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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun Sep 30, 2007 3:45 am Post subject: The Shock Doctrine: Surviving Democracy - Part 3 |
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By: Stephen_Lendman
Chicago School dogma became known as Thatcherism in Britain, but its prime minister wasn't an early adherent. Margaret Thatcher thought Chilean shock therapy wasn't possible in a democracy like the UK because voters wouldn't buy it. Three years into her first term, her approval rating was lower than George Bush's. She was in danger of not being reelected and didn't dare risk imposing bitter economic medicine that would sink her chances. That is, until destiny intervened on April 2, 1982 when Argentina invaded the British-held Falkland Islands off its coast that was unimportant to either country except for the political hay to gain from war.
Thatcher jumped at the chance to regain her footing and "went into Churchillian battle mode," even though Argentina's president, General Leopoldo Galtieri, wasn't Adolph Hitler. But defending the British empire was almost as good, and it paid off. Thatcher's political future was at stake. She revived it, more than doubled her approval rating and henceforth was known as the "Iron Lady" that for her was high praise, and she made the most of it.
She launched a "corporatist revolution" based on Chicago School economics she thought impossible earlier. She parlayed her new popularity to a victory against striking coal miners in 1984 with tactics like unleashing 8000 "truncheon-wielding" riot police in a single confrontation. Before the strike ended, thousands of workers were injured, but Thatcher stood firm with a clear message to other unionists. Take what you're offered or get the same medicine.
She didn't stop there, and what followed was a radical economic agenda in a wave of state enterprise privatizations including British Telecom, British Gas, British Airways, British Steel and others in what Klein called "the first mass privatization auction in a Western democracy." It proved Chicago School fundamentalism didn't need repressive dictatorships to advance as long as "Iron Ladies" like Thatcher were around to match the best of them, short of all out tanks in the streets shock therapy, that is. Her eleven and a half years in power proved it, and Britain hasn't been the same since with Labor as committed now as the Tories.
http://www.marketoracle.co.uk/Article2258.html |
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