Introduction

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Notes

Introduction

1. These events are covered in greater detail in the literature. For examples of the historiography of British economic decline, see: N.F.R Crafts, Britain’s Relative Economic Performance (London: IEA, 2002); N.F.R. Crafts and N. Woodward (eds), The British Economy Since 1945 (Oxford: Clarendon, 1991); and, A. Gamble, Britain in Decline: Economic Policy, Political Strategy and the British State (Basingstoke: Macmillan, 1994). For further explanation of the Carter administration’s economic experience, see: G.A. Haas, Jimmy Carter and the Politics of Frustration ( Jefferson, N.C. and London: McFarland, 1992), 83–97. For (contemporary) accounts of stagflation see: A. S. Binder, Economic Policy and the Great Stagflation (New York: Academic, 1979), and M. Bruno and J. Sachs, Economics of Worldwide Stagflation (Oxford: Blackwell, 1985). 2. R. Coopey and N. Woodward, ‘The British economy in the 1970s: an overview,’ in R. Coopey and N. Woodward (eds), Britain in the 1970s: The Troubled Economy (London: UCL Press, 1996), 1. 3. Ibid. 4. Ibid. 2–8. 5. See A.W. Coats and D.C. Colander, ‘An introduction to the spread of economic ideas,’ in D. Colander and A.W. Coats (eds), The Spread of Economic Ideas (Cambridge: Cambridge University Press, 1989), 1–19; A.W. Coats, ‘Economic ideas and economists in government: accomplishments and frustrations,’ in Colander and Coats, Economic Ideas, 109–19; W. J. Barber, ‘The spread of economic ideas between academic and government: a two-way street,’ in Colander and Coats, Economic Ideas, 119–26; A.W.B. Coats, ‘Introduction,’ in A.W.B. Coats (ed.), The Development of Economics in Western Europe since 1945 (London: Routledge, 2000), 1–19; R.E. Backhouse, ‘Economics in mid-Atlantic: British economics, 1945–95,’ in Coats (ed.), Development of Economics, 20–41; D. Harvey, A Brief History of Neoliberalism (Oxford: Oxford University Press, 2007), 19–23. 6. It is beyond the scope of this study to examine the exhaustive historiography on British decline. However, key works include: D.H. Aldcroft, ‘The Entrepreneur and the British Economy, 1870–1914,’ The Economic History Review, 17:1 (1964), 113–35; D.N. McCloskey, ‘Did Victorian Britain Fail?’, The Economic History Review, 23:3 (1970), 446–60; B. Elbaum and W. Lazonick, ‘An Institutional Perspective on British Decline’, in B. Elbaum and W. Lazonick (eds), The Decline of the British Economy (Oxford: Clarendon, 1986), 1–17; A. Gamble, Britain in Decline; N.F.R. Crafts, ‘The golden age of economic growth in Western Europe, 1950–1973’, The Economic History Review, 48:3 (1995), 429–47; A. Gamble, ‘Theories and Explanation of British Decline,’ in R. English and M. Kenny (eds), Rethinking British Decline (Baingstoke: Macmillan, 2000), 1–22; S. Broadberry and N.F.R. Crafts, ‘UK productivity performance from 1950 to 1979: a restatement of the Broadberry- Crafts view’, The Economic History Review, 56:4 (2003), 718–35; and, A. Booth, ‘The Broadberry-Crafts view and the evidence: a reply,’ The Economic History Review, 56:4 (2003), 736–42. For the distinction between ‘decline’ and ‘declinism’, as utilised

186 Notes 187

by politicians, see: I. Budge, ‘Relative Decline as a Political Issue: Ideological Motivations of the Politico-Economic Debate in Post-War Britain,’ Contemporary Record, 7:1 (1993), 1–23; J. Tomlinson, ‘Inventing “Decline”: The Falling behind of the British Economy in the Postwar Years’, The Economic History Review, 49:4 (1996), 731–57; B. Supple, ‘Fear of failing: economic history and the decline of Britain,’ in P. Clarke and C. Trebilcock (eds), Understanding Decline: Perceptions and realities of British economic performance (Cambridge: Cambridge University Press, 1997), 9–13; D. Cannadine, ‘Apocalypse when? British politicians and British “decline’ in the twentieth century’, in Clarke and Trebilcock (eds), Understanding Decline, 261–84; and, J. Tomlinson, ‘Thrice Denied: “Declinism” as a Recurrent Theme in British History in the Long Twentieth Century,’ Twentieth Century British History, 20:2 (2009), 227–51. 7. J. Tomlinson, ‘Not “Decline and Revival”: An Alternative Narrative on British Post-War Productivity’, in R. Coopey and P. Lyth (eds), Business in Britain in the Twentieth Century (Oxford: Oxford University Press, 2009), 153. 8. Richard English and Michael Kenny (eds), Rethinking British Decline, 25. See also C. Barnett The Audit of War: The Illusion and Reality of Britain as a Great Power (London: Macmillan, 1986); and, M. Wiener, English Culture and the Decline of the Industrial Spirit (Cambridge: Cambridge University Press, 1981). 9. American decline is a relatively new feature in American historiography. See, for instance, P. Kennedy, The Rise and Fall of The Great Powers: Economic Change and Military Conflict from 1500 to 2000 (London: Fontana, 1989); and, M.A. Bernstein and D.E. Adler (eds), Understanding American Economic Decline (Cambridge: Cambridge University Press, 1994). 10. T. Hames and R. Feasey, ‘Anglo-American think tanks under Reagan and Thatcher’, in A. Adonis and T. Hames (eds), A Conservative Revolution? The Thatcher-Reagan Decade in Perspective (Manchester: Manchester University Press, 1994), 220–23. 11. G. Smith, Reagan and Thatcher (London: Bodley Head, 1990), 11. 12. L. Cannon, President Reagan: The Role of a Lifetime (New York and London: Simon and Schuster, 1991), 89. 13. Ibid, 90–91. 14. G. Wills, Reagan’s America: Innocents At Home (London: Heinemann, 1988), 277. 15. Ibid, 288. 16. M. Thatcher, The Path To Power (London: HarperCollins, 1995), 372. 17. R. Reagan, An American Life (London: Hutchinson, 1990), 204. 18. Ibid. 19. Ronald Reagan’s letter to Margaret Thatcher (fall of Saigon), 30 April 1975, www. margaretthatcher.org, document 110357, 20 August 2007. 20. Ibid. 21. Thatcher, Path, 372. 22. Margaret Thatcher interviewed by Geoffrey Smith about Ronald Reagan, Monday 8 January 1990, accessed via www.margaretthatcher.org document 109324, 20 July 2009. Geoffrey Smith interviewed Thatcher for his book Reagan and Thatcher. 23. M. Thatcher, The Downing Street Years (London: HarperCollins, 1993), 157. 24. Ibid. 25. Smith, Reagan and Thatcher, 11. 26. Ibid. 23. 27. Letter/Cable, Amembassy London to SecState Washdc, ‘Thatchr visit: Thatcher and Carrington on current issues,’ January 1981, James ‘Bud’ Nance Files, Box 188 Notes

90741, Nance Chron January 1981 (3 of 3), document 78288, Ronald Reagan Library [sic]. 28. Margaret Thatcher, speech at the Pilgrim’s Dinner, 29 January 1981, Savoy Hotel in London, accessed via www.margaretthatcher.org, document 104557, 6 November 2009. 29. Letter from Ronald Reagan to Margaret Thatcher, 2 February 1981, accessed via www.margaretthatcher.org, document 109257, 6 November 2009. 30. J. Baylis, Anglo-American Defence Relations 1939–1980: The Special Relationship (London: Macmillan, 1989). 31. A.P. Dobson, The Politics of the Anglo-American Economic Relationship 1940–1987 (Brighton: Wheatsheaf, 1988), 229. 32. D. Watt, ‘Introduction: The Anglo-American Relationship’, in W.R. Louis and H. Bull (eds), The Special Relationship: Anglo-American Relations Since 1945 (Oxford: Clarendon, 1986), 1. 33. R. Ovendale, Anglo-American Relations in the Twentieth Century (Basingstoke: Palgrave Macmillan, 1998), 17. 34. Ibid. 158–62. 35. A.P. Dobson, Anglo-American Relations in the Twentieth Century: Of friendship, conflict and the rise and decline of superpowers (London: Routledge, 1995), 168. 36. Ibid. 5. 37. Ibid. 162. 38. J. Dumbrell, A Special Relationship: Anglo-American Relations from the Cold War to Iraq (Basingstoke: Palgrave Macmillan, 2006), 5. 39. J. Colman, A ‘Special Relationship’? Harold Wilson, Lyndon B. Johnson and Anglo- American relations ‘at the Summit, 1964–68 (Manchester: Manchester University Press, 2004), 3. 40. See Smith, Reagan and Thatcher; N. Wapshott, Ronald Reagan and Margaret Thatcher: A Political Marriage (London: Sentinel, 2007); J. O’Sullivan, The President, the Pope, and the Prime Minister (Washington, DC: Regnery Publishing Inc., 2006); J. Campbell, Margaret Thatcher Volume Two: The Iron Lady (London: Vintage, 2008), 253–301; E.H.H. Green, Thatcher (London: Hodder Arnold, 2006), 155–67. 41. C. Emsley (ed.), Essays in Comparative History: Economy, Politics and Society in Britain and America 1850–1920 (Milton Keynes: Open University Press, 1984), xii. 42. Ibid. xii–xiii. While traditionally representative of the working class, the Labour Party also had continuing support among an ‘intellectual’ middle class and was formed by a coalition of the Independent Labour Party, trade unions and the Fabians. For more on the development of the Labour Party see, for instance: R. Taylor, ‘Out of the bowels of the Movement: The Trade Unions and the Origins of the Labour Party 1900–18’, in B. Brivati and R. Heffernan (eds), The Labour Party: A Centenary History (Basingstoke: Macmillan, 2000), 8–49. 43. A. H. Birch, The British System of Government (London: Routledge, 1998), 8–9. 44. P. Leyland, The Constitution of the United Kingdom: A Contextual Analysis (Oxford: Hart, 2007), 117–21. 45. M. Tushnet, The Constitution of the United States of America: A Contextual Analysis (Oxford: Hart, 2009), 43–5. 46. Ibid. 107–8. 47. Ibid. 96–8. For a comparison of government machinery, including the civil service, between American and Britain, see R.E. Neustadt, ‘White House and Whitehall,’ in A. King (ed.), The British Prime Minister (Basingstoke: Macmillan, 1985), 155–74. Notes 189

48. Tushnet, Constitution, 79–80. 49. Ibid. 109. 50. A. Wildavsky, ‘The Two Presidencies,’ in A. Wildavsky (ed.), Perspectives on the Presidency (Boston: Little, Brown, 1975), 448. (Originally from A. Wildavsky, ‘The Two Presidencies’, Trans-Action, 2:4 (1966), 7–14.) 51. Ibid. 52. Ibid. 451. 53. The ‘two presidencies’ theory is further examined in D.A. Peppers, ‘The Two Presidencies: Eight Years later,’ in Wildavsky, Perspectives, 462–71; H.G. Zeidenstein, ‘The Two Presidencies Thesis is Alive and Well and Has Been Living in the U.S. Senate since 1973’, Presidential Studies Quarterly, 11:4 (1981), 511–25; P.E. Peterson, ‘The President’s Dominance in Foreign Policy Making’, Political Science Quarterly, 109:2 (1994), 215–34; and, B. Canes-Wrone, W.G. Howell, D.E. Lewis, ‘Toward a Broader Understanding of Presidential Power: A Reevaluation of the Two Presidencies Thesis’, The Journal of Politics, 70:1 (2008), 1–16. For the limitations of presidential power, see, for instance, R.E. Neustadt, Presidential Power and the Modern Presidents: The Politics of Leadership from Roosevelt to Reagan (New York: Free Press Toronto, 1990). 54. See, in particular: M. Foley’s The Rise of the British Presidency (Manchester: Manchester University Press, 1993), and The British Presidency (Manchester: Manchester University Press, 2000). For a discussion of the ‘British presidency,’ see: M. Clarke, reviewed work: ‘The Rise of the British Presidency by Michael Foley’, International Affairs, 70:2 (1994), 327–28; and, G.W. Jones, reviewed work: ‘The British Presidency: Tony Blair and the Politics of Public Leadership by Michael Foley,’ The American Political Science Review, 95:4 (2001), 1017–18. 55. Emsley, Essays, xiii. 56. F. Devine, Social Class in America and Britain (Edinburgh: Edinburgh University Press, 1997), 264. 57. Ibid. 11–12. 58. V. George and I. Howards, Poverty Amidst Affluence: Britain and the United States (Aldershot: Elgar, 1991), 168. 59. Devine, Social Class, 263. For more on the debate between three centuries of economic growth and inequality and examination of data see, in particular: J.G. Williamson and P.H. Lindert, American Inequality: A Macroeconomic History (New York and London: Academic Press, 1980); and, J. Banks, R. Blundell, and J.P. Smith, Wealth Inequality in the United States and Great Britain (London: Institute for Fiscal Studies, 2000). For a comparison of the development and structure of welfare states in western industrialised democracies, see: P. Flora and A.J. Heidenheimer (eds), The Development of Welfare States in Europe and America (London: Transaction, 1981). Other examples of studies about income inequality include: H. Lydall and J.B. Lansing, ‘A Comparison of the Distribution of Personal Income and Wealth in the United States and Great Britain’, The American Economic Review, 49:1 (1959), 43–67; R.V. Robinson and J. Kelley, ‘Class as Conceived by Marx and Dahrendorf: Effects on Income Inequality and Politics in the United States and Great Britain’, American Sociological Review, 44:1 (1979), 38–58; and, C. Juhn, K.M. Murphy and B. Pierce, ‘Wage Inequality and the Rise in Returns to Skill’, The Journal of Political Economy, 101:3 (1993), 410–42. 60. George and Howards, Poverty, 167. 61. Ibid. 168. 62. T. Skocpol, Social Policy in the United States: The Future Possibilities in Historical Perspective (Princeton, NJ and Chichester: Princeton University Press, 1995), 6–7. 190 Notes

63. Ibid. 7. 64. Ibid. 32–3. 65. B.I. Page and L.R. Jacobs, Class War? What Americans Really Think about Economic Inequality (London: University of Chicago Press, 2009), 95. 66. George and Howards, Poverty, viii. 67. Devine, Social Class, 8. 68. Ibid. 264. 69. J. Campbell, Margaret Thatcher Volume One: The Grocer’s Daughter (London: Jonathan Cape, 2000), xi. 70. E.H.H. Green, ‘Thatcherism: An Historical Perspective’, Transactions of the Royal Historical Society, Sixth Series, vol. 9 (1999), 17. 71. For the political science approach see: D. Kavanagh and A. Seldon (eds), The Thatcher Effect: A Decade of Change (Oxford: Clarendon, 1989); D. Kavanagh, Thatcherism and British Politics: The End of Consensus? (Oxford: Oxford University Press, 1990); and, S.R. Letwin, The Anatomy of Thatcherism (London: Fontana, 1992). Contributions from political economy are highlighted by A. Gamble, Britain in Decline. This was, of course, the fourth edition of this work and is a significant contribution to the debate about Britain’s relative economic decline; the 1994 edition is able to take into account the impact of Thatcherism to greater depths than previous editions in 1981, 1985 and 1990. Also from this field was R. Skidelsky (ed.), Thatcherism (Oxford: Basil Blackwell, 1989). Examples of the ‘higher journalistic’ accounts about Thatcher are P. Riddell, The Thatcher Government (Oxford: Basil Blackwell, 1985); J. Sergeant, Maggie Her Fatal Legacy (London: Pan Books, 2005); and, S. Jenkins, Thatcher & Sons: A Revolution in Three Acts (London and New York: Allen Lane, 2006). An overtly critical account of Thatcherism can be found in G. Brown, Where there is Greed: Margaret Thatcher and the Betrayal of Britain’s Future (Edinburgh: Mainstream, 1989), and, through the use of psychoanalysis, L. Abse, Margaret, Daughter of Beatrice: A Politician’s Psycho-Biography of Margaret Thatcher, (London: Cape, 1989). In contrast, Thatcher is excessively praised in A. Thomson, Margaret Thatcher: The Woman Within (London: W.H. Allen, 1989), and, similarly in Lady O. Maitland, Margaret Thatcher: The First Ten Years (London: Sidgwick & Jackson, 1989). 72. H. Young, One of Us: A Biography of Margaret Thatcher (London: Macmillan and Pan, 1993), 250–1. (An earlier version was published in 1989, before the end of Thatcher’s premiership.) 73. Ibid. 250. 74. J. Campbell, Margaret Thatcher Volume Two: The Iron Lady (London: Vintage, 2008), 800. 75. Ibid. 260. 76. Green, Thatcher. 77. G.K. Fry, The Politics of the Thatcher Revolution An Interpretation of British Politics, 1979–1990 (Basingstoke: Palgrave Macmillan, 2008). 78. R. Vinen, Thatcher’s Britain: The Politics and Social Upheaval of the 1980s (London: Simon & Schuster, 2009). 79. For examples of ‘higher journalism’, see: Wills, Reagan’s America; L. Cannon, President Reagan; and, H. Johnson, Sleepwalking through History: America in the Reagan Years (New York and London: W.W. Norton, 2003). Political science work includes B.E. Fischer, The Reagan Reversal: Foreign Policy and the End of the Cold War (Columbia, MO. and London: University of Missouri Press, 1997), and J. W. Sloan, The Reagan Effect: Economics and Presidential Leadership (Kansas: University of Kansas Press, 1999). The Reagan literature also includes the work of scholars based at think tanks, such as D.Boaz (ed.), Assessing the Reagan Years Notes 191

(Washington D.C.,: Cato Institute, 1988), and P. Kengor and P. Schweizer (eds), The Reagan Presidency: Assessing the Man and His Legacy (Lanham, Md. and Oxford: Rowman & Littlefield, 2005). 80. G. Troy, ‘Towards a Historiography of Reagan and the 1980s: Why Have We Done Such a Lousy Job?’, in C. Hudson and G. Davies (eds), Ronald Reagan and the 1980s – Perceptions, Policies, Legacies (New York: Palgrave Macmillan, 2008), 230. 81. M.J. Heale, ‘Epilogue: Ronald Reagan and the Historians’, in Hudson and Davies (eds) Reagan and the 1980s, 253. 82. M. Schaller, Reckoning with Reagan: America and Its President in the 1980s (New York and Oxford: Oxford University Press, 1992). The failure to include Thatcher in his discussion and analysis of the Reagan-Bush era is repeated in Schaller’s later work, namely Right Turn: American Life in the Reagan-Bush Era (New York and Oxford: Oxford University Press, 2007). 83. R. Dallek, Ronald Reagan: The Politics of Symbolism (Cambridge, Mass. and London: Harvard University Press, 1999). 84. J. Ehrman, The Eighties: America in the Age of Reagan (New Haven, Conn. and London: Yale University Press, 2005). 85. G. Troy, Morning in America: How Ronald Reagan Invented the 1980s (Princeton, NJ and Oxford: Princeton University Press, 2005). 86. G.M. Fredrickson, The Comparative Imagination: On the History of Racism, Nationalism, and Social Movements (Berkeley and London: University of California Press, 1997); and, T. Skocpol, States and Social Revolutions: A Comparative Analysis of France, Russia and China (Cambridge: Cambridge University Press, 1979). 87. W.H. Sewell, Jr., ‘Marc Bloch and the Logic of Comparative History’, History and Theory, 6:2 (1967), 209–11. 88. S. Berger, ‘Comparative history’, in S. Berger, H. Feldner, K. Passmore (eds) Writing History: Theory & Practice (London: Arnold, 2003), 172. For examples of comparative history combined with the Marxist approach see: R. Hilton, Bondmen Made Free: Medieval Peasant Movements and the English Rising of 1381 (London: Routledge, 2003); P. Anderson, Lineages of the Absolute State (London and New York: The Bath Press, 1974); R. Brenner, ‘Agrarian Class Structure and Economic Development in Pre-industrial Europe’, Past & Present, 70 (1976), 30–75; E. Hobsbawn and J.W. Scott, ‘Political Shoemakers’, Past and Present 89 (1980), 103–30. 89. Emsley, Essays in Comparative History, xi–xii. 90. M. Bloch, ‘A contribution towards a comparative history in European societies’, in M. Bloch, translated by J.E. Anderson, Land and Work in Medieval Europe (London: Routledge, 1967), 45. For further discussion of the potential revelatory significance of comparative history when looking for the uniqueness of different societies see: W.H. Sewell Jr., ‘Marc Bloch and the Logic of Comparative History’, History and Theory, 6:2 (1967), 208–18. 91. J. Krieger, Reagan, Thatcher and the Politics of Decline (Cambridge: Polity, 1986). 92. J.N. Smithin, Macroeconomics After Thatcher and Reagan: The Conservative Policy Revolution in Retrospect (Aldershot: Elgar, 1990). 93. A. Adonis and T. Hames (eds), A Conservative Revolution? 94. Ibid. 248–9. 95. K. Hoover and R. Plant, Conservative Capitalism in Britain and the United States: A Critical Appraisal (London: Routledge, 1989). Hoover’s work on ideological conservative capitalism was first offered in the article: K.R. Hoover, ‘The Rise of Conservative Capitalism: Ideological Tensions within the Reagan and Thatcher Governments’, in Comparative Studies in Society and History: An International Quarterly, 29 (1987), 245–68. 192 Notes

96. Smith, Reagan and Thatcher. 97. O’Sullivan, The President, the Pope, and the Prime Minister. 98. Wapshott, Ronald Reagan and Margaret Thatcher. 99. R. Aldous, Reagan & Thatcher: The Difficult Relationship (London: Hutchinson, 2012). 100. For the relationship between comparative and entangled histories which is closely associated with the transnational approach see: J. Kocka, ‘Comparison and Beyond’, History and Theory, 42:1 (2003), 39–44. For this histoire croisée approach see also: M. Werner and B. Zimmermann, ‘Beyond Comparison: Histoire Croisée and the Challenge of Reflexivity’, History and Theory, 45:1 (2006), 30–50. 101. Kocka, ‘Comparison and Beyond’, 42. 102. A. Iriye and P-Y Saunier (eds), The Palgrave Dictionary of Transnational History (Basingstoke: Palgrave Macmillan, 2009), 493. The meaning and potential impact of the Transnational approach on historiography is discussed by historians in: S. Berger et al. ‘Roundtable Discussion: Transnationalism and Modern British Labour History’, Llafur, 10:1 (2008), 90–119; and, C. A. Bayly et al. ‘AHR Conversation: On Transnational History,’ American Historical Review, 111: 5 (2006), 1441–64. For an example of transnational history, see: A. Körner (ed.), 1848: A European Revolution? International Ideas and National Memories of 1848 (Basingstoke: Palgrave Macmillan, 2008), which reassesses the European revolutions of 1848 in a transnational context. Transnational history is further defined and explored by P. Clavin, ‘Defining Transnationalism’, Contemporary European History, 14:4 (2005), 421–39; and P. Clavin and J-W. Wessels, ‘Transnationalism and the League of Nations: Understanding the Work of Its Economic and Financial Organisation’, Contemporary European History, 14:4 (2005), 465–92. 103. For the debate about transnational history in the context of ‘American Exceptionalism’ see: I. Tyrrell, ‘American Exceptionalism in an Age of International History’, The American Historical Review, 96:4 (1991), 1031–55; and M. McGerr, ‘The Price of the “New Transnational History”’, The American Historical Review, 96:4 (1991), 1056–67. See also T. Bender (ed.), Rethinking American History in a Global Age (Berkeley, Calif. and London: University of California Press, 2002). 104. J.T. Kloppenberg, Uncertain Victory: Social Democracy and Progressivism in European and American thought, 1870–1920 (New York and Oxford: Oxford University Press, 1986), 3. 105. D.T. Rodgers, Atlantic Crossings: Social Politics in a Progressive Age (Cambridge, Mass. and London: Belknap Press of Harvard University Press, 1998), 1. 106. Ibid. 7. 107. Ibid. 5. For further examples of the transnational approach, see: C.J. Finer (ed.), Transnational Social Policy (Oxford, 1999); J. Leatherman and J.A. Webber (eds), Charting Transnational Democracy: Beyond Global Arrogance (New York and Basingstoke: Palgrave Macmillan, 2005); and, D.W. Gutzke (ed.), Britain and Transnational Progressivism (New York: Palgrave Macmillan, 2008). 108. J. Bell, The Liberal State On Trial: The Cold War and American Politics in the Truman Years (New York and Chichester: Columbia University Press, 2004), 160–81. 109. R. Rose, ‘What is lesson drawing?’, Journal of Public Policy, 11 (1991), 3–30. 110. See: D. Dolowitz, Learning from America: Policy Transfer and the Development of the British Workfare State (Portland, Or.: Sussex Academic Press, 1998), which focuses on policy transfer from America to Britain in welfare-to-work schemes in the Thatcher epoch; and (again in social policy), D. Dolowitz, Policy Transfer and Notes 193

British Social Policy: Learning from the USA? (Buckingham: Open University Press, 1999). 111. D. Dolowitz, S. Greenwold and D. Marsh, ‘Policy Transfer: Something Old, Something New, Something Borrowed, But Why Red, White And Blue?’, Parliamentary Affairs, 52:4 (1999), 719. 112. D. Dolowitz and D. Marsh, ‘Who Learns What from Whom: a Review of the Policy Transfer Literature’, Political Studies, 44:2 (1996), 344. 113. Ibid. (For a discussion of “lesson learning” in order to repeat others’ mistakes, see: K. Mossberger and H. Wolman, ‘Policy Transfer as a Form of Prospective Policy Evaluation: Challenges and Recommendations’, Public Administration Review, 63:4 (2003), 428–40.) 114. Ibid. 345. 115. M.D. Harmon, The British Labour Government and the 1976 IMF Crisis (London: Macmillan, 1997). For a further discussion of the Suez Crisis, see, for instance: J. Pearson, Sir Anthony Eden and the Suez Crisis: Reluctant Gamble (Houndmills: Palgrave Macmillan, 2003). 116. D. Robertson and J. Waltman, ‘The politics of policy borrowing’, paper presented to the APSA Annual Meeting, Chicago, 3–6 September (1992), quoted in Dolowtiz and Marsh, ‘Who Learns What from Whom,’ 350. Also available as D.B. Robertson and J.L. Waltman, ‘The Politics of Policy Borrowing’, in D. Finegold, L. McFarland and W. Richardson (eds), Something Borrowed, Something Blue? A Study of the Thatcher Government’s Appropriation of American Education and Training and Training Policy Part 1 (Wallingford: Triangle, 1992), 49–7. 117. J.R. Henig, C. Hamnet and H.B. Feigenbaum, ‘The Politics of Privatization: A Comparative Perspective’, Governance: An International Journal of Policy and Administration, 1:4 (1988), 442–68. Privatisation is further studied compara- tively, rather than in terms of policy transfer, in H. Feigenbaum, J. Henig and C. Hamnett, Shrinking the State: The Political Underpinnings of Privatization (Cambridge: Cambridge University Press, 1998). 118. Dolowtiz and Marsh, ‘Who Learns What from Whom’, 353. 119. Robertson and Waltman, ‘The politics of policy borrowing’. 120. N. Ashton, Kennedy, Macmillan and the Cold War (Basingstoke and New York: Palgrave Macmillan, 2002); D. Murray, Kennedy, Macmillan and Nuclear Weapons (Basingstoke: Macmillan, 2000). For a discussion of Harold Macmillan’s role in the Cuban Missile Crisis, see: L.V. Scott, Macmillan, Kennedy and the Cuban Missile Crisis (Basingstoke: Macmillan, 1999). 121. Colman, Summit, 178–9. 122. See, for instance: Dolowitz, Greenwold and Marsh, ‘Policy Transfer: Something Old, Something New, Something Borrowed, But Why Red, White And Blue?’, 719–30. 123. Ibid. 725–8. 124. Ibid. 727. For a discussion of penal policies see: T. Newburn, ‘Atlantic crossings: “Policy transfer” and crime control in the USA and Britain’, Punishment & Society, 4 (2002), 165–94. Policy transfer in welfare policy is examined in: D.P. Dolowitz, ‘British Employment Policy in the 1980s: Learning from the American Experience’, Governance: An International Journal of Policy and Administration, 10:1 (1997), 23–42. 125. Ibid. 728–9. 126. Think tanks, along with other non-state actors, and other forms of policy transfer, such as international ‘norms’, are discussed in the political science literature; 194 Notes

see: D. Stone, ‘Transfer agents and global networks in the “transnationalization” of policy,’ Journal of European Public Policy, 11:3 (2004), 545–66. Similarly, the various levels and structures of policy transfer – global, national and transnational – are examined in: M. Evans and J. Davies, ‘Understanding policy transfer: A Multi-level, multi-disciplinary perspective’, Public Administration, 77:2 (1999), 361–85. There is also vast literature on New Right economic policy; hence it is not possible to provide an exhaustive account in this introduction. For instance, D.G. Green’s The New Right: The Counter-Revolution in Political, Economic and Social Thought (Brighton: Wheatsheaf, 1987), focused on the intellectual history of the New Right and consequent impact of Thatcherism and Reaganism. In a volume edited by G. Jordan and N. Ashford, Public Policy and Impact of the New Right (London: Pinter, 1993), the intellectual content of the New Right is examined, as is the extent that the New Right influenced the objectives and policies of the Thatcher and Reagan administrations, although there is no account of transatlantic influence. 127. D. Stone, Capturing the Political Imagination: Think Tanks and the Policy Process (London: Frank Cass, 1996), xiii. 128. Ibid. 1. 129. Ibid. 130. Ibid. 131. R. Cockett, Thinking the Unthinkable: Think-Tanks and the Economic Counter- Revolution, 1931–1983 (London: HarperCollins, 1994). 132. Ibid. 4. 133. A. Denham, Think-Tanks of the New Right (Aldershot: Dartmouth, 1996). 134. Ibid. 40. 135. Denham, Think-Tanks. 136. Hames and Feasey, ‘Anglo-American think tanks under Reagan and Thatcher’, 215–37. 137. Ibid. 235. 138. D. Stone, A. Denham and M. Garnett (eds), Think Tanks Across Nations: A comparative approach (Manchester: Manchester University Press, 1998); Denham and Garnett, ‘Think tanks, British politics and the “climate of opinion”’, in Stone, Denham and Garnett (eds), Across Nations, 21–41; and, Donald E. Abelson, ‘Think tanks in the United States’, in Stone, Denham and Garnett (eds), Across Nations, 107–26. 139. Stone and Garnett, ‘Introduction: Think tanks, policy advice and governance’, in Stone, Denham and Garnett (eds), Across Nations, 1. 140. Denham and Garnett, ‘Think tanks, British politics and the “climate of opinion”’, 33. 141. Abelson, ‘Think tanks in the United States’, Across Nations, 113. 142. There is vast literature exploring oral history. For instance, see: P. Thompson, The Voice of the Past: Oral History (Third Edition) (Oxford: Oxford University Press, 2000); D. A. Ritchie, Doing Oral History: A Practical Guide (Oxford: Oxford University Press, 2003); R. Perks and A. Thomson (eds.), The Oral History Reader (London: Routledge, 2006); and, L. A. Dexter, Elite and Specialized Interviewing (Colchester: ECPR, 2006). An important sub-discipline of which oral historians should be aware is that of the function of memory, see: M. Halbwachs and L. A. Coser (eds), On Collective Memory (Chicago and London: University of Chicago Press, 1992); and, G. Cubitt, History and Memory (Manchester: Manchester University Press, 2007). Notes 195

143. Thompson, Voice, 173. 144. See: A. Seldon and J. Pappworth, By Word of Mouth: ‘Élite’ oral history (London: Methuen, 1983), 16–36. 145. Ongoing project between Dr Richard Coopey (Aberystwyth University) and the author.

1 Origins and Implementation

1. A.E. Busch, ‘Ronald Reagan and Economic Policy’, in P. Kengor and P. Schweizer, (eds), The Reagan Presidency: Assessing the Man and His Legacy (Lanham, Md. and Oxford: Rowman & Littlefield, 2005), 26. 2. M. Friedman, ‘The Counter-revolution in monetary theory’, The First Wincott Lecture, Senate House, University of London, 16 September 1970 (published originally as IEA Occasional Paper No. 33, 1970), in M. Friedman, Monetarist Economics (Oxford: Basil Blackwell, 1991), 16. 3. Ibid. It is impossible to offer a detailed and deservedly thorough literature review of Friedman’s contribution to economics here. However, some examples of his work on monetary policy include: M. Friedman, ‘The Role of Monetary Policy’, The American Economic Review, 58: 1 (1968), 1–17 (Friedman discusses how and why monetary policy should be implement and, given the later policies in Britain and the USA, interestingly suggests that exchange rates would not be a desirable monetary guide); M. Friedman, ‘Interest Rates and the Demand for Money’, Journal of Law and Economics, 9 (1966), 71–85; M. Friedman, ‘Monetary Policy’, Proceedings of the American Philosophical Society, 116: 3 (1972), 183–96; M. Friedman, ‘A Theoretical Framework for Monetary Analysis’, The Journal of Political Economy, 78: 2 (1970), 193–238; M. Friedman, ‘Monetary Policy: Theory and Practice’, Journal of Money, Credit and Banking, 14: 1 (1982), 98–118. For a discussion of the development of monetarist theory see A.R. Nobay and H.G. Johnson, ‘Monetarism a Historic-Theoretic Perspective’, Journal of Economic Literature, 15: 2 (1977), 470–85; F.H. Hahn, ‘Monetarism and Economic Theory’, Economica, 47: 185 (1980), 1–17; D. Laidler, ‘Monetarism: An Interpretation and an Assessment’, The Economic Journal, 91: 361 (1981), 1–28; Kevin D. Hoover, ‘Two Types of Monetarism’, Journal of Economic Literature, 22: 1 (1984), 58–76. 4. T. Mayer, Monetarism and Macroeconomic Policy (Aldershot: Elgar, 1990), 17–18. 5. Ibid. 31–2. 6. N. Lawson, The View From No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), 77. 7. M. Friedman and R. Friedman, Free to Choose (London: Secker and Warburg, 1980), 277. 8. Lawson, Memoirs, 44–5. See also T. Mayer, ‘David Hume and Monetarism’, The Quarterly Journal of Economics, 95: 1 (1980), 89–101. 9. A. Gamble, Hayek: the iron cage of liberty (Cambridge: Polity, 1996), 168–9. 10. Sir Alan Walters, ‘Introduction’, Friedman, Monetarist Economics, viii. 11. Ibid. ix. 12. Interview with Mr Edwin Meese, 4 September 2007. 13. Telephone interview with Dr Irwin Stelzer, Thursday 3 May 2007. 14. Interview with Lord Lawson of Blaby, House of Lords, Tuesday 27 February 2007. 15. Interview with Mr Harvey Thomas, 26 October 2007. 196 Notes

16. Interview with Lord Powell, 24 Queen Anne’s Gate, Friday 15 June 2007. 17. Letter, Sir Geoffrey Howe to Donald T. Regan, 15 March 1983, Treasury Department, Correspondence (Hol-Hu) 1980–4, Box 31, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC. 18. Ibid. 19. Ibid. 20. D. Brinkley (ed.), The Reagan Diaries (New York: HarperCollins, 2007), 364. 21. T. Congdon, Keynes, the Keynesians and Monetarism (Cheltenham: Elgar, 2007), 146. 22. Ibid. 153. 23. Ibid. 154. 24. E. Apel, Central Banking Systems Compared: The ECB, the pre-euro Bundesbank, and the Federal Reserve System (London: Routledge, 2003), 24–5. 25. P. Arestis and M. Sawyer, ‘Macroeconomic Policy in the UK under New Labour: The End of Boom and Bust?’, P. Arestis, E. Hein and E. Le Haron (eds), Aspects of Modern Monetary and Macroeconomic Policies (Basingstoke: Palgrave Macmillan, 2007), 259. For an excellent wider examination of central banks, see: C.A.E. Goodhart, The Central Bank and the Financial System (Basingstoke: Macmillan, 1995). 26. J.H. Wood, A History of Central Banking in Great Britain and the United States (Cambridge: Cambridge University Press, 2005), 6. 27. Ibid. 394. 28. D. Kynaston, ‘The Bank of England and the Government’, in R. Roberts and D. Knynaston (eds), The Bank of England: Money, Power & Influence 1694–1994 (Oxford: Clarendon Press, 1995), 53–4, 31. 29. Interview with Sir Oliver Wright, Burstow Hall, Surrey, 1 August 2007. 30. Interview with Mr Paul Volcker, 5 October 2007. 31. Ibid. 32. Interview with Lord Lawson of Blaby, House of Lords, 27 February 2007. 33. R. Vinen, Thatcher’s Britain: The Politics and Social Upheaval of the 1980s (London: Simon & Schuster, 2009), 46. 34. Ibid. 51. 35. R. Skidelsky, ‘Introduction’, in R. Skidelsky (ed.), Thatcherism (Oxford: Basil Blackwell, 1989), 15. 36. Ibid. 37. Ibid. 17. 38. M. Thatcher, The Path to Power (London: HarperCollins, 1995), 568. 39. A. Denham and M. Garnett, Keith Joseph (Teddington: Acumen, 2001), 250. 40. For example see: M. Friedman, ‘The Counter-revolution in monetary theory’ The first Wincott Memorial Lecture, delivered at Senate House, University of London, 16 September 1970 (London: IEA, 1970); M. Friedman, Monetary correction: a proposal for escalator clauses to reduce the costs of ending inflation (London: IEA, 1974); M. Friedman, Inflation and unemployment: the new dimension of politics, Alfred Nobel memorial lectures 1976 (London: IEA, 1977); M. Friedman, From Galbraith to economic freedom (London: IEA, 1978). 41. For further discussion on the role of the CPS see A. Denham, Think-Tanks of the New Right (Aldershot: Dartmouth, 1996), 39–59. 42. Denham and Garnett, Keith Joseph, 279. 43. Ibid. 286. 44. Ibid. Notes 197

45. Interview with Lord Howe of Aberavon, House of Lords, 28 February 2007 and subsequent written answers on Wednesday 14 March 2007. 46. Sir Keith Joseph, ‘Monetarism is Not Enough’, The Stockton Lecture (Chichester: CPS, 1976), 6. 47. Ibid. 19. 48. Joseph, Stockton, 6. 49. Ibid. 50. Denham and Garnett, Keith Joseph, 240–1. P. Minford, ‘Mrs Thatcher’s Economic Reform Programme – Past, Present and Future’, in Patrick Minford, The Supply Side Revolution in Britain (Aldershot: Elgar, 1991), 242: While Joseph’s economic vision was based on the German social market economy, it was never shared by Thatcher’s allies. The German model was ultimately viewed as ‘unattractively corporatist and flawed by massive regulation’. 51. Thatcher, Path, 318. 52. H. Tietmeyer, The Social Market Economy and Monetary Stability (London: Economica, 1999), 138. 53. Ibid. 139. 54. Ibid. 5. 55. Ibid. 138. 56. Interview with Professor Patrick Minford, Cardiff Business School, Thursday 28 June 2007. 57. Lawson, Memoirs, 64. 58. Interview with Professor Patrick Minford, Cardiff Business School, 28 June 2007. For an introduction to the ‘Liverpool Model’, see P. Minford, ‘Inflation, unemployment and the pound’, in S. Roy and J. Clarke (eds), Margaret Thatcher’s Revolution: How it Happened and What it Meant (London: Continuum, 2005), 50–66. 59. Interview with Professor Patrick Minford. 60. John Campbell, Margaret Thatcher Volume One: The Grocer’s Daughter (London: Jonathan Cape, 2000), 372. 61. Letter, Sir Geoffrey Howe to Sir Keith Joseph, 2 July 1976, www.margaretthatcher. org document 110067, 10 February 2009. 62. Seumas Milne, ‘The revolution of rational expectations’, The Guardian, Monday 12 January 1987, 21. 63. Ibid. 64. L. Ebenstein, Milton Friedman: A Biography (New York: Palgrave Macmillan, 2007), 205. 65. Ibid. 206. 66. R. Reagan, ‘Recession vs. Inflation’, February 27, 1975, in K.K. Skinner, A. Anderson, M. Anderson (eds), Reagan in His Own Hand (New York, London, Toronto, Sydney and Singapore: Simon & Schuster, 2001), 264. (Hubert Humphrey was the Democrat Senator for Minnesota.) It is unclear whether Reagan was refer- ring to Friedman, although it is likely that this was the case. (Italics included as it appears in the original source.) 67. D.T. Regan, For The Record (London: Hutchinson, 1988), 157–8. 68. R. Reagan, An American Life (London: Hutchinson, 1990). 69. Ibid. 231. 70. Ibid. 299. 71. J. Campbell, Margaret Thatcher Volume Two: The Iron Lady (London: Vintage, 2008), 50–1. For a further discussion of Thatcher’s monetary policy in the period 1979–81 198 Notes

(in the context of her broader economic policies), see W.H. Buiter et al., ‘The Thatcher Experiment: The First Two Years’, Brookings Paper on Economic Activity, 1981: 2 (1981), 315–79, especially pages 332–49. See also: D. Marquand, ‘The Paradoxes of Thatcherism’, in Skidelsky (ed.), Thatcherism, 160. Also see D. Smith, The Rise and Fall of Monetarism (Harmondsworth: Penguin, 1987), 56–72. 72. Minford, ‘Mrs Thatcher’s Economic Reform Programme’, Skidelsky, Thatcherism, 96. 73. Ibid. 74. Margaret Thatcher, Speech to Parliamentary Press Gallery, Wednesday 5 December 1979, accessed via www.margaretthatcher.org document 104185, 4 February 2009. 75. Ibid. 76. Ibid. 77. Ibid. 78. Margaret Thatcher, Speech to Birmingham Chamber of Industry and Commerce, Monday 21 April 1980, accessed via www.margaretthatcher.org document 104349, 4 February 2009. 79. Margaret Thatcher, House of Commons, prime minister’s Questions, 31 March 1983, access via www.margaretthatcher.org document 105288, 4 February 2009. 80. Campbell, Iron Lady, 49–53. 81. Congdon, Keynes, 147. 82. Ibid. 146. 83. K. Matthews et al., ‘Mrs Thatcher’s Economic Policies 1979–1987’, Economic Policy, 2: 5, R. Solow et al., The Conservative Revolution: A Roundtable Discussion’, Economic Policy, 2: 5 (1987), 62. 84. Minford, ‘Mrs Thatcher’s Economic Reform Programme’, Skidelsky, Thatcherism, 97. 85. Denham and Garnett, Keith Joseph, 359. 86. Ibid. 87. Matthews et al., ‘Mrs Thatcher’s economic policies 1979–87’, 61. 88. Ibid. 89. Ibid. 62. 90. HC 720 1979/80, The House of Commons, Treasury and Civil Service Committee, Memoranda on Monetary Policy, Ordered by the House of Commons to be printed 17 July 1980, London, Her Majesty’s Stationary Office, 55. (Hereafter: H.C. Papers, Session 79–80, No. 720.) 91. Ibid. 1. 92. M. Friedman, ‘Memorandum: Response to Questionnaire on Monetary Policy’, in M. Friedman, Monetarist Economics (IEA: Oxford, 1991), 51. This memorandum was presented on 11 June 1980 to the Chairman of the Treasury and Civil Service Committee. 93. Friedman, ‘Memorandum: Response to Questionnaire on Monetary Policy’, 52. 94. Ibid. 53. 95. Ibid. 54. 96. Ibid. 55. 97. Friedman, ‘Letter to the Chairman of the Committee’, H.C. Papers, Session 79–80, No. 720, 57. 98. Paul A. Volcker, ‘Letter to the Chairman of the Committee’, 2 June 1980, H.C. Papers, Session 79–80, No. 720, 37. 99. H.C. Papers, Session 79–80, No. 720–II. Notes 199

100. Sir Geoffrey Howe, Minutes of Evidence taken before the Treasury and Civil Service Committee, in 1980/81 HC 163-II House of Commons, Third Report from the Treasury and Civil Service Committee, Monetary Policy, Together with the Proceedings of the Committee, Minutes of Evidence and Appendices, Volume 1, Report Ordered by the House of Commons to be printed 24 February 1981, London, Her Majesty’s Stationary Office, 183. (Hereafter: H.C. Papers, Session 80–81, No. 163–II.) 101. Dr Hermann-Josef Dudler (Deutsche Bundesbank), Monday 10 November 1980, H.C. Papers, Session 80–81, No. 163–II, 298. 102. Congdon, Keynes, 150. 103. Ibid. 104. Ibid. 150–1. 105. Ibid. 151. 106. Ibid. 107. G.T. Pepper and M.J. Oliver, Monetarism Under Thatcher: Lessons for the Future (Cheltenham: Edward Elgar, 2001), 90. 108. Ibid. 65. 109. Ibid. 73. 110. Sir Geoffrey Howe, Conflict of Loyalty (London: Macmillan, 1994), 187. 111. Ibid. 112. Geoffrey Howe to Margaret Thatcher, 10 October 1980, papers in advance of meeting on 13 October, ‘Monetary Based Control: Annex 2 Monetary Control in the United States’, Prem 19/179 Economic Policy (Domestic Policy, Part 5), accessed via www.margaretthatcher.org, 21 February 2011. 113. Lawson, Memoirs, 45. 114. Ibid. 80–1. 115. Ibid. 116. Kent Matthews et al., ‘Mrs Thatcher’s economic policies 1979–87’, 61. 117. Minford, ‘Mrs Thatcher’s Economic Reform Programme’, Skidelsky, Thatcherism, 97. 118. Matthews et al., ‘Mrs Thatcher’s economic policies 1979–87’, 62. 119. Ibid. 120. Ibid. 121. Ibid. 122. Minford, ‘Inflation, unemployment and the pound’, 52–3. 123. For instance, a ‘Dear Bill’ letter in Private Eye, No. 503, Friday 27 March 1981, 13: ‘they all now admit that this money supply thing they’ve been on about ever since they got in, is a total non-starter’. 124. Campbell, The Iron Lady, 82–3. 125. Ibid. 83. 126. Denham and Garnett, Keith Joseph, 358–9. 127. Ibid. 360. 128. Ibid. 382. 129. Campbell, Iron Lady, 88. 130. W. Frazer, ‘Milton Friedman and Thatcher’s Monetarist Experience’, Journal of Economic Issues, 16:2 (1982), 525. 131. W. Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, in D. Boaz (ed.), Assessing the Reagan Years (Washington D.C.: Cato Institute, 1988), 159. 132. B.M. Friedman, ‘Lessons on Monetary Policy from the 1980s’, The Journal of Economic Perspectives, 2:3 (1988), 53. 200 Notes

133. Ibid. 54. 134. O.J. Blanchard, W. Branson and D. Currie, ‘Reaganomics’, Economic Policy, 2:5 (1987), 19. 135. Ronald Reagan, The President’s News Conference, 29 January 1981, accessed via http://www.reagan.utexas.edu/search/speeches/speech_srch.html, 4 February 2009. 136. White House Report on the Program for Economic Recovery, 18 February 1981, accessed via http://www.reagan.utexas.edu/search/speeches/speech_srch.html, 4 February 2009. 137. Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, 157. 138. America’s New Beginning, Part II, 23 (published by the White House, 18 February 1981, US Government Printing Office: 1981 0-339-055), in Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, 157. 139. Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, 157–8. 140. Ibid. 157. 141. Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, 159. 142. Quoted in Nicholas von Hoffman, ‘Reagan comes to town’, Spectator, 29 November 1980, 8. 143. Jude Wanniski, ‘The Burden of Friedman’s Monetarism’, The New York Times, Sunday 26 July 1981, Late City Final Edition, F2. 144. Ibid. 145. Pool, ‘Monetary Policy: Monetarism to Fine Tuning’, 163. 146. Ibid. 163–4. 147. W.M. Dugger, ‘An Institutionalist Critique of President Reagan’s Economic Program’, Journal of Economic Issues, 16:3 (1982), 794. (Dugger is an Economics Professor.) 148. Ibid. 149. Brinkley, The Reagan Diaries, 44. (Reagan saw inflation as a tax as it impacted on the amount of money an individual could keep after taxes due to tax bracket ‘creep’ and its effect on the cost of living.)

2 From Prescribed Policy to Pragmatism

1. Leonard Downie Jr, ‘Conservative Policies Fail to Revive Economy; Policies Fail to Revive Economy’, The Washington Post, Thursday 20 November 1980, Final Edition. 2. Ibid. 3. William Borders, ‘Britons Debate Efficacy Of Monetarism’, The New York Times, Thursday 8 January 1981, Late City Final Edition, D1. 4. Ibid. 5. J. O’Sullivan, The President, the Pope, and the Prime Minister (Washington DC: Regnery Publishing Inc., 2006), 138–9. 6. Memorandum, Richard V. Allen to George H. Bush, February 18 1981, United Kingdom 1/20/81-8/31/81 (6 of 6), Box 20, Executive Secretariat NSC: Records, Country File, Ronald Reagan Library. 7. Ibid. 8. Briefing paper, Department of State to Ronald Reagan, Department of State Briefing Book re: The Visit of British Prime Minister Thatcher, 02/25/1981–02/28/1981 (2 of 3), Box 91434 (RAC Box 1), Executive Secretariat, NSC, VIP Visits, Ronald Reagan Library. 9. Ibid. Notes 201

10. Memorandum, Alexander M. Haig, Jr to Ronald Reagan, NSC Briefing Book for the President re. Visit (1 of 2) of UK Prime Minister Margaret Thatcher 02/25/1981–02/28/1981, Box 91434 (RAC Box 1), Executive Secretariat NSC, VIP Visits, Ronald Reagan Library. 11. Briefing paper, Department of State to Ronald Reagan, Department of State Briefing Book re: The Visit of British Prime Minister Thatcher, 02/25/1981– 02/28/1981 (2 of 3), Box 91434 (RAC Box 1), Executive Secretariat, NSC, VIP Visits, Ronald Reagan Library. 12. Memorandum, Martin Anderson to Senior Staff, February 26 1981, United Kingdom – General (February 1981–July 1981), CF 0219, Edwin Meese Files, Ronald Reagan Library. 13. Ibid. 14. Ibid. 15. Ibid. 16. Ibid. 17. Memorandum, Beryl W. Sprinkel to Secretary Regan, February 24 1981, Treasury Department, Folder 5, Subject File: United Kingdom 1981–1985, Box 185, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC. 18. Ibid. 19. Ibid. 20. Ibid. 21. O’Sullivan, The President, the Pope, and the Prime Minister, 138–9. 22. Ibid. 139. 23. News (From David Cross, Washington, Feb 25), ‘Americans elated at Thatcher visit’, The Times, Thursday 26 February 1981, 1. 24. Ibid. 25. O’Sullivan, The President, the Pope, and the Prime Minister, 139. 26. Leonard Silk, ‘Economic Scene; Monetarism Dissent Grows’, The New York Times, Wednesday 3 June 1981, Late City Final Edition. D2. 27. Leonard Silk, ‘Economic Scene; The Thatcher Plan’s Failure’, The New York Times, Wednesday 8 July 1981, Late City Final Edition, D2. 28. Ibid. 29. Memorandum, Denis S. Karnosky through Under Secretary Sprinkle to Secretary Regan, August 6, 1981, Records relating to Monetary Policy 1981–1985, Cabinet Council on Economic Affairs (CCEA) Memos to Chairman Volcker (Current Economic Conditions), Box 1, NN3-056-03-001, RG 56 General Records of the Department of the Treasury, Office of the Under Secretary for Monetary Affairs, Office of Monetary Policy Analysis, Declassified NND 38110, National Archives at College Park, College Park, MD. 30. Ibid. 31. Ibid. 32. Memorandum, Steve Entin thru Assistant Secretary Roberts to Secretary Regan, October 20, 1981, Treasury Department, Folder 5, Subject File: United Kingdom 1981–1985, Box 185, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC. 33. Ibid. 34. Ibid. 35. Ibid. 36. O.J. Blanchard, W. Branson and D. Currie, ‘Reaganomics,’ Economic Policy, 2:5 (1987), 19. 202 Notes

37. Ibid. 20. 38. D. Brinkley (ed.), The Reagan Diaries (New York: HarperCollins, 2007), 55. 39. Ibid. 69. 40. Caroline Atkinson, ‘We Had to Kill the Economy to Save It? That’s not what Milton Friedman says, but that’s what his policies did’, The Washington Post, Sunday 29 May 1983, Final Edition. 41. G. Wills, Reagan’s America: Innocents At Home (London: Heinemann, 1988), 369–71. 42. M. Friedman, ‘Monetarism in Rhetoric and in Practice’, Paper presented at The First International Conference of The Institute for Monetary and Economic Studies, The Bank of Japan, Tokyo, 22 June 1983, 1, released by the Federal Reserve (FOI Request 2007–381). 43. Ibid. 18–19. 44. Ibid. 19. 45. Graham Searjeant, ‘Friedman criticizes Thatcher/US economist comments on British Premier’s achievements’, The Times, Monday 16 June 1986, 17. 46. Ibid. 47. Interview with Dr Stuart Butler, Heritage Foundation, Washington DC, 25 June 2008. (Since this interview, Dr Butler has became Director, Centre for Policy Innovation, at the Heritage Foundation.) 48. Interview with Mr Paul Volcker, Friday 5 October 2007. 49. B.M. Friedman, ‘Lessons on Monetary Policy from the 1980s’, The Journal of Economic Perspectives, 2:3 (1988), 52–3. 50. J.W. Sloan, The Reagan Effect: Economics and Presidential Leadership (Kansas: University of Kansas Press, 1999), 240. 51. Ibid. 241–3. 52. Busch, ‘Ronald Reagan and Economic Policy’, 33. 53. B.M. Friedman, ‘Lessons on Monetary Policy from the 1980s’, 56. 54. Ibid. 71. 55. Ibid. 56. 56. Ibid. 57. Ibid. 70. 58. Ibid. 59. A.E. Busch, Ronald Reagan and the Politics of Freedom (Lanham: Rowman & Littlefield, 2001), 83. 60. Ibid. 61. Ibid. 84. 62. Ibid. 86. 63. I.W. Morgan, Beyond the Liberal Consensus: A Political History of the United States since 1965 (London and New York: Hurst/St Martin’s Press), 199. 64. Ibid. 205. 65. Blanchard, ‘Reaganomics’, 20. 66. Poole, ‘Monetary Policy: Monetarism to Fine-Tuning’, 169–70; in D. Boaz (ed.), Assessing the Reagan Years (Washington D.C.: Cato Institute, 1988). 67. Ibid. 170. 68. Busch, ‘Ronald Reagan and Economic Policy’, 30–1. 69. Ibid. 32. 70. M.J. Oliver, Whatever Happened to Monetarism? Economic Policy-Making and Social Learning in the United Kingdom since 1979 (Aldershot: Ashgate, 1997), 66–7. 71. Ibid. 96–104. 72. Congdon, Keynes, 166–9. Notes 203

73. Denham and Garnett, Keith Joseph, 411. 74. Ibid. 418. 75. Leonard Downie Jr, ‘Heath, Ex-Leader of Tories, Joins Criticism of Thatcher’, The Washington Post, Saturday 29 November 1980, Final Edition. 76. Irwin Stelzer, ‘American Account: Jaguars purr on US highways and Thatcher’s fan club grows’, The Sunday Times, Sunday 8 May 1988, D10. 77. Christopher Smallwood, ‘Business Focus: Black clouds looming over the world’s economy (1) – Lawson’s recovery is threatened’, The Sunday Times, Sunday 5 July 1987, 68–9. 78. Interview with Dr Stuart Butler. 79. Interview with Lord Powell. 80. Interview with Mr Edwin Meese. 81. Interview with Dr Lee Edwards, Heritage Foundation, Washington DC, 23 June 2008. 82. Interview with Mr Peter Robinson, 22 May 2008. 83. Ibid. 84. Interview with Professor Patrick Minford.

3 Origins and First-Term Cuts

1. G. Smith, Reagan and Thatcher (London: Bodley Head, 1990), 181. 2. A. Gamble, The Free Economy and the Strong State: The Politics of Thatcherism (Basingstoke: Macmillan, 1994), 53. For a critical evaluation of supply-side economics, see: S. Rousseas, The Political Economy of Reaganomics: A Critique (New York: Sharpe, 1982); and, A. Goolsbee, R.E. Hall, L.F. Katz, ‘Evidence on the High-Income Laffer Curve from Six Decades of Tax Reform’, Brookings Papers on Economic Activity, 1999:2 (1999), 1–64. The Laffer Curve is defended in M. Sutter and H. Weck-Hannemann, ‘Taxation and the veil of Ignorance: A Real Experiment on the Laffer Curve’, Public Choice, 115:1/2 (2003), 217–40; and, K. Matthews, P. Minford, S. Nichell and E. Helpman, ‘Mrs Thatcher’s Economic Policies 1979– 1987’, Economic Policy, 2:5, (1987), 59–101. The merits of Reaganomics generally as a means of prosperity and competition in the globalised world are outlined in, W. Bienkowski, J.C. Brada, M-J. Radlo (eds), Reaganomics Goes Global: What Can the EU, Russia and Other Transition Countries Learn from the USA? (Basingstoke and New York: Palgrave Macmillan, 2006). For a discussion about how taxation polices changed in the West after the 1970s, with specific reference to the move towards lower taxation, see, J.A. Kay, ‘Tax Policy: A Survey’, The Economic Journal, 100:399 (1996), 18–75. 3. Gamble, The Free Economy, 54. 4. Ibid. 5. Ibid. 6. J.E. Sawyer, Why Reaganomics and Keynesian Economics Failed (Basingstoke: Macmillan, 1987), 153. 7. S.F. Hayward, ‘The Evolution of US Economic Policy in the 1980s’, in Bienkowski, Brada and Radlo (eds), Reaganomics Goes Global, 58. 8. L. Cannon, President Reagan: The Role of a Lifetime (New York and London: Simon and Schuster, 2000), 6. 9. Ibid, 90–1. 10. J. W. Sloan, The Reagan Effect: Economics and Presidential Leadership (Kansas: Kansas University Press, 1999), 153. 204 Notes

11. R.M. Collins, Transforming America: Politics and Culture in the Reagan Years (New York and Chichester: Columbia University Press, 2007), 60–1. 12. R. Reagan, ‘Taxation’, 28 November 1978, in K.K. Skinner, A. Anderson and M. Anderson (eds), Reagan In His Own Hand (New York, London, Toronto, Sydney and Singapore: Simon & Schuster, 2001), 279. 13. Ibid, 280. 14. Collins, Transforming America, 61. For an examination of Governor Reagan’s tax reform attempts in California and Californian tax policies pre-Proposition 13, see for instance, G. Burbank, ‘Speaker Moretti, Governor Reagan, and the Search for Tax Reform in California, 1970–1972’, The Pacific Historical Review, 61:2 (1992), 193–214. 15. B. Domitrovic, Econoclasts: The Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity (Wilmington, Delaware: ISI, 2009), 153–4. 16. Collins, Transforming America, 61–5. 17. Interview with Dr Arthur Laffer, 28 December 2007. For further reading about the impact of Proposition 13 see: G.M. Galles and R.L. Sexton, ‘A Tale of Two Tax Jurisdictions: The Surprising Effects of California’s Proposition 13 and Massachusetts’ Proposition 21⁄2’, American Journal of Economics and Sociology, 57:2 (1998), 123–33. 18. G. Wills, Reagan’s America: Innocents At Home (London: Heinemann, 1998), 365. 19. Collins, Transforming America, 67–8. 20. R.Reagan, ‘Taxes’, 18 October 1977, in Skinner, Anderson and Anderson (eds), Reagan, 274. 21. Ronald Reagan, Address Accepting the Presidential Nomination at the Republican National Convention in Detroit, 17 July 1980, accessed via http://www. presidency.ucsb.edu/ws/index.php?pid=25970, 18 May 2009. 22. Ibid. 23. Los Angeles Times Poll, 29 June–3 July 1980, based on a national adult sample of 2,199, accessed via http://www.ropercenter.uconn.edu/cgi-bin/hsrun.exe/ Roperweb/pom/StateId/D8_E8IAMA-6HZ-DmbGKnE_MFZZvFE-4LFZ/HAHTpage/ Summary_Link?qstn_id=119424, 4 August 2009. 24. Robert D. Novak, ‘The Reagan Priorities: Reagan’s Great Opportunity, The Test of a President-Elect’, The National Review, November 28, 1980, 1444. 25. Ibid. 26. Wills, Reagan’s America, 365. 27. E.H.H. Green, Thatcher (Oxford: Hodder Arnold, 2006), 56. For an examination of Conservative policy development in Opposition see, Green, Thatcher, 56–61. For an authoritative study in the nature of the post-war consensus and the cause of its decline, see, D. Kavanagh, Thatcherism and British Politics: The End of Consensus? (Oxford: Oxford University Press, 1990). 28. See: R. Blake, The Conservative Party from Peel to Major (London: Heinemann, 1997), 300–10; J. Campbell, Edward Heath (London: Jonathan Cape, 1993), 265–7. 29. A. Denham and M. Garnett, Keith Joseph, 186. 30. Margaret Thatcher, Party Political Broadcast, 19:25 on BBC Radio 4, Wednesday 5 March 1975, accessed via www.margaretthatcher.org document 102664, 18 May 2009. 31. Sir Geoffrey Howe sent Margaret Thatcher the document ‘Party Strategy, Policy and Organisation’ on 30 July 1976, THCR 2/1/1/30 (The Magaret Thatcher Papers, Churchill Archives Centre, Churchill College, Cambridge; hereafter THCR). 32. An extract from speech by the Rt. Hon. Sir Geoffrey Howe to Sevenoaks Conservatives on Thursday 6 May 1976, THCR 2/1/1/30. Notes 205

33. Letter from Sir Geoffrey Howe to Shell, 19 August 1977, THCR 2/1/1/31. 34. Sir Geoffrey Howe writing to Keith Joseph, 2 November 1977, THCR 2/1/1/31. 35. Sir Geoffrey Howe writing to Margaret Thatcher, 5 August 1977, THCR 2/1/1/31. 36. Ibid. 37. Letter from Sir Geoffrey Howe to Lord Thorneycroft, 7 September 1978, THCR 2/1/1/32. 38. An extract from Sir Geoffrey Howe’s speech to the mid Oxon Conservative Association at Kirtlington Park, Kirtlington, Oxon, Friday 2 June 1978, THCR 2/1/1/32. 39. Letter from Sir Geoffrey Howe to Margaret Thatcher, 22 December 1978, THCR 2/1/3/9. 40. William Rees-Mogg, ‘The Thatcher Resignation: What were you doing when Margaret resigned?’, The Independent, 23 November 1990, 21. 41. B. Harrison, ‘Mrs Thatcher and the Intellectuals’, Twentieth Century British History, 5:2 (1994), 209. 42. Ibid, 214. 43. Chris Patten, memorandum entitled ‘Economic Policy Groups’, 30 May 1975, Economic Reconstruction Group – organisation of economic policy groups, accessed via www.margaretthatcher.org document 110212, 24 November 2009. 44. Letter, Ralph Harris to Margaret Thatcher, 25 April 1979, THCR 2/2/2/12, Margaret Thatcher Papers, Churchill Library, Churchill College, Cambridge. (Tax limitation meaning maintained lower taxation.) 45. THCR/2/2/1/18, correspondence with individuals and organisations, papers relating to Professor Arthur Laffer, includes copies of articles by Laffer, 1976–78. I am grateful to Mr Andrew Riley, the Archivist of the Margaret Thatcher Papers at the Churchill Library at Churchill College, Cambridge, for clarifying these points in private correspondence. 46. The 1979 Conservative Party Manifesto, accessed via http://www.psr.keele.ac.uk/ area/uk/man/con79.htm#foreward, 18 May 2009. 47. Interview with Sir Bernard Ingham, Institute of Directors, Pall Mall, 27 February 2007. 48. Ibid. 49. E.A. Reitan, The Thatcher Revolution: Margaret Thatcher, John Major, Tony Blair, and the Transformation of Modern Britain, 1979–2001 (Lanham, Md. and Oxford: Rowman & Littlefield, 2003), 30. 50. J. Campbell, Margaret Thatcher Volume Two: The Iron Lady (London: Vintage, 2008), 49. 51. Sir Geoffrey Howe’s Budget speech, 12 June 1979, quoted in G.K. Fry, The Politics of the Thatcher Revolution: An Interpretation of British Politics, 1979–1990 (Basingstoke: Palgrave Macmillan, 2008), 78. 52. The Economist, 16/06/79, 11–12, quoted in Fry, Thatcher, 79. 53. Interview with Lord Parkinson, House of Lords, 11 July 2007. 54. Editorial, Wall Street Journal, Thursday 14 June 1979, 24. 55. Interview with Dr Arthur Laffer, 28 December 2007. 56. Arthur Laffer, ‘Margaret Thatcher’s Tax Increase’, Wall Street Journal, 20 August 1979, 12. 57. Ibid. 58. Ibid. 59. Interview with Dr Stuart Butler, Heritage Foundation, Washington DC, 25 June 2008. 60. Ibid. 206 Notes

61. Campbell, Iron Lady, 83. 62. Robert D. Hershey Jr, ‘Britain: Lessons for Reagan’, The New York Times, Monday 12 January 1981, Late City Final Edition, D1. 63. Caroline Atkinson, ‘Reagan and Thatcher, Copying Britain’s Mistakes; Their economic programs are the same, no matter what “supply siders” say’, The Washington Post, Sunday 1 February 1981, Final Edition. 64. Steven Rattner, ‘Reagan and Thatcher differ over economics’, The New York Times, Sunday 19 July 1981, Late City Final Edition, E2. 65. Leonard Downie Jr, ‘Talking Economics at the Summit; Reagan and Thatcher Expected to Focus on Conservative Economics; Reagan, Thatcher Likely to Focus on Tests Facing Conservative Policy’, The Washington Post, Monday 23 February 1981, Final Edition, A1. 66. Reitan, The Thatcher Revolution, 31. 67. Ibid. 68. P. Minford, ‘Mrs. Thatcher’s Economic Reform Programme’, in R. Skidelsky (ed.), Thatcherism (Oxford: Basil Blackwell, 1989), 96. 69. Robert Blake, ‘Monetarism attacked by top economists’, The Times, Monday 30 March 1981, 1. 70. Gamble, The Free Economy, 123. 71. Allan H. Meltzer, ‘Economic Scene; Policy in the USA and Britain’, The New York Times, Friday 7 August 1981, Late City Final Edition, D2. 72. Interview with Professor Patrick Minford, Cardiff Business School, Thursday 28 June 2007. 73. Matthews et al, ‘Mrs Thatcher’s Economic Policies 1979–1987’, 7. 74. See, for instance, O. Jean Blanchard, W. Branson, and D. Currie, ‘Reaganomics’, Economic Policy, 2:5 (1987), 15–56. 75. H. Young, One of Use (London: Macmillan and Pan, 1991), 241. 76. Matthews et al, ‘Mrs. Thatcher’s Economic Policies 1979–1987’, 65. 77. C. Bean and J. Synoms, ‘Ten Years of Mrs T’, NBER Macroeconomics Annual, 4 (1989), 14. 78. B. Evans, Thatcherism and British Politics 1975–1999 (Stroud: Sutton, 1999), 69. 79. Letter, Sir Geoffrey Howe to Donald T. Regan, 15 March 1983, Treasury Department Correspondence (Hol-Hu) 1980–4, Box 31, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC (Unfortunately any reply from Regan was not in this collection.) 80. Letter, Donald T. Regan to Nigel Lawson, June 13, 1983, 83–10461, Folder 5, Treasury Department, Subject File, United Kingdom 1981–1985, Box 185, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC. 81. W.H. Buiter, M.H. Miller, J.D. Sachs, W.H. Branson, ‘Changing the Rules: Economic Consequences of the Thatcher Regime’, Brookings Papers on Economic Activity, 1983:2 (1983), 331. 82. Ronald Reagan, Remarks on Signing the Economic Recovery Tax Act of 1981 and the Omnibus Budget Reconciliation Act of 1981, and a Question-and-Answer Session With Reporters, 13 August 1981, accessed on http://www.reagan.utexas. edu/search/speeches/speech_srch.html, 7 May 2007. 83. A.B. Laffer, ‘Government Exactions and Revenue Deficiencies’, in B. Bartlett and T.P. Roth (eds), The Supply-Side Solution (London: Macmillan, 1984), 137; originally printed in Cato Journal, 1 (1981), 1–21. Bartlett and Roth: ‘In this article he develops a simple model of tax rates, output, and revenue. In addition, he traces some of the historical antecedents of the so-called Laffer curve and then reviews the evidence of the 1962 and 1964 tax cuts to determine their effects on tax revenue (p.120)’. Notes 207

84. Collins, Transforming America, 73–5. 85. Ronald Reagan, Remarks on Signing the Economic Recovery Tax Act of 1981 and the Omnibus Budget Reconciliation Act of 1981, and a Question-and-Answer Session With Reporters, 13 August 1981, accessed on http://www.reagan.utexas. edu/search/speeches/speech_srch.html, 7 May 2007. 86. Francis X. Clines and Bernard Weinraub, ‘Briefing’, New York Times, Tuesday 13 October 1981, Late City Final Edition, A20. 87. I. Morgan, ‘Reaganomics and its legacy’, in C. Hudson and G. Davies, Ronald Reagan and the 1980s: Perceptions, Policies, Legacies (New York, NY: Palgrave Macmillan, 2008), 107. 88. See, D. Stockman, The Triumph of Politics (London, 1986). 89. Memorandum, John E. Chapoton to Secretary Regan, February 25, 1981, 81- 2828, Folder 5, Treasury Department, Subject File, United Kingdom 1981–1985, Box 185, Donald Regan Papers, Manuscript Division, Library of Congress, Washington DC. 90. Ibid. 91. For a full account of this case, see: http://supreme.justia.com/us/463/159/case. html, 4 August 2009. 92. Steven R. Weisman, ‘U.S. Deficit Worries Mrs Thatcher’, The New York Times, Friday 30 September 1983, Late City Final Edition, A1. 93. Ibid. 94. Jane Seaberry, ‘Reagan Decides for States on Taxes’, The Washington Post, Saturday 24 September 1983, Final Edition. 95. David K. Willis, ‘Thatcher will ask recovering US not to give in to protection- ist winds’, Christian Science Monitor (Boston, MA), Tuesday 27 September 1983, Midwestern Edition. 96. Letter, Sir Oliver Wright to Mr Edwin Meese III, 20 September 1983, 324228, C0167, WHORM: Subject File, Ronald Reagan Library. 97. Memorandum, Peter R. Sommer to William P. Clark, ‘Presidential Reply to Mrs. Thatcher: Unitary Tax’, September 22, 1983, 30859, Box 35, Executive Secretariat, NSC: Head of State File, United Kingdom: Prime Minister Thatcher (830569-8306168), Ronald Reagan Library. 98. Memorandum, Peter R. Sommer to William P. Clark, September 29, 1983, 22444, United Kingdom, Prime Minister Thatcher, Working Visit, 09/29/1983, Box 91437, RAC, Executive Secretariat: NSC VIP Visits, Ronald Reagan Library. 99. Ibid. 100. Memorandum (briefing materials), Charles Hill to William P. Clark, September 23, 1983, 22452, United Kingdom, Prime Minister Thatcher, Working Visit, 09/29/1983, Box 91437, RAC, Executive Secretariat: NSC VIP Visits, Ronald Reagan Library. 101. Letter, Ronald Reagan to Margaret Thatcher, September 23, 1983, United Kingdom Prime Minister Thatcher (8305659-8306168), Box 35, Executive Secretariat National Security Council: Head of State File: Records, Ronald Reagan Library. 102. Ibid. 103. Letter, Ronald Reagan to Margaret Thatcher, May 14, 1984, United Kingdom: Prime Minister Thatcher (8400187-8404387), Box 35, Executive Secretariat, National Security Council: Head of State File: Records, Ronald Reagan Library. 104. Ibid. 105. The Final Report of the Worldwide Unitary Taxation Working Group, Chairman’s Report and Supplemental Views, August 1984, Office of the Secretary, Department of the Treasury, accessed via http://www.archive.org/ 208 Notes

stream/ finalreportofwor00unit/finalreportofwor00unit_djvu.txt, 15 November 2009. (I acknowledge that the online nature of this source means that historians should be careful when fully crediting it.) 106. Letter, Ronald Reagan to Margaret Thatcher, May 14, 1984, United Kingdom: Prime Minister Thatcher (8400187-8404387), Box 35, Executive Secretariat, National Security Council: Head of State File: Records, Ronald Reagan Library.

4 Second-Term Cuts and Policy Transfer

1. Fry, Thatcher Revolution, 91. 2. Evans, Thatcherism, 89. 3. W.D. Gunther and C.G. Leathers, ‘British Enterprize Zones: Implications for U.S. Urban Policy’, Journal of Economic Issues, 21:2 (1987), 885. 4. Ibid. 885–93. See also S. Butler, Enterprise Zones: Greenlining the Inner Cities (New York: Universe, 1981), as referenced by Gunther and Leathers. For an examination of the effectiveness of enterprise zones in the UK and USA (and an excellent bibliography of the subject), see also L.E. Papke, ‘What do we know about Enterprise Zones?’ Tax Policy and the Economy, 2 (1993), 37–72. (An analysis of the overall success of EZs in the UK and USA is beyond the scope of this monograph.) 5. Rushworth M. Kidder, ‘Early reaction to “urban enterprise zone” bill: it has practical problems’, Christian Science Monitor (Boston, MA), Wednesday 11 February 1981, Midwestern Edition. 6. Interview with Dr Stuart Butler. 7. Ibid. 8. Letter from Sir Geoffrey Howe to Margaret Thatcher, 12 March 1979, THCR 2/1/3/9. 9. Stuart Butler, ‘Enterprise Zone: A solution to the urban crisis?’ International Briefing, The Heritage Foundation, 20 February 1979, THCR 2/1/3/9. 10. Memorandum, Lee L. Verstandig to James A. Baker III and Michael K. Deaver, 31 May 1984, 235680, BE 004-04, WHORM: Subject File, Ronald Reagan Library. (The memorandum was received by James Baker, the White House Chief-of-Staff, and suggested, ‘the President might be asked during his forthcoming visit to Great Britain by Prime Minister Thatcher about the status of enterprise zones in the U.S’.) 11. Ibid. 12. Ibid. 13. Morgan, ‘Reaganomics and its legacy’, 108. 14. Ronald Reagan, ‘Remarks on Signing the Tax Reform Act of 1986’, 22 October 1986, accessed on http://www.reagan.utexas.edu/search/speeches/speech_srch. html, 07 May 2009. 15. Ibid. 16. Margaret Thatcher, Interview for The Guardian, Tuesday 8 July 1986, accessed via www.margaretthatcher.org document 106265, 04 August 2009. 17. Ibid. 18. News, ‘The US tax challenge’, The Sunday Times, Sunday 24 August 1986, 27. 19. Ibid. 20. Kenneth Fleet, ‘Comment: Tax reforms with an interest rate bonus’, The Times, Tuesday 25 November 1986, 31. Notes 209

21. Ibid. 22. Leading article, ‘Disproving Mr Lawson, Economic comparisons between Britain and the USA’, The Guardian, Wednesday 29 August 1984, 10. 23. R.J. Alexander, ‘A Keynesian Defense of the Reagan Deficit: The Real Issue Is How Big Should Federal Budgets Be and How Should They Be Met’, American Journal of Economics and Sociology, 48:1 (1989), 52. 24. David Morrison, ‘Supply-side wonder cure’, The Guardian, Wednesday 17 October 1984, 19. 25. Christopher Huhne, ‘The lessons our Nigel can learn from their Ronald’, The Guardian, Thursday 8 November 1984, 24. 26. Victoria Keegan, ‘The transatlantic time-bomb that is helping Mr Lawson to cut taxes … for the rich’, The Guardian, Monday 2 February 1987, 28. 27. Gamble, The Free Economy, 278. 28. Fry, Thatcher Revolution, 91. 29. Reitan, Thatcherite Revolution, 77. 30. Gamble, The Free Economy, 131. 31. R. Whiting, The Labour Party and Taxation: Party Identity and Taxation: Party Identity and Political Purpose in Twentieth Century Britain (Cambridge: Cambridge University Press, 2000), 2–6. 32. Interview with Dr Arthur Laffer, 28 December 2007. 33. Ibid. 34. Interview with Professor Patrick Minford, Cardiff Business School, 28 June 2007. 35. Interview with Sir Malcolm Rifkind, 12 March 2007. 36. Lawson, The View From No. 11, 691. 37. Interview with Professor Patrick Minford. 38. N. Lawson, Tax Reform: The Government’s Record (London: Conservative Political Centre, 1988), 4. 39. Ibid, 3–4. 40. Ibid, 15. 41. For a discussion about the US deficit, incorporating the role of bonds, see: M. Feldstein, ‘Correcting the Trade Deficit’, Foreign Affairs, 65:4 (1987), 795–806; J.L. Yellen, ‘Symposium on the Budget Deficit’, The Journal of Economic Perspectives, 3:2 (1989), 17–21; and, J. Kitchen, ‘Domestic and international financial market responses to Federal deficit announcements’, Journal of International Money and Finance, 15:2 (1996), 239–54. 42. S.F. Hayward, The Age of Reagan: The Conservative Counterrevolution 1980–1989 (New York: Crown Forum, 2009), 82. 43. Memorandum, Martin Feldstein to Ronald Reagan, 28 September 1983, 14727955, C0167, WHORM: Subject File, Ronald Reagan Library. 44. Memorandum, George P. Shultz to Ronald Reagan, 20 December 1984, Thatcher Visit 1984 (1), Box 90902, European and Soviet Affairs Directorate, NSC: Records, Ronald Reagan Library. 45. Memorandum of Conversation, 28 December 1984, attached to memorandum, Robert M. Kimmit to Mr. Nicholas Platt, 17 January 1985, 8768, Thatcher Visit – Dec 84 (1), Box 90902, European and Soviet Affairs Directorate, NSC: Records, Ronald Reagan Library. 46. Ibid. 47. United States Department of State Briefing Memorandum, To: The Secretary, From: EUR – Richard Burt, Subject: Official Working Visit of Prime Minister Margaret Thatcher in Washington, 20–21 February 1985 – Scope Paper, 210 Notes

European & Soviet Affairs Directorate, NSC: Records, Box 90902, Folder Title – Mrs. Thatcher’s Visit February 1985 (1), Ronald Reagan Library. 48. Ibid. 49. FOI 246199, Cabinet Office, Extract from a letter dated 30 May 1983 from an official in 10 Downing Street to an official in the Foreign and Commonwealth Office. 50. Letter from Margaret Thatcher to Ronald Reagan, 22 February 1985, Reagan Library: Executive Secretariat NSC Head of State File, accessed via www. margaretthatcher.org document 109370, 21 September 2011. 51. Steven R. Weisman, ‘U.S. Deficit Worries Mrs Thatcher’, The New York Times, Friday 30 September 1983, Late City Final Edition, A1. 52. George F. Will, ‘On Down Street’, Washington Post, Sunday 9 December 1984, Final Edition. 53. Alex Brummer and Michael White, ‘Thatcher admits being helpless over pound’s fall’, The Guardian, Friday 22 February 1985, 1. 54. Ibid. 55. Margaret Thatcher, Press Conference for American Press (CSIS Group), Monday 13 January 1986, accessed via www.margaretthatcher.org document 106301, 4 August 2009. 56. News, ‘Reagan urges allies to boost growth’, The Guardian, Monday 25 August 1986, 4. 57. FOI 246199, Cabinet Office, Letter dated 22 October 1987, Margaret Thatcher to Ronald Reagan. 58. FOI 246199, Cabinet Office, Letter dated 4 November 1987, Ronald Reagan to Margaret Thatcher. (There was of course some action taken to reduce the US Budgetary deficit through increased corporate taxation soon after the 1981 ERTA, namely the 1982 Tax Equity and Fiscal Responsibility Act – TEFRA – and the 1984 Deficit Reduction Act. However, Reagan refused to reverse the marginal tax cuts of ‘Reaganomics’, which are the focus of this chapter.) 59. Howell Raines, ‘Market Turmoil; Thatcher Pushes for U.S. Shift’, The New York Times, Thursday 29 October 1987, Late City Final Edition, D1. 60. Nicholas Wood and Richard Ford, ‘Thatcher tells Reagan to act now on budget: Cable puts pressure for accord with Congress’, The Times, Friday 6 November 1987, 1. (The article suggests that a cable was sent in early November, however the only available message from Thatcher to Reagan about the deficit at that time is the cable dated 22 October 1987.) 61. Robin Oakley, ‘Thatcher pressure over US deficits stepped up’, The Times, Monday 2 November 1987, 1. 62. Leading article, ‘What America must do’, The Times, Friday 6 November 1987, 17. 63. Robin Oakley, ‘Lawson increases pressure for US to reduce deficit: Chancellor doubts Reagan’s will to act over budget’, The Times, Thursday 5 November 1987, 17. 64. Leading Article, ‘Calling the President’, The Times, 5 November 1987, 13. 65. Ibid. 66. Stephen Milligan, ‘World waits for Reagan’, The Sunday Times, Sunday 8 November 1987, 19. 67. Interview with Lord Powell, 24 Queen Anne’s Gate, 15 June 2007. 68. Interview with Professor Patrick Minford. 69. Margaret Thatcher interviewed by Geoffrey Smith about Ronald Reagan, Monday 8 January 1990, accessed via www.margaretthatcher.org document 109324, 17 May 2009. Notes 211

70. Ibid. 71. Hayward, The Age of Reagan, 66, 70–2. 72. Ibid, 66. 73. Ibid, 90–4. 74. Interview with Dr Stuart Butler. 75. Ibid. 76. Ibid. 77. Ibid. 78. W.E. Brownlee and C.E. Steuerle, ‘Taxation’, in W.E. Brownlee and H.D. Graham (eds), The Reagan Presidency: Pragmatic Conservatism and Its Legacies (Lawrence: University Press of Kansas, 2003), 160. 79. Reagan’s budgetary confrontation with Congress is well established in the literature about the Reagan administration. For instance, see: S. Wilentz, The Age of Reagan: A History 1974–2008 (New York: Harper, 2008), 144–6; Hayward, The Age of Reagan, 183–235; and, J.W. Sloan, The Reagan Effect: Economics and Presidential Leadership (Kansas: Kansas University Press, 1999), 128–51. 80. Brownlee and Steuerle, ‘Taxation’, 160. 81. M. Schaller, Reckoning With Reagan: American and Its President in the 1980s (New York and Oxford: Oxford University Press, 1992), 44–7. 82. Interview with Dr Stuart Butler. 83. Interview with Mr Peter Robinson, 22 May 2008. 84. Interview with Mr Jim Miller, Washington DC, 20 June 2008. 85. Peter Robinson, ‘Ron and Margaret: The Story of the Friendship that Changed the World,’ Book Proposal, private correspondence with Mr Peter Robinson. 86. Interview with Mr Harvey Thomas, 26 October 2007. 87. Interview with Sir Oliver Wright, Burstow Hall, Surrey, 1 August 2007. 88. Interview with Lord Powell. 89. Ibid. 90. Ronald Reagan, The Reagan Diaries, D. Brinkley (ed.), (New York, 2007), Thursday 26 February 1981, 5. 91. Interview with Dr Irwin Stelzer. 92. Interview with Mr Peter Robinson. 93. Interview with Dr Stuart Butler. 94. Anthony Lejeune, ‘Letter from London: Looking at Reagan’s Victory’, The National Review, December 28, 1984, 34. 95. Ibid. 96. Ibid.

5 Trade (Labor) Unions

1. For an examination of British nationalisation after the Second World War see M. Chick, Industrial Policy in Britain 1945–1951: Economic Planning, nationalisation and the Labour governments (Cambridge: Cambridge University Press, 1998). For a comparative approach to deregulation and privatisation in the UK and USA see D. Swann, The Retreat of the State: Deregulation and Privatisation in the USA and UK (Brighton: Wheatsheaf, 1988). The development of privatisation and deregulation as components of the global neo-liberal economic agenda in the 1980s is discussed in D. Harvey, A Brief History of Neoliberalism (Oxford: Oxford University Press, 212 Notes

2005). D. Parker, The Official History of Privatisation Volume 1: The formative years 1970–1987 (London: Routledge, 2009), is the seminal and vital work for students of British privatisation. Essays on the history and theory of American regulatory policy, such as in telecommunications, utilities and the role of interest groups, are offered in J. C. High (ed.), Regulation: Economic Theory and History (Michigan: University of Michigan Press, 1991). 2. There is extensive literature on the history of trade and labor unions in the UK and USA respectively in the twentieth century. For the British case, see, for example: B. Towers, ‘Running the Gauntlet: British Trade Unions under Thatcher’, Industrial and Labor Relations Review, 42:2 (1989), 163–88; A. Campbell, N. Fishman, J. McIlroy, British Trade Unions and Industrial Politics: The Post-War Compromise, 1945–64 (Aldershot, Brookfield USA, Singapore, Sydney: Ashgate, 1999); J. McIlroy, N. Fishman and A. Campbell, British Trade Unions and Industrial Politics: The High Tide of Trade Unionism, 1964–79 (Aldershot, Brookfield USA, Singapore, Sydney: Ashgate, 1999); and, A.J. Reid, United We Stand: A History of Britain’s Trade Unions (London: Penguin, 2004), 277–423. The relationship between British trade unions and the Labour Party is explored in L. Minkin, The Contentious Alliance: Trade Unions and the Labour Party (Edinburgh: Edinburgh University Press, 1991); R. Taylor, ‘Out of the bowels of the Movement: The Trade Unions and the Origins of the Labour Party 1900–18’, in B. Brivati and R. Heffernan, The Labour Party A Centenary History (Basingstoke: Macmillan, 2000), 8–49; R. Taylor, ‘Trade Union Freedom and the Labour Party: Arthur Deakin, Frank Cousins and the Transport and General Workers Union 1945–1964’, in Brivati and Heffernan, The Labour Party, 187–219; and, Steve Ludlam, ‘Trade Unions and the Labour Party since 1964’, in Brivati and Heffernan, The Labour Party, 220–45. For the American case see J. Barbash, ‘Trade Unionism from Roosevelt to Reagan’, Annals of the American Academy of Political and Social Science, 473 (1984), 11–22; C.L. Tomlins, The State and the Unions: Labor Relations, Law, and the Organized Labor Movement in America, 1880–1960 (Cambridge: Cambridge University Press, 1985); F.R. Dulles and M. Dubofsky, Labor In America, A History (Arlington Heights, Illinois: Harlan Davidson, 1986); M. Goldfield, The Decline of Organized Labor in the United States (Chicago and London: University of Chicago Press, 1987); S. Fraser, Labor Will Rule: Sydney Hillman and the rise of American labor (Ithaca, NY: Cornell University Press, 1993); D. Brody, Workers In Industrial America: Essays on the Twentieth Century Struggle, 2nd Edn (Oxford, New York: Oxford University Press, 1993); M. Dubofsky, The State & Labor in Modern America (Chapel Hill: University of North Carolina Press, 1994); J.A. McCartin, Labor’s Great War: The Struggle for Industrial Democracy and the Origins of Modern American Labor Relations, 1912–21 (Chapel Hill: University of North Carolina Press, 1997); and, N. Lichtenstein, State of the Union: A Century of American Labor (Princeton, NJ and Oxford: Princeton University Press, 2002). 3. W. Streeck and A. Hassel, ‘Trade unions as political actors’, in J.T. Addison and C. Schnabel (eds), International Handbook of Trade Unions (Cheltenham: Edward Elgar, 2005), 349. 4. Ibid. 5. Ibid, 353. 6. K. Middlemas, Politics in Industrial Society: The Experience of the British System since 1911 (London: Deutsch, 1979), 383. 7. M.O. Reynolds, ‘Labor Reform: A Blip on the Radarscope’, in David Boaz (ed.), Assessing the Reagan Years (Washington DC: Cato Institute, 1988), 322–3. Notes 213

8. A.E. Busch, ‘Ronald Reagan and Economic Policy’, in P. Kengor and P. Schweizer (eds), The Reagan Presidency: Assessing the Man and His Legacy, (Lanham, Md. and Oxford: Rowman & Littlefield, 2005), 34. 9. R. Fantasia, ‘The PATCO strike: More than Meets the Eye (Response to Art Shostak)’, Labor Studies Journal, 34:2 (2009), 162. 10. N. Wapshott, Ronald Reagan and Margaret Thatcher: A Political Marriage (London: Sentinel, 2007), 210. 11. Ibid, 210–11. 12. Ronald Reagan, ‘Remarks and a Question-and-Answer Session With Reporters on the Air Traffic Controllers strike’, 3 August 1981, accessed via http://www.reagan. utexas.edu/archives/speeches/1981/80381a.htm, 5 July 2009. 13. Dubofksy, The State and Labor, 228. For further discussion on strikes and government reaction (including the Pullman and Railroad strikes) see, for instance, Dubofksy, State and Labor, 1–37 and 83–107. 14. Ibid. 15. Lichtenstein, State of the Union, 236. 16. Ibid, 234. 17. Interview with Dr Irwin Stelzer, 3 May 2007. 18. Lichtenstein, State of the Union, 234. 19. G. Smith, Reagan and Thatcher (London: Bodley Head, 1990), 59. 20. Ibid, 60. 21. Dubofksy, State and Labor, 228–9. 22. Ibid, 230. 23. J. Ehrman, The Eighties: America in the Age of Reagan (New Haven, Conn. and London: Yale University Press, 2005), 106. 24. Ibid, 107. 25. M.O. Reynolds, ‘Labor Reform: A Blip on the Radarscope’, 328–9. 26. Ibid, 328–31. 27. Ibid, 331. 28. For Hoskyn’s account of these developments, see J. Hoskyns, Just In Time: Inside the Thatcher revolution (London: Aurum, 2000). 29. John Hoskyns, ‘Stepping Stones’ report (final text), 14 November 1977, accessed via www.margaretthatcher.org document 111771, 16 October 2009. 30. Ibid. 31. Ibid. 32. J. Campbell, Margaret Thatcher Volume Two: The Iron Lady, (London: Vintage, 2008), 89–90. 33. Conservative Party, ‘Conservative General Election Manifesto 1979’, 11 April 1979, accessed by www.margaretthatcher.org document 110858, 16 October 2009. 34. P. Dorey, ‘Margaret Thatcher’s Taming of the Trade Unions’, in S. Pugliese (ed.), The Political Legacy of Margaret Thatcher (London: Politico’s, 2003), 83. 35. Campbell, The Iron Lady, 93. 36. F. Beckett, and D. Henake, Marching To The Fault Line: The 1984 miners’ strike and the Death of Industrial Britain (London: Constable, 2009), 30–1. 37. Ibid, 31. 38. Ibid. 39. Ibid, 33–4. 40. R. Vinen, Thatcher’s Britain: The Politics and Social Upheaval of the 1980s (London: Simon & Schuster, 2009), 158. 41. Wapshott, Ronald Reagan and Margaret Thatcher, 213–4. 214 Notes

42. A. Taylor, The NUM and British Politics Volume 2: 1969–1995 (Aldershot: Ashgate, 2005), 162. 43. Ibid, 181. 44. Taylor, NUM, 237. 45. Ibid. 46. Beckett and Hencke, Fault Line, 44. 47. Wapshott, Ronald Reagan and Margaret Thatcher, 214–7. For a broader discussion of the miners’ strike in a historical and theoretical context, see: R.A. Church, Q. Outram, D.N. Smith, ‘The Militancy of British miners, 1893–1986: Interdisciplinary Problems and Perspectives’, Journal of Interdisciplinary History, 22:1 (1991), 49–66. 48. Campbell, Iron Lady, 366. 49. Ibid, 367. 50. Taylor, NUM, 247, 284–6. 51. R.J. Waller, The Dukeries Transformed: The Social and Political Development of a Twentieth Century Coalfield (Oxford: Clarendon Press, 1983). 52. Ibid, 130. 53. Margaret Thatcher, Speech to 1922 Committee (‘the enemy within’), Thursday 19 July 1984, reported by Julian Haviland, The Times, Friday 20 July 1984, accessed via www.margaretthatcher.org document 105563, 5 July 2009. 54. I. MacGregor (with R. Tyler), The Enemies Within: The Story of the miners’ strike, 1984–5 (London: Fontana, 1987), 377. 55. S. Milne, The Enemy Within: The Secret War Against The miners (London: Pan Books, 1995), 424–5. 56. MacGregor, Enemy, 41–58. 57. Beckett and Hencke, Fault Line, 37. 58. P. Clarke, Hope and Glory: Britain 1900–1990 (London: Penguin, 1997), 333–4. 59. Campbell, The Iron Lady, 89–91. 60. Ibid, 93–4. 61. P. Dorey, ‘Margaret Thatcher’s Taming of the Trade Unions’, 74–6. 62. E.H.H. Green, Thatcher (Hodder Arnold: London, 2006), 124. 63. Campbell, The Iron Lady, 164. 64. Ibid, 355. 65. Ibid 566. 66. Vinen, Thatcher’s Britain, 120–1. 67. Campbell, The Iron Lady, 98–9. 68. Ibid, 410. 69. Green, Thatcher, 125. 70. Leslie Bennetts, ‘An Uneasy Time for strikers’, The New York Times (Late City Final Edition), Thursday 13 August 1981, A1. 71. For instance, Steve Rattner, ‘British Rail Plans Shutdown Next Week’, The New York Times (Late City Final Edition), Thursday 15 July 1982, A3: ‘In a step reminiscent of President Reagan’s battle last year with air traffic controllers, the national railroad said that any staff members refusing to accept a flexible work schedule in place of the rigid, eight-hour day would also be dropped.’ 72. Peter Osnos, ‘British Rail strikers Threatened With Firing If Not Back Tuesday’, The Washington Post (Final Edition), Thursday 15 July 1982, A21. 73. William Winpisinger, ‘Agenda: Two tiers for Reagan’s USA’, The Guardian, Monday 8 October 1984, 10. 74. Memorandum, Peter R. Sommer to Robert C. McFarlane, ‘Presidential message to Mrs. Thatcher’, July 16, 1984, 30877, Box 36, Executive Secretariat, NSC: Head of Notes 215

State File, United Kingdom: Prime Minister Thatcher (8404781-8407224), Ronald Reagan Library. 75. Memorandum, Robert C. McFarlane to the President, ‘Presidential message to Mrs. Thatcher’, July 18, 1984, 30876, Box 36, Executive Secretariat, NSC: Head of State File, United Kingdom: Prime Minister Thatcher (8404781-8407224), Ronald Reagan Library. 76. Cable, Ronald Reagan to Margaret Thatcher, 18 July 1985, 98-005#11, Ronald Reagan Presidential Library, Letter dated 18 July 1984, United Kingdom: prime minister Thatcher, Box 36, Executive Secretariat, National Security Council: Head of State File Records, Ronald Reagan Library. 77. Letter, Margaret Thatcher to Ronald Reagan, 23 July 1984, Ronald Reagan Presidential Library, Letter dated 18 July 1984, United Kingdom: Prime Minister Thatcher, Box 36, Executive Secretariat, National Security Council: Head of State File Records, Ronald Reagan Library. 78. Margaret Thatcher, interviewed by Geoffrey Smith about Ronald Reagan for his book Reagan and Thatcher (London, 1990), 8 January 1990, accessed via www. margaretthatcher.org document 109324, 16 October 2009. 79. Ibid. 80. Interview with Lord Parkinson, House of Lords, 11 July 2007. 81. Interview with Lord Howe of Aberavon, House of Lords, 28 February 2007 (and subsequent written answers on Wednesday 14 March 2007). See also Geoffrey Howe, Conflict of Loyalty (London: Macmillan, 1994), 43, 48–9. 82. Interview with Lord Lawson of Blaby, House of Lords, 27 February 2007. 83. Interview with Mr Edwin Meese, 4 September 2007. 84. Paul Lewis, ‘Europe’s Tougher Labor Policies’, The New York Times (Late City Final Edition), Sunday 28 April 1985, F6. 85. Interview with Dr Irwin Stelzer. 86. Interview with Lord Powell, 24 Queen Anne’s Gate, 15 June 2007. 87. Interview with Mr Peter Robinson, 22 May 2008. 88. Interview with Lord Powell. 89. Interview with Lord Parkinson. 90. Interview with Professor Patrick Minford, Cardiff Business School, 28 June 2007. 91. Interview with Dr Lee Edwards, Heritage Foundation, Washington DC, 23 June 2008. 92. Interview with Dr Stuart Butler, Heritage Foundation, Washington DC, 25 June 2008. Reagan’s Labor Secretaries were Raymond J. Donovan (1981–1985), William E. Brock (1985–1987) and Ann Dore McLaughlin (1987–1989). It must be noted that the unions perceived Reagan’s appointees to federal agencies, such the National Labour Relations Board, as opponents of their policies and aims, as described by M.F. Masters and John Thomas Delaney, ‘Union Legislative Records During President Reagan’s First Term’, Journal of Labor Research, 8:1 (1987), 15–16. 93. The cases of PATCO and the miners’ strike are compared in T. Ghilarducci, ‘When Management strikes: PATCO and the British miners’, Industrial Relations Journal, 17:2 (1986), 115–28. 94. Ibid, 116. 95. Wapshott, Reagan and Thatcher, 212. 96. Ibid. 97. Ibid, 212–3. 98. Fantasia, ‘The PATCO strike: More than Meets the Eye’, 162. 216 Notes

6 Privatisation and Deregulation

1. For an excellent discussion of regulatory rules and mechanisms, price regulation and price cap regulation, and quality regulation, see D. Bös, ‘Regulation: theory and concepts’, in D. Parker and D. Saal (eds), International Handbook on Privatisation (Cheltenham: Edward Elgar, 2003), 477–95. An excellent source of analysis is available in the collected works of the scholar and UK Government adviser, Professor Michael Beesley. See, for instance, M.E. Beesley, Privatization, Regulation and Deregulation (London: Routledge, 1992). 2. Parker, Privatisation, 5. 3. A.E. Boardman, C. Laurin and A.R. Vining, ‘Privatization in North America’, in Parker and Saal (eds), International Handbook, 129. 4. C. Goldin and G.D. Libecap, ‘Introduction’, in C. Goldin and G.D. Libecap (eds), The Regulated Economy: a historical approach to political economy (Chicago and London: University of Chicago Press, 1994), 9–10. 5. T.K. McCraw, ‘Rethinking the Trust Question’, in T.K. McCraw (ed.), Regulation in Perspective: Historical Essays (Boston: Harvard Business School, 1981), 2–6. 6. Ibid, 6. 7. M. Keller, ‘The Pluralist State: American Economic Regulation in Comparative Perspective 1900–1930’, in McCraw (ed.), Regulation, 56. 8. Ibid, 64–5. 9. Ibid, 65. 10. Ibid, 66. 11. C.A. Dunlavy, ‘Bursting through state limits: Lessons from American railroad history’, in L. Magnusson and J. Ottosson (eds), The State, Regulation and the Economy: A Historical Perspective (Cheltenham: Edward Elgar, 2001), 52. 12. Keller, ‘The Pluralist State: American Economic Regulation in Comparative Pers- pective 1900–1930’, 72–3. 13. Ibid, 75. 14. Ibid, 85–8. 15. Boardman, Laurin and Vining, ‘Privatization in North America’, in Parker and Saal (eds), International Handbook, 129. 16. R. Millward, ‘Industrial organisation and economic factors in nationalisation’, in R. Millward and John Singleton (eds), The Political Economy of Nationalisation in Britain 1920–50 (Cambridge: Cambridge University Press, 1995), 3. 17. Ibid, 3–4. 18. Ibid, 4. 19. Ibid, 10. 20. Ibid, 309. 21. Ibid, 319. (Here Millward also argues that during the 1940s, other industries, namely those of consumer goods such as cotton textiles and cars, were not nationalised due the failure to develop plans to do so and fears of disruption to the industries.) 22. Chick, Industrial Policy, 72. 23. Campbell, The Iron Lady, 260. 24. Ibid, 232. For summaries about the Thatcher government’s policy regarding the sale of council houses, see: Vinen, Thatcher’s Britain, 201–4; J. Kreiger, Reagan, Thatcher and the Politics of Decline (Cambridge: Polity, 1986), 73–5; and, Campbell, Iron Lady, 232–6. 25. Conservative Party, General Election Manifesto 1979, 11 April 1979, accessed via www.margaretthatcher.org document 110858, 4 December 2009. Notes 217

26. Ibid. 27. Green, Thatcher, 84. 28. Ibid, 100. 29. N. Lawson, The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), 199. 30. Sir G. Howe, Conflict of Loyalty (London: Macmillan, 1994), 253–4. 31. Shadow cabinet: Circulated Paper, ‘The Right Approach to the Economy’ – draft, 17 August 1977, accessed via www.margaretthatcher.org document 110203, 26 November 2009. 32. Ibid. 33. Steering Committee: Minutes of 59th Meeting (nationalised industries & regional policy), Monday 3 July 1978, www.margaretthacther.org, document 109840, 12 December 2008. 34. Report of Nationalised Industries Policy Group, Economic Reconstruction Group, 30 June 1977, accessed via www.margaretthatcher.org document 110795, 26 November 2009. 35. Steering Committee: Minutes of 59th Meeting (nationalised industries & regional policy), 3 July 1978, accessed via www.margaretthatcher.org document 109840, 26 November 2009. 36. Report of Nationalised Industries Policy Group, Economic Reconstruction Group, 30 June 1977. 37. Ibid. For other minutes examined for any evidence of the ERG discussing the American example of industry, see: Shadow cabinet: Circulated Paper (Nationalised Industries & the Consumer Policy Group – Report), 8 April 1976, accessed via www.margaretthatcher.org document 110135, 26 November 2009; Nationalised Industries Policy Group – Minutes of 1st Meeting, 20 April 1976, accessed www.margaretthatcher.org document 110841, 26 November 2009; Nationalised Industries Policy Group – Minutes of 2nd Meeting, 12 May 1976, accessed via www.margaretthatcher.org document 110842, 26 November 2009; Nationalised Industries Policy Group – Minutes of 4th Meeting, 9 June 1976, accessed via www. margaretthatcher.org document 110843, 26 November 2009; Shadow cabinet: Circulated Paper (Heseltine on nationalised industries; Nationalised Industries Policy Group – Report), 13 July 1976, accessed via www.margaretthatcher.org document 110163, 26 November 2009; ‘The Right Approach’ (Conservative policy statement), 4 October 1976, accessed via www.margaretthatcher.org document 109439, 26 November 2009; Nationalised Industries Policy Group – Minutes of Meeting, 12 January 1977, accessed via www.margaretthatcher.org document 110844, 26 November 2009; Nationalised Industries Policy Group – Minutes of Meeting, 15 February 1977, accessed via www.margaretthatcher.org document 110845, 26 November 2009; Nationalised Industries Policy Group – Minutes of Meeting, 5 May 1977, accessed via www.margaretthatcher.org document 110846, 26 November 2009; and, Centre for Policy Studies Industrial Policy Committee minutes (meeting), 9 June 1977, accessed via www.margaretthatcher.org document 111941, 26 November 2009. 38. Interview with Professor David Parker, Tuesday 9 December 2008. 39. Shadow cabinet: Circulated Paper (Nick Ridley on Nationalised Industry policy), 26 June 1978, www.margaretthatcher.org, document 110267, 12 December 2008. 40. Ibid. 41. Interview with Professor David Parker. See also: Parker, Privatisation, 52–88. 42. Parker, Privatisation, 88. 218 Notes

43. Interview with Professor Stephen Littlechild, The Bell Pub, Harborne, Birmingham, Saturday 1 March 2008. See also: S.C. Littlechild, ‘Change Rules, O.K.?’, Inaugural Lecture in the University of Birmingham, 28 May 1977. 44. See S.C. Littlechild, The Fallacy of the Mixed Economy: An ‘Austrian’ Critique of economic thinking and policy (London: Institute of Economic Affairs, 1978). A second edition of Fallacy was printed in 1986. In an extensive postscript, Littlechild argued: ‘there is much left to do to meet the ‘Austrian critique’ in its entirety. But while there are many policies characterised by little or no change, it is difficult to find examples of policy developing in a direction contrary to Austrian analysis. In several respects, indeed, the achievements of the present Government in enhanc- ing the role of market processes have been more remarkable than could ever have been expected in 1978’ (p. 106). 45. Littlechild, Fallacy, 10. 46. Interview with Professor Stephen Littlechild. 47. Parker, Privatisation, 400. 48. Ibid, 20–22. 49. L. Cannon, President Reagan: The Role of A Lifetime (New York and London: Simon and Schuster, 2000), 736. 50. Ibid, 737. 51. J. Ehrman, The Eighties: America in the Age of Reagan (New Haven, Conn. and London: Yale University Press, 2005), 32. 52. Interview with Mr James Gattuso, Heritage Foundation, Washington DC, 23 June 2008. 53. Interview with Professor Stephen Littlechild. 54. G.J. Stigler, ‘The Theory of Economic Regulation’, The Bell Journal of Economic and Management Science, 2:1 (1971), 3. For an excellent contemporary discussion about different theories of government regulation, namely ‘public interest’ and ‘interest groups’/’capture theory’ see R.A. Posner, ‘Theories of Economic Regulation’, The Bell Journal of Economics and Management Science, 5:2 (1974), 335–58. The importance of Stigler’s contribution in the regulation debate is assessed further in S. Peltzman, M.E. Levine, and R.G. Noll, ‘The Economic Theory of Regulation after a Decade of Deregulation’, Brookings Papers on Economic Activity. Microeconomics, 1989 (1989), 1–59; and S. Peltzman, ‘George Stigler’s Contribution to the Economic Analysis of Regulation’, The Journal of Political Economy, 101:5 (1993), 818–32. 55. G.J. Stigler, ‘The Theory of Economic Regulation’, 3–21. 56. Parker, Privatisation, 23. 57. M.A. Crew and P.R. Kleindorger, ‘Incentive Regulation in the United Kingdom and the United States: Some Lessons’, Journal of Regulatory Economics, 9:3 (1996), 212. 58. Ibid. 59. Interview with Professor David Parker. Both Parker and Crew identified that this issue had been discussed by American economists since it was first noted in H. Averch and L.L. Johnson, ‘Behaviour of the Firm under Regulatory Constrain’, American Economic Review, 52:5 (1962), 1052–69. 60. G. Majone, ‘The Rise of the Regulatory State in Europe’, West European Politics, 17:3 (1994), 77–8. 61. J.R. Henig, ‘Privatization in the United States: Theory and Practice’, Political Science Quarterly, 104:4 (1989–1990), 661. 62. A.E. Busch, Ronald Reagan and the Politics of Freedom (Lanham: Rowman & Littlefield, 2001), 80. Notes 219

63. Ibid. 64. Ibid, 88. 65. Ehrman, The Eighties, 91–2. 66. Cannon, Reagan, 737–40 67. Ehrman, The Eighties, 94–5. For further discussion of the deregulation of telecommunications in America, see: J.T. Wenders, ‘Deregulating Telecommunications’, in R.E. Meiners and B. Yandle (eds), Regulation and the Reagan Era (New York and London: Holmes & Meier, 1989), 104–31. 68. Ibid, 96–8. 69. Ibid, 100. 70. Busch, Ronald Reagan, 86 71. G. Majone, ‘Paradoxes of privatisation and deregulation’, Journal of European Public Policy, Vol. 1, No. 1 ( June, 1994), 64. Majone’s article makes a comparative analysis of the deregulation of telecommunications in the USA and the privatisation of the British equivalent. 72. R.W. Crandall, ‘What Ever Happened to Deregulation?’, in D. Boaz, Assessing the Reagan Years (Washington DC: Cato Institute, 1988), 271. For an examination of the success of Reagan’s regulatory program see Candall, ‘What Ever Happened to Deregulation?’, 271–89. 73. Interview with Mr James Gattuso. 74. Cannon, Reagan, 740. 75. Ibid, 740. For an excellent summary of the Savings and Loan scandal, see Cannon, Reagan, 740-43. 76. Meiners and Yandle, ‘Regulatory Lessons from the Reagan Era: Introduction’, in Meiners and Yandle (eds), Regulation, 14. 77. Discussion of these scandals is beyond the scope of this thesis’ focus on policy transfer between the Thatcher and Reagan administrations. For further examination of these issues, see: M. Schaller, Reckoning with Reagan: American and Its President in the 1980s (New York and Oxford: Oxford University Press, 1992), 99–118. 78. Russell Lewis, ‘Deregulation: a note on American Experience’, Annex A to CPS CHMNS GP MINUTE 11 JAN 83, CPS/9/1, De-regulation – Minutes and Agenda 1982–1983, Centre for Policy Studies (CPS) at London School of Economics (LSE) Archives. 79. Ibid. 80. Interview with Mr James Gattuso. 81. Ibid. 82. Interview with Professor Stephen Littlechild. 83. Campbell, The Iron Lady, 94. 84. D. Windsor, ‘Reprivatising Britain: Thatcherism and Its Results’, in S. Pugliese, (ed.), The Political Legacy of Margaret Thatcher (London: Politico’s, 2003), 123. 85. A. Gamble, ‘Privatization, Thatcherism, and the British State’, in Journal of Law and Society, 16:1 (1988), 1–21. 86. William. F. Buckley Jr., ‘Margaret Is My Darling’, National Review, 25 May 1979, 698. 87. Ibid. 88. Laurence I. Barrett, ‘An Interview with Ronald Reagan’, Time, 5 January 1981, 31. 89. Interview with Lord Parkinson, House of Lords, 11 July 2007. 90. Interview with Lord Griffiths of Fforestfach, Goldman Sachs, London, 5 December 2007. 91. Interview with Dr Arthur Laffer, 28 December 2007. 220 Notes

92. Interview with Lord Parkinson. 93. Ibid. 94. Campbell, Iron Lady, 95–7, 236. 95. D. Kavanagh, Thatcherism and British Politics: The End of Consensus? (Oxford: Oxford University Press, 1990), 221. The BNOC was the British National Oil Corporation. 96. Campbell, The Iron Lady, 166. 97. Ibid, 96–7. 98. Parker, Privatisation, 261–2, 294. 99. Lawson, The View, 222. 100. Interview with Professor Stephen Littlechild. 101. Interview with Professor David Parker. 102. Majone, ‘Paradoxes of privatisation and deregulation’, 66. 103. Interview with Mr James Gattuso. 104. S.C. Littlechild, Regulation of British Telecommunications’ Profitability (Department of Trade and Industry: London, 1983), 8–9. 105. Interview with Professor David Parker. 106. I. Stelzer, ‘Privatisation and Regulation: Oft-Necessary Complements’, in C. Veljanovski, Privatisation & Competition: A Market Prospectus (London: Institute of Economic Affairs, 1989), 72. 107. Ibid. 108. Ibid, 73. 109. B. Carsberg, ‘Injecting Competition into Telecommunications’, in Veljanovski, A Market Prospectus, 92. 110. R. Trotman, ‘Experience with utility regulation in Great Britain’, in A. Bennett (ed.), How Does Privatization Work? Essays on privatization in honour of Professor V.V. Ramanadham (London: Routledge, 1997), 287. This is an excellent collection of thematic papers utilising cases studies from various countries to examine the mechanisms, techniques and the extent of privatisation’s success. 111. Campbell, The Iron Lady, 167–8. 112. Ibid, 236–42. 113. M. Ricketts, ‘Property rights, incentives and privatization’, in S. Roy and J. Clarke, (eds), Margaret Thatcher’s Revolution: How it Happened and What it Meant (London: Continuum, 2005), 70–1. 114. Vinen, Thatcher’s Britain, 200. 115. Campbell, Iron Lady, 238. 116. Ibid, 238. 117. Vinen, Thatcher’s Britain, 198. 118. R.D. Utt, ‘Privatization in the United States’, in G. Yarrow and P. Jasínksi (eds), Privatization: Critical Perspectives on the World Economy (London: Routledge, 1996), 232. 119. Ibid. 120. Interview with Professor David Parker. 121. Interview with Lord Griffiths of Fforestfach. 122. Meeting of the Nationalised Industries Study Group held at the Centre For Policy Studies, 8 Wilfred Street, London SW1, on Thursday 13 September 1984, CPS/13/1, Minutes of the Nationalised Industries / Privatised Industries Study Group of CPS 1979–1991 (some missing), CPS at LSE Archives. 123. Ibid. 124. Parker, Privatisation, 268, 273. 125. Interview with Professor Stephen Littlechild. Notes 221

126. S.C. Littlechild, ‘Ten Steps to Denationalisation’, in Veljanovski, A Market Prospectus, 23. This chapter was first published in the IEA’s Journal of Economic Affairs, 2:1 (1981), 11–19. 127. Interview with Professor Stephen Littlechild. 128. I. Bartle, ‘Introduction’, in (ed.), I. Bartle, The UK Model of Utility Regulation: A 20th Anniversary collection to mark the ‘Littlechild Report’ – Retrospect and Prospect (Centre for the Study of Regulated Industries: University of Bath, 2003), 1. 129. Lawson, The View, 223. 130. Interview with Dr Irwin Stelzer. 131. Interview with Professor Stephen Littlechild. 132. Interview with Dr Arthur Laffer. 133. Interview with Professor Patrick Minford. 134. Interview with Lord Parkinson. 135. Interview with Dr Irwin Stelzer. 136. Ibid. 137. Interview with Professor Stephen Littlechild. 138. Ibid. 139. Elizabeth Whitney, ‘Public gobbles assets sold by governments’, St. Petersburg Times (Florida), Sunday 27 December 1987, City Edition, 1A. 140. Ibid. 141. Ibid. 142. Opinion, ‘Thatcher’s Miracle: Ten years that transformed Britain’, The San Diego Union-Tribune, Sunday 7 May 1989, C1. (Article excerpted from 29 April 1989 issue of The Economist of London.) 143. Ibid. 144. Andrew Barnes, ‘Private enterprise gets a boost in Thatcher’s Britain’, St. Petersburg Times (Florida). Sunday 13 March 1988, City Edition, 2D. 145. Ibid. 146. Interview with Dr Stuart Butler, Heritage Foundation, Washington DC, 25 June 2008. 147. Interview with Mr James Gattuso. 148. An early (yet excellent) account of these events can be found in Smith, Reagan and Thatcher, 141–44 and 165. 149. Smith, Reagan and Thatcher, 141. 150. Ibid. 151. Ibid. 152. Ibid, 142. 153. Ibid, 143. 154. Ibid. 155. Ibid, 144. 156. Cable, Margaret Thatcher to Ronald Reagan, 29 March 1983, United Kingdom: Prime Minister Thatcher, 6420, Box 35, Executive Secretariat, National Security Council, Head of State File: Records, Ronald Reagan Library. 157. Ibid. 158. Ibid. 159. Memorandum for the President, William P. Clark to Ronald Reagan, ‘Subject: Reply to Mrs. Thatcher’s Letter on Airline Antitrust Investigation’, 6 April 1983, United Kingdom: Prime Minister Thatcher, 2176, Box 35, Executive Secretariat, National Security Council, Head of State File: Records, Ronald Reagan Library. 222 Notes

160. Cable, Ronald Reagan to Margaret Thatcher, 6 April 1983, United Kingdom: Prime Minister Thatcher, 2176, Box 35, Executive Secretariat, National Security Council, Head of State File: Records, Ronald Reagan Library. 161. Ibid. 162. Smith, Reagan and Thatcher, 141. 163. Ibid. 164. Alex Brummer and Michael Smith, ‘Reagan lifts US Laker threat to BA’, The Guardian, Tuesday 20 November 1984, 1. 165. Stephen Aris and Peter Stothard, ‘Why Reagan let B.A. fly away free’, The Times, Wednesday 21 November 1984, 18. 166. Ibid. 167. Ibid. 168. Ibid. 169. Ibid. 170. Editorial Desk, ‘Crash Landing for Free Enterprise’, The New York Times, Friday 23 November 1984, Late City Final Edition, A34. 171. Ibid. 172. Stuart Auerbach, ‘Jury Probe Of Airlines Called Off; Presidential Action Seen Bow to Britain in Far Dispute’, The Washington Post, Tuesday 20 November 1984, Final Edition, A1. 173. Letter, Senator Howard M. Metzenbaum (D. Ohio) to Ronald Reagan, 20 November 1984, ‘Thatcher Visit Dec 84 (4)’, 277510, Box 90920, European and Soviet Affairs Directorate, Ronald Reagan Library. 174. Ibid. 175. Memorandum, Robert C. McFarlane to the President, ‘Reply to Mrs. Thatcher on Civil Aviation’, December 21, 1984, 30884, Box 36, Executive Secretariat, NSC: Head of State File, United Kingdom: Prime Minister Thatcher (8407695- 8409063), Ronald Reagan Library. 176. Ibid. 177. Memorandum, George P. Shultz to Ronald Reagan, 20 December 1984, 22479, United Kingdom: Prime Minister Official Visit, December 22, 1984 (2/3), Box 91440 (LAC 6), Executive Secretariat, NSC: VIP Visits, Ronald Reagan Library. 178. Memorandum for Mr. Nicholas Platt (Executive Secretary, Department of State), Robert M. Kimmit (Executive Secretary National Security Council) to Nicholas Platt, ‘Subject: Memorandum of Conversation of British Prime Minister Margaret Thatcher’s visit, December 22, 1984 – Camp David’, 17 January 1985, Thatcher Visit – Dec 84 (1), 8768, Box 90902, European and Soviet Affairs Directorate, NSC: Records, Ronald Reagan Library. 179. Ibid. 180. Ibid. 181. Ibid. 182. Memorandum of conversation, Subject: Private Meeting with Prime Minister Margaret Thatcher of Great Britain, Participants: The President, Jack F. Matlock (NSC), Prime Minister Thatcher, Robin Butler (Principal Private Secretary), February 20, 1985, 12:10–12:30, The Oval Office, European & Soviet Affairs Directorate, NSC: Records, Box 90902, folder: Mrs. Thatcher Visit February 1985 (2), Ronald Reagan Library. 183. Ibid. 184. Smith, Reagan and Thatcher, 165. Notes 223

185. Suandra Saperstein, ‘Laker Airways Antitrust Suit Is Settled’, The Washington Post, Saturday 13 July 1985, Final Edition, D9. 186. Ibid. 187. Smith, Reagan and Thatcher, 165. 188. M. Thatcher, The Downing Street Years (London: HarperCollins, 1993). 189. R. Reagan, The Reagan Diaries, D. Brinkley (ed.), (New York: HarperCollins, 2007), Friday November 16 1984, 278. 190. P. Robinson, Book Proposal: Ron and Margaret: The Story of the Friendship that Changed the World. 191. Memorandum, George P. Shultz to Ronald Reagan, 20 December 1984, 22479, United Kingdom: Prime Minister Official Visit, December 22 1984 (2/3), Box 91440 (LAC 6), Executive Secretariat, NSC: VIP Visits, Ronald Reagan Library. 192. Alex Brummer, ‘Uncle Sam is being persuaded that Thatcher-type privatisation is the way to go; US economists respond favourably to Britain’s privatisation programme’, The Guardian, Monday 27 January 1986, 20. 193. Ibid. 194. Henig, ‘Privatization in the United States’, 661. 195. Ibid, 662. 196. Alex Brummer, ‘US will sell off assets to help balance the budget’, The Guardian, Tuesday 24 December 1985, 7. 197. Ibid. 198. Interview with Mr Jim Miller, Washington DC, 20 June 2008. 199. Stuart Butler, ‘Business Forum; Why it pays to privatize public services’, The New York Times, Sunday 19 January 1986, Late City Final Edition, F2. 200. Ibid. 201. Edward C. Hayes, ‘Privatization: Cure for federal and local deficits?’, The San Diego Union-Tribune, Friday 7 March 1986, B9. 202. Ibid. 203. ‘Privatisation’, author and date unknown, 108633, BE004, WHORM: Subject File, Ronald Reagan Library. 204. Ibid. 205. For an examination of the positive and negative aspects of privatisation, with specific reference to contracting out, see L.C. Fitch, ‘The Rocky Road to Privatization’, American Journal of Economics and Sociology, 47:1 (1988), 1–14. 206. Ronald D. Utt, ‘Privatization in the United States’, in George Yarrow and Piotr Jasínksi (eds), Privatization: Critical Perspectives on the World Economy (London, 1996), 232. 207. Ibid, 233. 208. Ibid. 209. Boardman, Laurin and Vining, ‘Privatization in North America’, in Parker and Saal (eds), International Handbook, 149. 210. Barbara Bradley, ‘US spinoffs to private sector on track?’, Christian Science Monitor (Boston, MA), Monday 8 September 1986, 23. 211. Ibid. 212. Ibid 213. Ibid. 214. R.H. Nelson, ‘Privatization of Federal Lands: What Did Not Happen’, in Meiners and Yandle (eds), Regulation, 132–65. 215. Interview with Mr James Gattuso. 224 Notes

216. Interview with Dr Stuart Butler. Housing policy is beyond the scope of this chapter, however, for a study of Thatcher and Reagan’s approach to housing, see: P. Pierson, Dismantling the Welfare State? Reagan, Thatcher and the Politics of Retrenchment (Cambridge: Cambridge University Press, 1994), 74–99. 217. Interview with Mr James Gattuso. 218. Dan Witt, ‘Thatcher proved her point, but Congress still isn’t listening’, The San Diego Union-Tribune, Sunday 19 July 1987, C4. 219. Ibid. 220. Ibid. 221. Lou Cannon, ‘Reagan Picks Privatization Panelists’, The Washington Post, Friday 4 September 1987, Final Edition, A23. 222. See: Irwin Stelzer, ‘American Account: Reagan advisers plant seeds of privatisation’, The Sunday Times, Sunday 10 April 1988, D12. 223. Ibid. 224. Ibid. 225. Conservative Party, Conservative General Election Manifesto 1979, Wednesday 11 April 1979, www.margaretthatcher.org document 110858, Friday 12 December 2008. 226. Ronald Reagan, Inaugural Address, 20 January 1981, accessed via http://www. reagan.utexas.edu/archives/speeches/1981/12081a.htm, Saturday 13 December 2008. 227. Ibid. 228. Margaret Thatcher, Speech to Joint houses of Congress, Wednesday 20 February 1985, accessed via www.margaretthatcher.org document 105968, Wednesday 11 December 2008. 229. Margaret Thatcher, Speech to Conservative Trade Unionists Conference, 30 November 1985, accessed via www.margaretthatcher.org document 106185, Wednesday 11 December 2008. 230. Ibid. 231. Margaret Thatcher, Speech to Conservative Party Conference, Friday 10 October 1986, accessed via www.margaretthatcher.org document 106498, Wednesday 11 December 2008. 232. Margaret Thatcher, Speech to Conservative Party Conference, Friday 10 October 1986, accessed via www.margaretthatcher.org document 106498, Wednesday 11 December 2008. 233. Statement on the President’s Commission on Privatization, September 3, 1987, accessed via http://www.reagan.utexas.edu/search/speeches/speech_srch.html, 11 December 2008. 234. Ibid. 235. Interview with Mr Wynton Hall, 20 November 2007. 236. Interview with Lord Powell. 237. Ibid. 238. Interview with Mr Edwin Meese. 239. Robinson, Ron and Margaret. 240. Interview with Mr Peter Robinson, 22 May 2008. 241. Interview with Mr Jim Miller III. 242. Interview with Lord Parkinson. 243. Interview with Dr Arthur Laffer. 244. Interview with Professor Patrick Minford. Notes 225

245. Interview with Sir Bernard Ingham, Institute of Directors, Tuesday 27 February 2007. 246. Interview with Sir Malcolm Rifkind, 12 March 2007.

Conclusion: ‘Who Influenced Whom?’

1. See, for instance, Margaret Thatcher, ‘Reagan’s Leadership, America’s Recovery’, National Review, 30 December 1988, 22–4; Ronald Reagan, ‘Margaret Thatcher and the Revival of the West’, National Review, 19 May 1989, 21–2; and, M. Thatcher, The Downing Street Years (London: HarperCollins, 1993), 156–7. 2. Hella Pick, ‘After Reagan: Can the special relationship survive?’ The Guardian, 3 November 1988, 7. 3. Leading Article, ‘A less special relationship gives us room to breathe’, The Independent, Sunday 15 April 1990, 18. 4. Jim Hoagland, ‘The End of The Special Relationship’, The Washington Post, Thursday 7 December 1989, Final Edition, A27. 5. Lou Cannon, ‘Reagan, Thatcher Peas In A Pod’, Seattle Post-Intelligencer, Monday 26 November 1990, A11. (As a nationally syndicated columnist, Cannon’s article would have appeared in newspapers across America.) 6. Thomas Oliphant, ‘The Thatcher decade of discontent’, The Boston Globe, Wednesday 28 November 1990, City Edition, 19. 7. G. Smith, Reagan and Thatcher (London: Bodley Head, 1990), 260. 8. Ibid, 258–9. 9. Ibid, 259. 10. N. Wapshott, Ronald Reagan and Margaret Thatcher: A Political Marriage (London: Sentinel, 2007), 294. 11. Interview with Lord Kinnock, House of Lords, 9 November 2010. 12. G.M. Fredrickson, ‘From Exceptionalism to Variability: Recent Development in Cross-National Comparative History’, The Journal of American History, 82:2 (1995), 589. 13. Ibid, 590–1. 14. D. Harvey, A Brief History of Neoliberalism (Oxford: Oxford University Press, 2005). 15. For work on historical agency, see, for instance: P. Pomper, ‘Historians and Individual Agency’, History and Theory, 35:3 (1996), 281–308. Bibliography

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1 Manuscripts Henry Brandon Papers, Manuscript Division, US Library of Congress, Washington D.C. Boxes 16, 19, 20, and 25.

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Margaret Thatcher Papers, Churchill Archives Centre, Churchill College, Cambridge THCR 2/1 1975–79 correspondence with Sir Geoffrey Howe, Sir Keith Joseph and Nigel Lawson THCR 2/6/1/37 1976–77 Economic Reconstruction (Policy) Group THCR 2/6/1/50 1975–79 “Keith Joseph Committee” TCHR 2/6/1/51 1975–78 Policy Sub-Committee of Shadow Cabinet THCR 2/6/1/55 1975–77 Public Sector Policy Group THCR 2/6/1/92 1975 (Feb-July) Domestic Economy THCR 2/6/1/93 1975 (Mar-July) Domestic Economy THCR 2/6/1/94 1975–76 Domestic Economy THCR 2/6/1/95 1976–78 Domestic Economy THCR 2/6/1/96 1976 (Dec) Domestic Economy (“Mini-Budget”) THCR 2/6/1/97 1978–79 Domestic Economy THCR 2/6/1/98 1978 Domestic Economy (1978 Finance Bill) THCR 2/6/1/110 1975 (Mar) European Reform Bill debate THCR 2/6/1/252 1975–78 Taxation THCR/2/2/1/18 Correspondence 1976–78 (“Laffer”) THCR 2/2/2/12 Correspondence 1978–79 (“Hal-Hos”)

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Wirthlin, D. (with W.C. Hall), The Greatest Communicator: What Ronald Reagan Taught Me about Politics, Leadership, and Life (New Jersey: John Wiley & Sons, Inc., 2004).

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3 Websites The Margaret Thatcher Foundation www.margaretthatcher.org Roper Centre for Public Opinion Research http://www.ropercenter.uconn.edu/ Ronald Reagan Presidential Library (speeches and statements) http://www.reagan. utexas.edu/archives/speeches/publicpapers.html US Supreme Court Centre http://supreme.justiacom/index.html The American Presidency Project http://www.presidency.ucsb.edu/index.php Internet archive http://www.archive.org/index.php (The author has noted an explanation for this website on the one occasion it was used in this monograph; obviously historians should be aware when using Internet sources.) Appendix: Interviewee Biographies

UK interviews

Mr Keith Boyfield Keith Boyfield is a consultant economist, specialising in regulatory issues and competition, and has contributed to several leading think tanks, such as the Institute of Economic Affairs and the Centre for Policy Studies (CPS).

Sir Colin Budd KCMG Sir Colin Budd was a member of the Diplomatic Service from 1967 to 2005 and served as Private Secretary to Sir Geoffrey Howe when he was Foreign Secretary.

Lord (Brian) Griffiths of Fforestfach Lord Griffiths of Fforestfach is a former director of the Bank of England and served as the Head of the Prime Minister’s Policy Unit from 1985 to 1990.

Lord (Michael) Heseltine CH PC Lord Heseltine served as Secretary of State for the Environment from 1979 until his promotion as Secretary of State for Defence in 1983. In 1986, Heseltine left the Thatcher government following the Westland Affair.

Lord (Sir Geoffrey) Howe of Aberavon CH QC PC Howe served as Thatcher’s Shadow Chancellor of the Exchequer from 1975 to 1979 and then a Chancellor of the Exchequer until 1983. Howe was then Foreign Secretary until 1989, when he became Leader of the House of Commons and Deputy Prime Minister. Howe’s resignation from the government in November 1990 led to the end of Thatcher’s premiership.

Lord (Douglas) Hurd of Westwell CH CBE PC Between 1979 and 1983, Hurd served as Minister of State at the Foreign and Commonwealth Office. Following the 1983 general election, Hurd became a Minister at the Home Office, before becoming Secretary of State for Northern Ireland in 1984. Hurd was again promoted in 1985 and served as Home Secretary until 1989. Thatcher appointed Hurd Foreign Secretary in 1989 and he remained in this post until 1995.

Sir Bernard Ingham A former civil servant, Ingham served as Thatcher’s Press Secretary from 1979 to 1990.

Lord (Neil) Kinnock Kinnock served as Leader of the Labour Party and Leader of HM Opposition in the period 1983–92.

248 Appendix: Interviewee Biographies 249

Lord (Nigel) Lawson of Blaby PC Lawson served as Financial Secretary to the Treasury after the 1979 General Election, before being promoted to Secretary of State for Energy in 1981. From 1983 to 1989, Lawson served as Chancellor of the Exchequer until his resignation from the Thatcher government.

Professor Stephen Littlechild A member of the Monopolies and Mergers Commission from 1983 to 1988 and the first Director General of Electricity Supply from 1989 to1998, Littlechild is an international expert and has been consulted on privatisation, regulation and competition. Littlechild is currently Emeritus Professor at the University of Birmingham and a fellow at the Judge Business School at the University of Cambridge.

Professor David Parker Parker was a member of the UK Competition Commission from 1999 to 2007 and has also advised governments across the world on issues regarding privatisation, regulation and competition. In 2009, Parker’s Official History of Privatisation Volume One was published.

Lord (Cecil) Parkinson PC Parkinson served as Chairman of the Conservative Party from 1981 until 1983 and as Chancellor of the Duchy of Lancaster in the Thatcher government between 1982 and 1983. After the 1983 General Election, Parkinson briefly served that year as Secretary of State for Trade and Industry before leaving the government. Parkinson returned to front-bench politics with his appointment as Secretary of State for Energy in 1987 and later as Secretary of State for Transport in 1989. He stepped down from the cabinet following Thatcher’s resignation in 1990.

Professor Patrick Minford Minford is a renowned economist who has contributed a great deal to monetary and supply-side economic literature. In 1981, Minford defended the Thatcher government following criticism from 364 economists.

Lord (Charles) Powell KCMG Powell joined the Diplomatic Service in 1963. Between 1983 and 1990, he served as Private Secretary to Thatcher and was at the heart of British foreign policy. Powell continued in his post under John Major until 1991.

Lord (Peter) Rees PC QC In 1979 Rees was appointed Minister of State at the Treasury before becoming Minister for Trade two years later. From 1983 to 1985, Rees served as Chief Secretary to the Treasury.

Rt Hon Sir Malcolm Rifkind KCMG QC MP Following Ministerial positions at the Scottish and Foreign Office after 1979, Rifkind joined the cabinet and served as Secretary of State for Scotland from 1986 to 1990. 250 Appendix: Interviewee Biographies

Mr Harvey Thomas CBE Following his work for the Billy Graham Evangelistic Association from 1960 to 1975, Thomas worked for Thatcher and the Conservative Party from 1978 to 1991. Undertaking various activities such as conference and rally production and public relations and communications, Thomas served as Thatcher’s Press and Public Relations Director.

Sir Oliver Wright GCMG GCVO DSC Wright’s career with the Diplomatic Service included his role as UK Ambassador to the USA from 1982 to 1986.

US interviews Mr Morton Blackwell Blackwell has been involved in conservative politics since the 1960s. For instance, he was an Alternate Delegate for Ronald Reagan during the 1968 and 1976 Republican National Conventions before acting as a Reagan Delegate during the 1980 convention. Blackwell led the national youth movement for the 1980 Reagan campaign and served as Special Assistant to the President from 1981 to 1984.

Dr Stuart Butler Butler has worked at the Heritage Foundation think tank since 1979. He specialises in healthcare, budget, social security and urban issues. Butler is currently The Heritage Foundation’s Distinguished Fellow and Director, Center for Policy Innovation.

Dr Lee Edwards Based at the Heritage Foundation, Edwards is a historian of American conservatism, the US presidency and politics on College Campuses. Edwards has written biographies of Reagan, Barry Goldwater and the history of the Heritage Foundation.

Mr James Gattuso Gattuso is currently Senior Research Fellow in Regulatory Policy at the Heritage Foundation. From 1985 to 1990, he worked as a policy analyst at Heritage and focused on telecommunications and antitrust policies.

Mr Wynton Hall Hall is an expert in Presidential communication and has published many books, including those co-authored with Casper Weinberger and Dick Wirthlin. Hall is a communications strategist, ghostwriter and speechwriter.

Mr Clark Judge In 1986, having already worked for Vice-President Bush for over two years, Judge became a speechwriter for Reagan and participated in the development of the 1988 Bush Presidential campaign. Appendix: Interviewee Biographies 251

Dr Arthur Laffer Laffer, an economist, is mainly associated with the development and implementation of policies-based supply-side economics in the 1970s and 1980s. From 1981 to 1989 Laffer served on Reagan’s Economic Policy Advisory Board.

Mr Edwin Meese III Meese served Reagan as both Governor of California and as President of the United States. For instance, from 1981 to 1985 he held the position of Counsellor to the President and then, until 1988, was US Attorney General. Meese has been the Ronald Reagan Distinguished Fellow at the Heritage Foundation since 1988.

Mr James C. (Jim) Miller III From January to October 1981 Miller served as the Administrator for Information and Regulatory Affairs at the Office of Management and Budget (OMB) and then, until October 1985, was Chairman of the US Federal Trade Commission. From 1985 to 1988, Miller served as Director of the OMB and in Reagan’s Cabinet.

Mr Peter Robinson From 1982 to 1983, Robinson served as Vice President Bush’s chief speechwriter, and subsequently served Reagan as special assistant and speechwriter from 1983 to 1988. Robinson wrote Reagan’s ‘Mr. Gorbachev, tear down this wall’ speech in 1987.

Dr Irwin Stelzer Stelzer is an expert on economics, regulation, competitiveness and telecommunications. Currently a senior fellow at the Hudson Institute in Washington DC, Stelzer has also been based at the American Enterprise Institute and written widely on economic policy issues.

Mr Paul Volcker Volcker served as chairman of the Federal Reserve System between 1979 and 1987 under Presidents Carter and Reagan.

Mr Paul Weyrich Weyrich established the Heritage Foundation in 1973 and was a key figure in the politicisation of the Religious Right in America. Weyrich supported Reagan’s 1980 presidential campaign and worked towards the election of conservatives to Congress. Index

A Bell, Jonathan, 20 Abelson, Donald E., 24 Biffen, John, 36, 88 A Conservative Revolution? The Blair, Tony, 154 Thatcher-Reagan Decade in Blair-Clinton dynamics, 184 Perspective, 18, 24 Blanchard, Oliver Jean, 52 Adam Smith Institute (ASI), 5 Bloch, Mark, 17 Aldous, Richard, 19 Borders, William, 57 Alexander, Robert J., 99 Boyfield, Keith, 154 Allen, Richard, 7, 57 Bradley, Barbara, 170 American anti-monopoly tradition, 137 Bretton Woods System, 33 American capitalist system, 15 Bretton Woods System (BWS), 2 American Congress, 11 British Airways, privitisation of, 150–152 American newspapers and radio American antitrust investigation into, stations, 10 159–167 American relative decline, 8 American press reports, 163 American War of Independence British economic performance, 1970s, (1775–83), 11 2–4 America’s traditional economic values, British political culture, 10–11 137 British regulation (1978–90), 154–157 Amtrak, 167 Brock, Bill, 122 An American Life, 41 Brownlee, W. Elliot, 111 Anderson, Martin, 58, 77, 111 Brummer, Alex, 105, 162, 168 Anglo-American relations, context of, Buckley Jr, William. F., 149 7–9, 179. see also Thatcher-Reagan Budget Act 1974, 102 relationship Burns, Terry, 59 Anglo-Saxondom, 8 Bush, George H., 57, 145 antitrust policies, 137 Butler, Dr Stuart, 63, 95 archival material, 27 Butler, Eamonn, 25 Atkinson, Caroline, 62, 86 Butler, Stuart, 25, 85, 134 Atlantic Crossings, 20 The Audit of War, 4 C cabinet ministers B British parliament, 11 Baby Bells, 146 US federal system, 12 Baker, James, 4, 104–105 California tax revolt, 76, 83 Bank of England, 35–36, 44, 47, 49, 51, Callaghan, James, 36, 124 56–60, 68, 138 Callaghan, Jim, 2 bank-rate policy of England, 35 Campbell, John, 15, 51 Barnett, Corelli, 4 Cannon, Lou, 75, 144, 180 Barry Goldwater’s 1964 campaign for Capitalism and Freedom, 41 the presidency, 5 Capturing the Political Imagination: Bartle, Ian, 156 Think Tanks and the Policy Process, Baylis, John, 7 23 Bean, Charles, 88 Carsberg, Bryan, 153

252 Index 253

Centre for Policy Studies (CPS), 5 Dolowitz, David, 21–22 Chapoton, John E., 90–91 domestic policies of the Thatcher and Chicago School of Economics, 4, 181 Reagan administrations, 10–13, Chick, Martin, 139 15–19, 25, 78, 113–114, 123, 133, Churchill, Winston, 9 167, 179, 181, 183–185 Circular A-76, 170 Donavon, Ray, 122 Clark, William P., 92, 161 Dotson, Donald, 121 Clayton Acts, 157 Downie Jr, Leonard, 56–57, 86 Clinton-Blair creation of ‘New Dubofsky, Melvyn, 120 Democrat’ and ‘New Labour,’ 22 Dugger, William M., 54 Cockett, Richard, 23 Dukakis, Michael, 179 Colman, Jonathan, 9 Dumbrell, John, 9 comparative approach to Thatcher-Reagan relationship, E 17–19 Economic Recovery Tax Act (ERTA), comparative history of Thatcher-Reagan 89–90 relationship, 17–19 Edwards, Lee, 134 Congdon, Tom, 35, 44, 47 Ehrman, John, 16 Conservative Capitalism in Britain and the Electric Home and Farm Authority, 136 United States: A Critical Appraisal, 18 Emergency Housing Corporation, 136 Conservative Manifesto, 1979, 140 Emsley, Clive, 10, 17 A Conservative Revolution? The English Culture and the Decline of the Thatcher-Reagan Decade in Industrial Spirit, 4 Perspective, 24 Enterprise Zones (EZs), 94–97 Consolidated Rail Corporation (Conrail), American experience, 95–96 167, 170 American think tank on, 96 Coopey, Richard, 2 British experience, 95–96 corset in banking system, 59 Enterprise Zone Employment and Council of Economic Advisers (CEA), 3 Development Act, 1983, 95 Crandall, Robert W., 147 role in job creation, 96 Cross, David, 59 Entin, Steve, 61 Cuban Missile crisis, 8 European Exchange Rate Mechanism (ERM), 35 D Executive Order 1955, 169 Dallek, Robert, 16 Executive Order 1987, 169 Dart, Justin, 6 Export-Import Bank of the United States Denham, Andrew, 24, 36, 66, 79 (Exim), 165–166 deregulation in America, 144 break-up of AT&T, 146, 151 F Carter administration, 144 The Fallacy of the Mixed Economy, 143 and privatisation policies in Britain, Fantasia, Rick, 119 148 Feasey, Richard, 24 Reagan and, 145–148 Federal Open Market Committee Reagan’s deregulatory programme, (FOMC), 35 145–148 Federal Register, 145 Russell Lewis’ (brief) report, 147–148 Federal Trade Commission (FTC), 137 Devine, Fiona, 13 Feldstein, Martin, 76, 103 Dinkins, Carol, 166 Fleet, Kenneth, 98 Dobson, Alan P., 7 Ford, Gerald, 5, 27 Dole, Elizabeth, 170 Fowler, Normal, 129 254 Index

Fredrickson, George M., 183 Heath, Edward, 57, 79 Free to Choose, 41 Henig, Jeffrey R., 145 Freres, Lazard, 124 Heritage Foundation, 25, 96, 134, 149, Friedman, Benjamin M., 63 171 Friedman, Milton, 3, 27, 40–41, 50, 75 Hershey Jr, Robert D., 85 on Thatcherism vs Reaganomics, Hill, Charles, 92 62–63 historiography of Thatcher-Reagan Friedmanite monetarism, 33, 49 relationship, 14–17 Fry, Geoffrey K., 16 historiography of the Thatcher and Reagan administrations, 14–17 G Hoagland, Jim, 180 Gamble, Andrew, 74, 149 Hoover, Kenneth, 18 Garnett, Mark, 24, 36, 66, 79 Hoover Institution, 27 Gattuso, James, 144, 147–148, 151, 171 Hoskyns, John, 122–123 George, Vic, 14 House of Commons, 11 German Government Select Committees minutes, 27 control of money supply, 38 Howard, Michael, 129 social market economy, 39 Howards, Irving, 14 Gingrich, Newt, 176 Howe, Sir Geoffrey, 27, 34, 38, 48, Goldwater presidential campaign, 1964, 80–81, 84, 113–114, 132, 140, 75 142 Gorbachev, Mikhail, 9 Howell, David, 140 Gormley, Joe, 125 Huhne, Christopher, 100 Grace Commission, 65 Hume, David, 33 Gramm-Rudman-Hollings amendment Humphrey, Hubert, 41 for balancing the budget, 167 Gramm-Rudman-Hollings I amendments, 65 IEA papers, 27 Green, E.H.H., 15, 129, 140 inflation and unemployment, link Greene, Judge Harold H., 166 between, 32–33 Greenspan, Alan, 110 Ingham, Sir Bernard, 83 Griffiths, Brian, 40 Inland Waterways Corporation, 136 Gunther, William D., 94–95 Institute of Economic Affairs (IEA), 5 International Harvester sustained H businesses, 138 Haig, Alexander, 58 Interstate Commerce Act, 137 Hall, Wynton, 175 Interstate Commerce Commission Hames, Tim, 24 (ICC), 137 Harold Wilson’s Labour governments, 3 Iranian Revolution (1978–79), 3 Harris, Ralph, 83 Harris, Robin, 154 J Harrison, Brian, 82 Jackson, Andrew, 10 Hassel, Anke, 118 Jacobs, Lawrence R., 14 Havers, Sir Michael, 162 Jefferson, George, 151 Haviland, Julian, 127 John Brown engineering, 9 Hayek, Friedrich von, 27, 33, 75 Joseph, Sir Keith, 4–5, 36, 51, 79–80, Hayes, Edward C., 169 140, 143, 150, 176 Hayward, Steve F., 75, 109 Stockton Lecture, 38 Heale, M. J., 16 July riots, 1981, 60 Healey, 48, 66 junk bonds, 146 Index 255

K Margaret Thatcher and Ronald Reagan, 19 Karnosky, Denis S., 60–61 Margaret Thatcher Foundation, 27 Kavanagh, Dennis, 150 Marsh, David, 21 Keegan, Victoria, 100 Massa, Frank, 130 Keller, Morton, 137 Matthews, 49–50 Kemp, Jack, 75 Mayer, Thomas, 32 Kemp-Garcia Bill, 95 Mayer’s series of monetarist Kemp-Roth Tax Reduction Bill, 75, 78, 89 propositions, 32 Kennedy, Ted, 144 Maynard, Roger, 160 Kennedy administration, 3, 9 McCracken, Paul, 78 Kennedy-Macmillan relationship, 22 media, dominance in Britain and Keynesian economics, 32, 99, 184–185 America, 10 deficit financing, 99 Medicare, 111 Keynesian Phillips curve, 32, 76, 118 Medium Term Financial Strategy (MTFS), ‘trade off’ between inflation and 40, 44, 65 unemployment, 2 Meese, Edwin, 34, 175 Keynesian Phillips curve, 32, 76, 118 Meiners, Roger E., 147 Kidder, Rushworth M., 95 Meltzer, Alan H., 87 Kinnock, Lord (Neil), 26, 181 Mercury Communications, 152 Kloppenberg, James T., 20 Middlemas, Keith, 118 Kuwaiti crisis (1961), 8 Miller, James, 168, 175–176 Milligan, Stephen, 108 L Millward, Robert, 138 Laffer, Arthur, 3, 74, 77–78, 84–85, 89, Milne, Seumas, 128 157, 176 Minford, Patrick, 39, 49, 87, 101, 134, Laffer curve, 74, 77, 78, 83, 88, 90, 101 157, 176 Laker, Sir Freddie, 159 monetarism, 32–33 Laker airline case, 159–167 approach to taxation, 74–75 Lawson, Lord Nigel, 4, 19, 33–34, 48–49, Monetarism is Not Enough, 38 66, 81, 99, 102, 113, 125, 132, AMonetary History of the United States, 47 140, 151 monetary policy, Reagan administration on American Budget deficit, Mansion America’s New Beginning: A Program for House speech, 103, 106–108 Economic Recovery, 53 Leathers, Charles G., 94–95 anti-inflationary policies, 34–35, 52, Lebanon operation (1958), 8 65 Lejeune, Anthony, 113–114 belief on monetarism, 33 Lewis, Paul, 133 Benjamin Friedman’s comments, Lincoln, Abraham, 79 63–64 Linowes, David, 173 committee responsible for monetary Littlechild, Stephen, 142–144, 155 and fiscal policy, 35 Lucas, Robert, 76 differences with British monetarism, Lyndon Johnson administration, 47–48 economic problems during, 2 exchange rate policies, 65 growth rates of money and credit, 53 M lower taxation and lower public MacGregor, Ian, 124–125, 128 expenditure policy, Fedaral, 41–42 Macmillan, Harold, 9, 79 monetarism in the USA, 51–54 Macroeconomics After Thatcher and monetary-based control (MBC), 31, Reagan, 18 48–49 Majone, Giandomenico, 147 monetary policy 256 Index monetary policy, Reagan piecemeal strategy, 42 administration – continued role of think tanks, 36, 40 1981–2, 54–55 social market economy, UK, 39 1982–9, 63–66 Thatcher’s monetarism, 42–47, 49–51 money supply, 63–64 Wall Street Journal’s criticism, 53–54 open-market policy, 35 Walters’ assessment of the failure of and President Jimmy Carter’s monetary policy, 50–51 monetary policy, 51–52 working relationship with other priorities for government spending, members, 34 65–66 Monetary Policy Committee, UK, 35 Reaganomics, 52–53 money, types of, 32–33 Reagan’s approach, 41–42, 54–55 money supply role of think tanks, 36, 40 monetary policy, Reagan Volcker administration, 63–64 experiment with MBC, 47–48, 61 monetary policy, Thatcher monetary policy, 52–54 administration, 38–39, 44, 58–59 monetary policy, Thatcher Mont Pelerin Society, 4 administration Morgan, Iwan, 65 abolition of exchange controls, 43 Morning in America, 16 American reaction to ‘monetarism,’ Morris, Christopher, 162 67, 181 Morrison, David, 100 anti-inflationary policies, 34–35, Muller-Armack, Alfred, 39 42–43 Mulroney, Brian, 16 bank-rate policy, 35 Mundell, Robert, 77 belief on monetarism, 33 Murdoch, Rupert, 129 British reaction to ‘monetarism,’ 67 committee responsible for monetary N and fiscal policy, 35 National Economic Research Associates Conservatives approach, 36–41 Inc. (NERA), 155 control of money supply, 38–39, 44, National Freight Corporation, 140 58–59 National Heath Service (NHS), in Britain development of central banks and and America, 13–14 attitude of Thatcher government, nationalisation and regulation, 136–139 35 National Weather Service Satellites, 167 differences with American ‘Neo-Keynesian’ deficit financing, 99 monetarism, 47–48. see also New Right economics, 27, 143, 179, Thatcherism vs Reaganomics 184 European Exchange Rate Mechanism Norfolk Southern Railroad, 171 (ERM), 35 Nott, John, 36, 140 Friedman’s comments, 45–47 Novak, Robert D., 78 Medium Term Financial Strategy nuclear relationship between Britain (MTFS), 40, 44, 65 and America, 22 Memorandum on Monetary Policy, 44 Minford’s Liverpool Model, 39–40 O monetary-based control (MBC), 31, Oakley, Robin, 107 48–49 Office of Management and Budget Monetary Control, 44 (OMB), 57 monetary policy 1982–90, 66 Oliphant, Thomas, 180 monetary squeeze and resulting open-market policy, Fed’s, 35 recession, 50–51, 57 oral history, 25–27 Index 257

Organisation of Petroleum Exporting public corporation, America form vs Countries (OPEC), 3 British form, 136 Osnos, Peter, 130 public ownership of British industry, O’Sullivan, John, 19, 59 1940s, 138–139 Ovendale, Richard, 8 public spending, Reagan vs Thatcher, 3, 7, 38, 50, 74, 80, 84–85, 100, P 110–111, 114, 182 Page, Benjamin I., 14 Parker, David, 136, 141, 145 R Parkinson, Lord, 84, 157 Rattner, Steven, 86 PATCO strike. see trade (labor) union Rayner, Lord (Derek), 154 reforms, Reagan and Reagan Phillips curve trade-off between approach to taxes. see taxation unemployment and inflation, 32 as Governor of California, 5 Pilgrim’s Dinner, 7 handling of the infamous air-traffic Plant, Raymond, 18 controller strike, 18–19 policy transfer, Thatcher-Reagan inaugural address, 7 relationship, 1, 10, 13, 31, 69–70, and privatisation programme, 133, 135, 141, 183 169–171 contracting out, 154 Consolidated Rail Corporation establishment of EZs, 96 (Conrail), 170 Friedman’s comments, 45–47 contracting out, 169–170 monetary policy, 181–182 opposition to, 171 political science literature, 21–23 of state assets, 172–173 privatisation, 149, 167, 175–177 re-election campaign, 5 Suez and IMF crises, 21–22 role in foreign affairs, historical study, tax policies, 94 16 transatlantic domestic, 184–185 ‘The Speech,’ 5 unitary taxation, 92 Reagan, Thatcher and the Politics of political systems of Britain and America, Decline, 17 9–14 Reagan and Thatcher, 108 The Politics of the Thatcher Revolution, 16 Reagan and Thatcher: A Political Marriage, Poole, William, 53 180 Portillo, Michael, 154 The Reagan Diaries, 62 Powell, Lord Enoch, 34, 36, 108, 113, 150 Reagan & Thatcher, 19 The President, the Pope and the Prime Rees-Mogg, William, 82 Minister, 19 Regan, Donald, 19, 34, 41, 57, 60, 86, Price, Charles, 160, 165 111 Prior, Jim, 128 regulation in America, 136–137 privatisation in America, 169–171, 183 American cost-plus regulation of ‘rate of Consolidated Rail Corporation return’ (ROR), 144 (Conrail), 170 industrial problems, 138 contracting out, 169–170 Public Utility Holding Company Act, opposition to, 171 1935, 138 of state assets, 172–173 of utilities, 138 privatisation in Britain, 139–144, 183 regulation in Britain, 154–157 of British Airways (BA), 159–167 Littlechild’s regulatory system, 156 global impact, 157–159 RPI-X regulatory approach, impact on Reagan, 167–173 155–156 Thatcher and, 148–154 Reynolds, Morgan O., 122 258 Index

Richardson, Gordon, 36 Sprinkler, Beryl W., 58–59 Ridley, Adam, 40 Stalin, President, 8 Ridley, Nicholas, 36, 141–142 Stelzer, Irwin, 34, 67, 113, 120, 133, Rifkind, Sir Malcolm, 101, 176 152–153, 156, 173, 177 Right, Tory, 128 Steuerle, C. Eugene, 111 The Right Approach to the Economy, 140 Stigler, George, 144 Roberts, Paul Craig, 4 Stockman, David, 57, 89 Robinson, Derek (‘Red Robbo’), 124 Stone, Diane, 24 Robinson, Peter, 111, 133, 166, 175 Streeck, Wolfgang, 118 Rodgers, Daniel T., 20 Suez debacle, 8 Ronald Reagan Presidential Library, supply-side economics and taxation, California, 27 74–75 Ronald Reagan:The Politics of Symbolism, 16 Synoms, James, 88 Roosevelt, President, 8 Roosevelt, President (FDR), 16 T Roth, William, 75 Taff Vale judgment, 1906, 129 RPI-X regulatory approach, 155–156 taxation, 180, 182 Russell Sage Foundation, 23 academic involvement in farming policies, 82–83 S and anti-inflationary policies, 87 Scargill, Arthur, 125–126 approaches of monetarist and Schaller, Michael, 16 supply-side theory, 74–75, 99, 109 Schultz, George, 104 California tax revolt, 76 Seaberry, Jane, 91 Conservatives meeting with American Sears, John, 77 think tanks, 80–81 Seidon, Elliot, 160 Container Corp. case, 91–92 Seldon, Arthur, 83 establishment of Enterprise Zones Selsdon Programme, 79–80 (EZs), 94–97 Sevenoaks Conservative party, 80 Howe’s controversial 1981 Budget, 82 Shell, 80 Kemp-Roth Tax Reduction Bill, 75, Sherman Antitrust Act, 1890, 137 78, 89 Shultz, George, 103, 164 mutual reinforcement and solidarity Silk, Leonard, 60 for the policies by Thatcher and Skidelsky, Robert, 36 Reagan, 86–88 Skocpol, Theda, 14 and PATCO strike, 87 Smallwood, Christopher, 67 Reaganomics tax cuts, 75–79 Smith, Geoffrey, 6, 18, 108–109, 120, Reagan’s priorities, 5 132, 159–160, 180 British response to, 98–100 Smith, Michael, 162 1981 Economic Recovery Tax Act Social Affairs Unit (SAU), 24 (ERTA), 89–90, 98 social cultures of Britain and America, ‘Rosy Scenario,’ 110 10–14 tax cuts and value of real wages, 99 socialised medicine, 20 tax programme during 1980 social programmes, Britain vs America, 14 election, 77–78 Social Security, 111 1986 Tax Reform Act (TRA), 97–98 sources of Thatcher-Reagan relationship, and US budget deficit, 102–104, 25–27 109–110 South Scotland Electricity Board, 154 Selsdon Programme, 79 Soviet-West European gas pipeline, 9 tax cuts and self-financing, 77 Spectator, 53 tax-cutting philosophy, 73–75 Index 259

Thatcher’s priorities, 74 and regulation, 148–154 attitude to tax reduction, 83 Ridley’s report, 141–142 cuts in 1987–8 budget, 100–102 role in Soviet-West European gas first term: 1979–83, 83–88 pipeline in 1981, 9 Lawson’s comments on Thatcher, 15 Conservative tax policy 1988, 102 Thatcher, Denis, 154 Lawson’s tax-cutting measures and Thatcherism vs Reaganomics, 16, 56–62 impact, 100–101 Friedman’s comments, 62–63 second term: 1983–6, 94 tax-cutting philosophy, 75–90, and transatlantic tensions, 90–93 102–112. see also taxation unitary method, 91–93 Lawson’s comments, 102–103 VAT, 85 Thatcher’s criticism on American tax ‘water’s edge’ solution, 92 and budgetary policy, 103–106 Tebbit, Norman, 129 impact on British domestic Tennessee Valley Authority, 136 interests, 108, 112 Thatcher impact on the stock market, admiration for Reagan, 6–7 106–107 approach to tax cuts. see taxation Thatcher’s correspondence with handling of coal strikes, 18–19 Reagan, 106–107 as ‘honest broker’ between Reagan and transatlantic tensions, 90–93 and Gorbachev, 9 US budget deficit and Europe’s privatisation programme of 1980s, economic problems, 102–104, 139–144 109–110 of air traffic controls, 172 Thatcher-Reagan relationship American press reaction, 157–159 Anglo-American relations, context of, Amersham International, 150 7–9 Associated British Ports, 150 archival material evidence, 27 on the basis of individual utility bureaucratic cooperation, 9 maximisation theory, 143 comparative history, 17–19 benefits of, 167–168 Falklands War (1982), 9 British Airways, 150–152, 159–167 historiography of, 14–17 British Leyland (BL), 150 mutual impact, 179–181 British Telecom (BT), creation of, oral history evidence, 25–27 150–153 policy transfer, 21–23 ‘contracting out’ of services, 154 political and social cultures of Britain and denationalisation, 142–143 and America, 10–14 Economic Reconstruction Group’s sources, 25–27 (ERG) report, 141 strong and weak links, 181–185 at local-level, 169 taxation reforms, 19 London-based banks’ involvement Thatcher-Reagan first meeting, 6 in, 154 think tanks, role of, 23–25 National Enterprise Board holdings, transnational approach, 19–21 150 Thatcher’s Britain, 16 National Freight Corporation, 150 Thinking The Unthinkable: Think-Tanks ‘Ownership by the State is not the and the Economic Counter- same as ownership by the people,’ Revolution, 1931–1983, 23 141 think tanks, role in Thatcher-Reagan property-owning democracy, 139, relationship, 23–25 174 Think Tanks Across Nations: A comparative Reagan on, 167–173 approach, 24 260 Index

Think-Tanks of the New Right, 24 confrontations with unions, 129–130 Thomas, Harvey, 34, 112 divisions of unionised miners Thompson, Paul, 26 between NUM and UDM, Tomlinson, Jim, 4 126–127 trade (labor) union reforms Employment Act, 1980, 128 ‘Americanisation’ of British labour Iron and Steel Trades Confederation relations, 131–132 (ISTC) strike, 124 bailout’s conditions for Chrysler, issues related to MacGregor’s 120 appointment and transference emergence in western countries, 118 fees, 124–126 Great Depression and economic National Coal Board (NCB) reforms, problems of interwar period, 118 124–125 movement by William Winpisinger, NUM, 122, 124 130–131 Pit Deputies strike, 126 Reagan and, 118–122 Printers’ Strike, 1986, 129 abolishment of minimum wages, 1977 Stepping Stones report, 122–123 119 UK Miners’ Strike, 1984–5, 118, Airline workers strike in 1986 and 122–130 1989, 122 UK Miners’ Strike, 1984–5, 118, anti-union policies, 121–122 131–132 approach to the PATCO strike, transnational history of Thatcher- 119–121, 132–134, 183 Reagan relationship, 19–21 Arizona Copper Mine strike 1983–6, Trotman, Robert, 153 122 Troy, Gil, 16 baseball players strike 1981, 122 Truman, Harry, 10 ‘bluecollar’ credentials for the electorate, 119 U deregulation policies, 120–122 UK Miners’ Strike, 1984–5, 118, Hormel Meatpackers’ strike 1985–6, 122–130 122 UK Treasury, 35 national right-to-work legislation, unitary taxation, 91–93 119 United States Steel, 138 Occupational Safety and Health US Federal Reserve System, 35 Administration (OSHA), US federal system, 11–12 dismantling of, 119 check-and-balance within, 12 Screen Actors Guild strike 1980, 122 US Library of Congress, Washington, 27 stance against federal employees, US National Archives, Maryland, 27 119–122 US PATCO strike, 1981, 118–121, strike action in the USA during 132–134 Reagan presidency, 122 Utt, Ronald, 170 transformation in transport industries, 120 V Writers Guild of America strike Vinen, Richard, 16, 36 1981, 122 Volcker, Paul, 35–36, 47–49, 52–54, 61, similarities between the PATCO and 104, 145 the Miners’ Strikes, 130–134 decision to raise monetary targets, Thatcher and, 122–130 63–64 anti-union laws, 128–130 experiment with MBC, 47–48, 61 British Steel Corporation (BSC) loss monetary policy, 52–54 of jobs, 124–125 von Hayek, Friedrich, 3 Index 261

W Will, George F., 104 Wallaert, Steve, 130 Willis, David K., 91 Waller, Robert J., 127 Wills, Garry, 62, 76, 77, 78 Walpole, Sir Robert, 11 Wilson, Harold, 8 Walters, Alan, 4, 33, 49, 59, 103, Wilson-Callaghan ‘social contracts,’ 36 151–152 Windsor, Duane, 148 Wanniski, Jude, 43 Winpisinger, William, 130 Wapshott, Nicholas, 19, 119, 180 Winter of Discontent, 2 Washington Star, 75 Witt, Dan, 172 Watt, David, 8 Woodward, Nicholas, 2 Webley, Simon, 154 Wright, Sir Oliver, 36, 91, 112–113 Weisman, Stephen R., 91, 104 Where’s the Rest of Me?, 76 Y White, Michael, 105 Yandle, Bruce, 147 Whitney, Elizabeth, 157 Yom Kippur war (1973), 3 Wiener, Martin, 4 Young, Hugo, 15 Wildavsky, Aaron, 12 Young and Rubicam, 154