans
Publish yr note: First released 1997
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This absolutely revised and up to date third edition of Thatcher and Thatcherism examines the origins and influence of ‘Thatcherism’ as a cultural build and an fiscal creed from the Seventies to the formation of a coalition executive in 2010.
Focusing at the occupation of Margaret Thatcher, Eric J. Evans questions either the originality and the ideological coherence of Thatcherism . He argues that whereas Thatcherism was once a daring scan in an ideologically pushed govt that, regardless of Thatcher’s political dominance, did not meet its major objectives.
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Extra resources for Thatcher and Thatcherism (3rd Edition) (The Making of the Contemporary World)
Sample text
So, for example, temperate climate in the USA is supposed to have made small-scale land ownership the natural institution, which then led to greater demands for democracy and education, whereas the tropical climate in many Latin American countries led to latifundia-dominated agriculture, producing the opposite results (Engerman and Sokoloff 1997, 2002). , 2003). Now, at one level, persistence is what we should expect from institutions. Institutions are meant to be stable – otherwise they will have no use.
1. Institutional persistence and human agency In the mainstream theories, once institutions are in place, they are seen as perpetuating certain patterns of human interaction. And as institutions are seen as being determined by immutable (or at least very-difficult-to-change) things like climate, resource endowment, and cultural tradition, these patterns become almost impossible to change, which introduces a ‘fatalist’ bias in the argument. So, for example, temperate climate in the USA is supposed to have made small-scale land ownership the natural institution, which then led to greater demands for democracy and education, whereas the tropical climate in many Latin American countries led to latifundia-dominated agriculture, producing the opposite results (Engerman and Sokoloff 1997, 2002).
5. The need for the lender of last resort, and thus for the central bank, was perceived from at least the seventeenth century but it was only after hundreds years of unnecessary financial crises that the developed countries of today have come to set up the central bank – between the second half of the nineteenth century and the first half of the twentieth century. Most market-oriented economists until that time believed that central banking would be harmful because it creates what we these days call ‘moral hazard’ on the part of the borrowers (Chang, 2000).