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{{cquote|'''The economic success of the Western world is a product of its moral philosophy and practice. ''The economic results are better because the moral philosophy is superior.''  Choice is the essence of ethics: if there were no choice, there would be no ethics, no good, no evil; good and evil have meaning only insofar as man is free to choose.''' <ref>[http://www.margaretthatcher.org/document/103336 1977 speech by Margaret Thatcher; Zurich Economic Society]</ref>}}  

{{cquote|'''The economic success of the Western world is a product of its moral philosophy and practice. ''The economic results are better because the moral philosophy is superior.''  Choice is the essence of ethics: if there were no choice, there would be no ethics, no good, no evil; good and evil have meaning only insofar as man is free to choose.''' <ref>[http://www.margaretthatcher.org/document/103336 1977 speech by Margaret Thatcher; Zurich Economic Society]</ref>}}  

Thatcher sold many of the nationalized industries back to private investors and made tax cuts. She broke the power of the trade unions which stood in the way of the rationalization of the coal industry and modernization of the newspaper industry. Due to her strong standards and her leadership style, she became known as the "[[Iron Lady]]," a term originally coined as an insult by the communist [[Soviet Union]], but one she adopted. A famous statement of hers was that "You turn of you want to, but the lady's not for turning", in reference to calls from within her own party to back down (in the political terminology of the time, "U-turn") on issues that were important to her. Thatcher was always a strong supporter of the the [[United States]], and was a good friend of President [[Ronald Reagan]], uniting with him in actions against the Communists.   

Thatcher sold many of the nationalized industries back to private investors and made tax cuts. She broke the power of the trade unions which stood in the way of the rationalization of the coal industry and modernization of the newspaper industry. Due to her strong standards and her leadership style, she became known as the "[[Iron Lady]]," a term originally coined as an insult by the communist [[Soviet Union]], but one she adopted. A famous statement of hers was "You turn if you want to, but the lady's not for turning", in reference to calls from within her own party to back down (in the political terminology of the time, "U-turn") on issues that were important to her. Thatcher was always a strong supporter of close relations with the [[United States]], and was a good friend of President [[Ronald Reagan]], uniting with him in actions against the Communists.   

She led Britain to victory against [[Argentina]] in a 1982 war over sovereignty of the [[Falkland Islands]]. The United States was allied with both countries,  and initially tried to broker a negotiated settlement. When that failed,  the U.S. supported Britain with vital intelligence information. The conflict led to a strong friendship with the Chilean leader [[Augusto Pinochet]] after Chile helped Britain in the conflict. In 1986, she banned the teaching of homosexuality in schools in a piece of legislation known as [[Section 28]].

She led Britain to victory against [[Argentina]] in a 1982 war over Argentinian aggression against the [[Falkland Islands]]. The United States was allied with both countries,  and initially tried to broker a negotiated settlement. When Thatcher rejected the proposed compromise,  the U.S. supported Britain with intelligence information and the supply of advanced AIM-9L Sidewinder missiles. The conflict led to a strong friendship with the Chilean leader [[Augusto Pinochet]] after Chile helped Britain in the conflict. In 1986, she banned the promotion of homosexuality in schools in a piece of legislation known as [[Section 28]].

Thatcher led the Conservative Party to victory in three general elections (1979, 1983 and 1987).  By 1990, her popularity was waning and there were calls from within her own party for her to step aside.  She was challenged for the party leadership, and when it became clear to her that she would not have the necessary votes she decided not to stand for a second party vote in 1990.  [[John Major]] won the party leadership vote, and was subsequently appointed to succeed Thatcher as Prime Minister.   

Thatcher led the Conservative Party to victory in three general elections (1979, 1983 and 1987).  By 1990, her popularity was waning and there were calls from within her own party for her to step aside.  She was challenged for the party leadership, and when it became clear to her that she would narrowly fail to gain the necessary votes she decided not to stand for a second party vote in 1990.  [[John Major]] won the party leadership vote, and was subsequently appointed to succeed Thatcher as Prime Minister.   

''Thatcher was the longest serving British Prime Minister in more than 150 years and, alongside [[Winston Churchill]], considered to be one of the two most important British political leaders of the twentieth century.''

''Thatcher was the longest serving British Prime Minister in more than 150 years and, alongside [[Winston Churchill]], is considered to be one of the two most important British political leaders of the twentieth century.''

She fundamentally moved the British economy from factories and mines to services and finance.  [[Time|Time Magazine]] wrote of Lady Thatcher:  

She fundamentally moved the British economy from factories and mines to services and finance.  [[Time|Time Magazine]] wrote of Lady Thatcher:  

Lady Thatcher married Denis Thatcher, a successful businessman whom she met at a Conservative Party meeting; a quiet man, he kept out of the spotlight. They had two children, twins Mark Thatcher and Carol Thatcher.

Lady Thatcher married Denis Thatcher, a successful businessman whom she met at a Conservative Party meeting; a quiet man, he kept out of the spotlight. They had two children, twins Mark Thatcher and Carol Thatcher.

Under the troubled Conservative premiership of [[Edward Heath]] (1970-1974), Thatcher served as Secretary of State for Education during which time her most noted achievement was the withdrawal of a daily milk ration to primary age schoolchildren earning her the nickname Milk-Snatcher. After the Conservatives were defeated in the elections of February and October 1974, Thatcher challenged the more liberal Heath for the leadership of the party. When she went into Heath's office to tell him her decision, he did not even bother to look up. "You'll lose," he said. "Good day to you." [http://www.time.com/time/time100/leaders/profile/thatcher.html]

Under the weak and troubled Conservative premiership of [[Edward Heath]] (1970-1974), Thatcher served as Secretary of State for Education during which time her most noted achievement was the withdrawal of a daily milk ration to primary age schoolchildren earning her the nickname Milk-Snatcher. After the Conservatives were defeated in the elections of February and October 1974, Thatcher challenged the more liberal Heath for the leadership of the party. When she went into Heath's office to tell him her decision, he did not even bother to look up. "You'll lose," he said. "Good day to you." [http://www.time.com/time/time100/leaders/profile/thatcher.html]

Though at the time she was a relatively untested figure (and many in the party were wary of choosing a woman leader), she defeated both Heath and other male rivals in the contest in February 1975. Heath subsequently became a prominent personal and political adversary of Thatcher, drawing accusations of bitterness.

Though at the time she was a relatively untested figure (and many in the party were wary of choosing a woman leader), she defeated both Heath and other male rivals in the contest in February 1975. Heath subsequently became a prominent personal and political adversary of Thatcher, drawing accusations of bitterness.

In the 1970s, Thatcher's strongly conservative, pro-capitalist stance resonated with a new mood among the British electorate, many of whom had become dissatisfied with the post-[[World War II]] liberal consensus (the "post-war consensus", sometimes also called "Butskellism" after the centrist Conservative politician [[Rab Butler]] and the moderate Labour politician [[Hugh Gaitskell]]). Thatcher and the Conservatives offered a clear alternative vision for an increasingly aspirational society. The Conservative politician Sir [[Keith Joseph]] was the primary intellectual force behind these theories that later became known as ''Thatcherism''. They were strongly influenced by the pro-market intellectuals [[Friedrich von Hayek]] and [[Milton Friedman]].

In the 1970s, Thatcher's strongly conservative, pro-capitalist stance resonated with a new mood among the British electorate, many of whom had become dissatisfied with the post-[[World War II]] statist consensus (the "post-war consensus", sometimes also called "Butskellism" after the centrist Conservative politician [[Rab Butler]] and the moderate Labour politician [[Hugh Gaitskell]]). Thatcher and the Conservatives offered a clear alternative vision for an increasingly aspirational society. The Conservative politician Sir [[Keith Joseph]] was the primary intellectual force behind these theories that later became known as ''Thatcherism''. They were strongly influenced by the pro-market intellectuals [[Friedrich von Hayek]] and [[Milton Friedman]].

[[Image:503px-Thatcher-loc.jpg|right|thumb|Margaret Thatcher as Leader of the Opposition in 1975.]]

[[Image:503px-Thatcher-loc.jpg|right|thumb|Margaret Thatcher as Leader of the Opposition in 1975.]]