The rise of neoliberalism in the English-speaking world is most notably associated with US President Ronald Reagan (1981–8) and British Prime Minister Margaret Thatcher (1979–90). Their fervent campaign to put an end to Keynesian-style ‘big government’ was shared by the Australian Prime Minister Malcolm Fraser (1975–83) and the Canadian Prime Minister Brian Mulroney (1984–93). These political leaders not only articulated the core ideological claims of neoliberalism but also sought to convert them into public policies and programmes. What distinguished Reagan and Thatcher from many other neoliberals, however, was their remarkable resolve to stand by their principles even when it was politically risky or inconvenient to do so. President Reagan, for example, seriously considered not running for a second termin office if doing so meant
he would have to reverse his deep tax cuts. Similarly, when some conservative members within Thatcher’s own Tory Party stated that they could no longer tolerate her tough anti-inflation policies, she boldly declared, ‘You turn if you want to – this Lady is not for turning’. Indeed, the ‘Iron Lady’ was famous for coining other ideological slogans such as ‘There Is No Alternative’ (to her neoliberal agenda). Although the political Left in Britain lost no time in assailing such economic determinism, it nonetheless failed to assemble an alternative political vision that would prove the Prime Minister wrong.