https://x.com/pritipatel/status/1999415805142847597?s=46&t=ieaYYTjo-bDrvYxweT6SLg
Just look what they are prizing. Read below of Patels post on X
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Delighted to meet Giorgia Meloni, Italian Prime Minister, to celebrate the strong ties between our two democracies, our shared Conservative values of freedom and free societies and to recognise Margaret Thatcher's indomitable legacy at the inaugural Thatcher awards in Rome.🇬🇧🇮🇹
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AI answers my question:
Yes, the financialization of the economy significantly accelerated under Margaret Thatcher, particularly after the 1986 "Big Bang" deregulation, transforming the City of London into a global financial hub through deregulation, privatization, and fostering new financial instruments, though this growth also led to increased reliance on finance and arguably sowed seeds for later financial crises.
Key Policies & Effects:
Deregulation (The "Big Bang," 1986): This monumental deregulation of the London Stock Exchange removed fixed commissions, abolished single-capacity trading (separating brokers and jobbers), and allowed foreign banks and firms to buy UK stockbrokers, opening the City to global competition and innovation.
Privatization: Selling state-owned industries (like British Telecom, British Gas) encouraged broader share ownership and brought financial markets to the public, further embedding finance in the economy.
Shift Towards Services: Thatcher's government viewed finance as a key source of national wealth, moving away from traditional heavy industry and fostering financial services as a major economic driver.
Increased Complexity & Risk: The deregulation allowed for new financial products and increased leverage, contributing to the growth of private equity and hedge funds, but also creating systemic risks that some argue contributed to the 2008 crisis.
Global Hub: These reforms cemented London's role as a leading European and global financial center, attracting international capital and banks.
In essence, Thatcher's era marked a decisive shift towards a market-driven economy where finance played an increasingly dominant and transformative role, a process known as financialization.