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Essay from the year 2005 in the subject Politics - Region: Western Europe, grade: 1, Copenhagen Business School, language: English, abstract: When Margaret Thatcher came to power in 1979, she and the Conservative party had to face economic and social decline. However, the Iron Lady was determined to cure “the sick man of Europe”; her medicine was to roll back the state – building up a “stakeholder culture”. Today, Britain is one of the freest and healthiest economies in the world – most of its businesses and industries are private-owned, trade unions have lost most of their influence, and unemployment and inflation rates are low. Yet, one can ask to what extent Thatcherism has contributed to Britain’s present prosperity. Critics argue that Thatcher’s reign coincided with a general improvement in world economy and tax revenues from North Sea oil.