FROM STAGNATION TO PROSPERITY, THEN BACK DOWN AGAIN
The success of the Reagan-Thatcher era has been quickly erased
The great tragedy of our time is that so few know economic history; thus we have been doomed to repeat the mistakes of a generation ago, and millions suffer.
By the late 1970s, many viewed Britain and the United States as in terminal decline. The United Kingdom had been rotting for decades. The empire had been lost, and Britain began to look more and more like a Third World country as incomes stagnated and inflation soared.
Then, along came a remarkable lady, Margaret Thatcher, who said “no” to the status quo and through incredible toughness, ability and just plain smarts turned around Britain.
On this side of the Atlantic, the United States was also in despair. Real incomes had stagnated, inflation seemed to be out of control, and the establishment political class had little idea of what to do. President Carter referred to the country as being in a “malaise.” Out of the American West, a savior, Ronald Reagan, rode into Washington and turned around the nation.