No theory of government was ever given a fairer test or a more prolonged experiment in a democratic country than democratic socialism received in Britain. Yet it was a miserable failure in every respect. Far from reversing the slow relative decline of Britain vis-a-vis its main industrial competitors, it accelerated it. We fell further behind them, until by 1979 we were widely dismissed as 'the sick man of Europe'...To cure the British disease with socialism was like trying to cure leukaemia with leeches.
About this quote
- What does it mean?
- Thatcher argues democratic socialism failed in Britain compared to industrial competitors.
- In plain terms
- She says socialism worsened Britain's economic decline.
- What can you take from it?
- Policy choice impacts economic performance.
Where it applies
Putting it to work
Questions to consider
- Did socialism cause Britain's decline?
- How do we measure policy success?
Another view
It attributes complex economic issues to one ideology.
More from Margaret Thatcher
I might have preferred iron, but bronze will do. It won't rust. And, this time I hope, the head will stay on.
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