Show:
Main Outcomes
Measuring Reforms
UK vs. Other Countries
Main Reforms
UK vs. Germany
100
Was Thatcher’s tenure good or bad for labor unions?
Bad
100
Which index measures the degree of regulation in different markets? A) OECD B) Global Competitive index C) Frasier Institute Index
A
100
Before the reforms, the UK had a ________ regulated economy and _______ nationalized industries
Highly; Large
100
What year did the UK Big Bang happen?
1986
100
This country focused on incentivizing employment instead of social benefits
Germany
200
What two things did Thatcher do to spur growth in the financial services industry?
Deregulation and the building of Canary Wharf
200
The UK's rank under the Fraser Institute Index increased greatly after what was introduced?
Thatcher reforms
200
Which country has the lowest level of Employment Protection?
USA
200
Share of employment from nationalized industries decreased from 9% to ___ as a result of Privatization
2%
200
This country had the steepest decline in the share of its manufactured goods
England
300
What is the biggest criticism of Thatcher’s reforms?
Growth of income inequality
300
What is the main stress of the Global Competitive Index? A) Regulation B) Growth C) Economic Freedom
B
300
What was the increase in wage inequality due to?
Labor market reforms, encouragement of workers, reduction in the top income tax
300
What are 2 ways Thatcher tried to reduce the power of the labor unions
Restriction of picketing; Ballots required for industrial action; Outlawing sympathy strikers
300
This event helped create cheap labor in Germany and EU
Soviet Union Collapse