Baroness Thatcher dies

Margaret Thatcher died of a stroke this morning at the age of 87 after many years of ill health. The Conservative politician, pictured left with her husband Denis and right with David Cameron, was the UK's first female Prime Minister, serving from 1979 to 1990. Her spokesman Lord Bell said: 'It is with great sadness that Mark and Carol Thatcher announced that their mother Baroness Thatcher died peacefully following a stroke this morning.'

http://www.dailymail.co.uk/news/article-2305751/BREAKING-NEWS-Iron-Lady-Margaret-Thatcher-dead.html

>>2,5,6,10
The thing is Reagan/Thatcher would have never been popular if Keynesian economics was conducted properly during the 70s.

During the 50s and 60s when technology was developing rapidly and there were plenty of resources a recession may well be due to a lack of "aggregate demand", during the 70s however with the oil crisis, competition from a recovered Europe and Asian Tigers and a relative slowdown in the pace of technological change of big engineering projects (look how jet liners changed from 1950 to 1970 to 1990) this was certainly not the case and the same policies led to stagflation. During a supply shock you need to rely on the credit you prudently built up during the boom years, stabilize prices and keep the economy lean so that it makes efficient use of limited resource and you need to do this as early as possible before debt builds up and economic bubbles form.

Previous governments failed on all counts, as a result the problem grew until the public had enough and Reagan/Thatcher were swept into election victories with their hardline approach to solving the problem.