Wednesday, April 8, 1987
Daily Nebraskan
EcoindDiriniist ramises Tlnatelker
By James Rogers
Staff Reporter
British Prime Minister Margaret That
cher should be "returned to power so
that recovery is continued" in England,
Oxford University economist Sir Martin
Holmes said.
Speaking at aTuesday-moming break
fast sponsored by the UNL College of
Business Administration, Holmes said
that before Thatcher took office, Brit
ish government "regarded private bus
iness as a source of plunder." But with
Thatcher's election in 1979, the "tran
sition in the business climate . . . (has
been) nothing short of revolutionary,"
he said.
Thatcher is a "remarkable and for
midable lady" who has mastered eco
nomics and covets the Soviet-instigated
nickname, "Iron lady of the Western
world," Holmes said.
Until Thatcher, Holmes said, British
conservatives were "timid" and happy
to "hold the line" between socialist
administrations. But the significant
number of industry nationalizations
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under Conservative Prime Minister Ed
ward Heath convinced her that a change
was needed, Holmes said. During the
1970s, "Mrs. Thatcher's revulsion at
how her own party was embracing
socialism" brought about her success
ful campaign to replace Heath, he said.
Holmes outlined four of Thatcher's
policies that he said are responsible for
Britain's economic recovery:
O Sound currency and low budget
deficits. Unlike President Ronald Rea
gan, Holmes said, Thatcher is "pre
pared to forego the electoral advantage
of allowing the deficit to rise." This key
to her economic record provides Bri
tain with the highest rate of economic
growth since the Victorian era, he said.
O By increasingly "privatizing"
nationalized industries, Thatcher has
"broken the stranglehold of socialist
ideology" in Britain, said Holmes. Bri
tain's recent sales of government-run
industries can be "rightly described as
a people's capitalism," he said.
O Thatcher refused to treat unions
as if they could veto government policy.
Before Thatcher took office, Holmes
said, socialist governments would con-
t i. i
3 ( .; .
..... t. j
X
I
spire with unions, while conservatives
would surrender. Thatcher's refusal to
give in during the 359-day miners'
strike was a greater victory than the
102 victory in the Falkland Islands,
Homes said, and had the effect of "tam
ing British trade unions."
O Thatcher has "swept away" 'con
trols hindering efficiency in the private
sector, with business starts increasing
as a result, Holmes said.
Holmes blamed the persistenly high
unemployment in Britain on obsolete
industries and a generous welfare sys
tem that pay people not to work while
"high levels of personal taxation" make
low-paying jobs less profitable.
After Holmes' speech, Prof. Roger
Riefler, chairman of UNL's economics
department, said Holmes "attributes
too much significance to government."
Riefler said that Holmes "makes it
sound like government is the tail wag
ging the dog." In addition, Holmes'
analysis of Britains unemployment prob
lem was misleading, he said.
The jobs being created low-paying
service jobs or high-paying manufactur
ing jobs are important to Holmes'
argument, yet he ignored it, Riefler
said.
After the speech, one audience mem
ber, who did not wish to be identified,
said that Holmes' speech proved that
"conservative economists have no
heart."
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