Did Milton Friedman influence the Thatcher policy of 1980s?

It is fashionable in the financial media to project certain economists as superheroes. How certain economist came and changed the country/world is a common theme. In this story creation, lots of myths are hyped and facts ignored. Much of economic changes in any country are a combination of many factors and persons. It is hardly about a few people here and there.

Even given this limitation, it is for certain believed that and Hayek and Friedman played a central role in Thatcher and Reagan regimes in early 1980s. It would be a huge shock if anyone disagreed with this now well accepted fact.

Prof James Forder of University of Oxford does just that. He says there is hardly any evidence of Friedman playing any big role in Thatcher era.

Using a range of sources, it is argued that, contrary to common belief, Milton Friedman had no special influence on British policy in the 1970s and 1980s. The opposing impression appears to be derived in part from the work of Friedman’s admirers, but principally from the allegations of Margaret Thatcher’s opponents who believed they could taint her with his name.

Extracting from the PDF is difficult so can’t discuss the paper. Prof Forder digs through plenty of sources to question this well accepted fact as a piece of fiction. Infact he points to a similar paper which questioned influence of Friedman in Israel economic policy in 1977 as well.

Interesting bit..

 

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