From union legislation to financial reform: A reflection on Thatcherism, capital and the British state

Abstract

In the days and weeks following the death of Margaret Thatcher, a broad range of views about her legacy were expressed in various forums, nearly all of which, for better or worse, emphasised the significance of Thatcherism. This paper reflects on this legacy through an examination of industrial relations policy, macro-economic policy and financial reform, and argues that the Thatcher governments’ primary significance lies in the means by which the interests of labour were subordinated to the end of accumulation, rather than the attempt to achieve these ends as such. Instead, it identifies continuity in attempts by the British state to co-opt or subordinate labour, and argues that the demonization of Thatcherism diverts attention from more fundamental questions about the exploitative and crisis-prone nature of capitalist social relations.