The Norman Transcript

Headlines

April 9, 2013

Margaret Thatcher detonated change in UK’s business

LONDON — It went beyond the Big Bang.

Margaret Thatcher transformed the British economy over little more than a decade in office. She introduced free-market policies that helped the country throw off its postwar malaise and shook up the cozy world of banks and brokers with a flurry of deregulation — which came to be known as the “Big Bang” — that made London one of the world’s pre-eminent financial centers.

But while Thatcher ushered in an era of unprecedented economic growth, her legacy on economic issues remains divisive. Some argue her policies also sowed the seeds for the 2008 financial crisis. Meanwhile, the economy is on the verge of another recession and she is still reviled by unions who say she ignored the needs of workers and the poor.

“To supporters, she changed Britain from a nation in long-term industrial decline to an energetic, dynamic economy. To opponents, she entrenched inequalities between the regions and classes and placed the free market above all other concerns,” Richard Carr, a political historian at Anglia Ruskin University, said in statement.

When Thatcher arrived at 10 Downing Street in May 1979, Britain’s first female prime minister set about smashing the existing economic order. Along with her conservative soulmate, President Ronald Reagan, she rejected the way economic policy had been conducted since the end of World War II in favor of a focus on free market ideology that is accepted by most of the world today.

The woman who said she learned to be careful with money by watching her green-grocer father sought to reduce the government’s footprint in the economy, diminished labor unions’ powers and overhauled London’s financial center.

In 1986, just a year before the movie “Wall Street” coined the phrase “greed is good,” Thatcher pushed through a flurry of reforms, the so-called Big Bang, which broke up the “boys’ club” culture that dominated the City of London. The changes allowed international banks like Goldman Sachs to step in and attracted a river of foreign business.

Text Only | Photo Reprints
Headlines
  • Coaches Luncheon Mixon question off-limits at coaches luncheon

    Toby Rowland addressed the elephant in the room even before Oklahoma football coach Bob Stoops, defensive coordinator Mike Stoops and offensive coordinator Josh Heupel arrived Wednesday at Journey Church....

    July 31, 2014 1 Photo

  • Mixon will not participate in practice

    Preseason practice begins for Oklahoma today. Freshman running back Joe Mixon will not be there. The school announced the decision Wednesday night....

    July 31, 2014

  • Nova Pettigrew Music community bands together to raise money for 2-year-old’s battle with rare form of cancer

    Two-year old Nova Pettigrew was diagnosed with a rare form of cancer six weeks ago. Her father, former Deli sound technician and musician James Pettigrew, noticed something was wrong when running turned to walking, then limping, then ...

    July 31, 2014 1 Photo

  • Deputies cleared, return to work

    Two deputies involved in a deadly shooting earlier this month are expected to return to work today after being cleared by the Cleveland County District Attorney’s Office. “They (the Sheriff’s Office) gave me their investigation, I ...

    July 31, 2014

  • Sales tax-free weekend set to begin this weekend

    When stores open Friday morning, shoppers may be waiting. Oklahoma’s annual sales tax holiday is slated to run this weekend with the special exemption beginning at 12:01 a.m. on Friday and ending at midnight on Sunday....

    July 31, 2014

  • India landslide kills 21

    NEW DELHI — Rescuers worked in rain today to dig through a remote village in western India where at least 21 people died as a landslide swept away scores of houses, possibly trapping many more people under debris, officials said....

    July 31, 2014

  • Israeli strike hits UN school

    GAZA CITY, Gaza Strip — Israeli artillery shells tore through the walls of a U.N. school crowded with sleeping war refugees and back-to-back explosions rocked a market filled with shoppers Wednesday as Israel’s stepped up campaign against ...

    July 31, 2014

  • Busted water main dumps 20 million gallons of water into UCLA’s Pauley Pavilion and adjacent garage

    LOS ANGELES — The rupture of a nearly century-old water main that ripped a 15-foot hole through Sunset Boulevard and turned a swath of the University of California, Los Angeles into a mucky mess points to the risks and expense many cities ...

    July 31, 2014

  • GOP-led House gives go-ahead for suit

    WASHINGTON — A sharply divided House approved a Republican plan Wednesday to launch a campaign-season lawsuit against President Barack Obama, accusing him of exceeding the bounds of his constitutional authority. Just a day before ...

    July 31, 2014

  • Felonies filed

    The following people were charged with felony counts in the Cleveland County Court Clerk’s Office: · Randall Lee Sherrill, 34, possession of juvenile pornography · Dewey Leon Kinsey, 37, possession of controlled dangerous ...

    July 31, 2014