Credit: Williams / U.S. Military / wikimediaCredit: Williams / U.S. Military / wikimediaMargaret Thatcher, like almost all of the late–Cold War generation of larger-than-life politicians, mixed keen insight and political bravery with massive blind spots and errors. But in discrediting the socialism preached by European leaders such as François Mitterrand in both word and deed, at a moment when the future looked far from certain, she left behind a valuable lesson about the intersection of economics and politics. In his column from Reason’s June issue, Editor in Chief Matt Welch examines what Thatcher’s decisive victory in the war of economic ideas can teach us today.