Margaret Thatcher on How Privatization Restarted Britain's "Enterprise Society"

In 2006, Margaret Thatcher wrote about the effects of privatizing state-owned and operated businesses in Great Britain during her tenure as prime minister (1979-1990) in Reason Foundation's Annual Privatization Report.

"Privatisation shrinks the power of the state and free enterprise enlarges the power of the people," she wrote.

The policies we introduced in the 1980s were fiercely opposed. Too many people and industries preferred to rely on easy subsidies rather than apply the financial discipline necessary to cut their costs and become competitive. Others preferred the captive customers that a monopoly can command or the secure job in an overmanned industry, rather than the strenuous life of liberty and enterprise.

But we understood that a system of free enterprise has a universal truth at its heart: to create a genuine market in a state you have to take the state out of the market.

Baroness Margaret Thatcher, LG, OM, PC, FRS was Prime Minister of the United Kingdom from 1979 to 1990. She is widely credited with reviving the British economy, reforming outdated government institutions, and reinvigorating the nation�s foreign policy during her term of office. By successfully shifting British economic and foreign policy in a free-market direction, her governments helped to encourage wider international trends which broadened and deepened during the 1980s and 1990s, as the end of the Cold War, the spread of democracy, and the growth of free markets strengthened political and economic freedom in every continent.

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