ChronoFive
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Setting the scene
Britain in the late 1970s faced strikes, inflation, and the 'Winter of Discontent,' when rubbish piled in streets during public-sector walkouts. Margaret Thatcher, a grocer's daughter and chemist, had led the Conservative Party since 1975 with a free-market, anti-union message.
What happened
Thatcher became prime minister on May 4, 1979, after winning the general election and entering 10 Downing Street as the UK's first woman PM. She would serve until 1990, privatizing state industries, selling council homes, and waging the 1982 Falklands War.
Why it still matters
Her policies—dubbed Thatcherism—reshaped British conservatism and inspired Reagan-era parallels across the Atlantic. Memorable detail: Thatcher reportedly carried a copy of Friedrich Hayek's The Constitution of Liberty in her handbag, telling colleagues 'This is what we believe.'
Background
Her policies reshaped British conservatism.