Monday, April 8, 2013

Passing of an Era

The death of Margaret Thatcher, after that of Ronald Reagan, marks the passing of an era that saw free markets and capitalism foster a global economic renaissance led by entrepreneurship and innovation. Her fierce opposition to the Euro, which partially cost her the party leadership that led to her resignation as PM, proved prescient and may have protected Britain from the worse effects of the current crisis in Europe.  The withdrawal from the principles of free markets, individual responsibility, and reward for risk taking in today's political rhetoric is less a repudiation of her ideas and more the lack of conviction driven by popular politics and the relentless need to be 'liked'.

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