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 term in 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.