earticle

영어

Stabilization policy normally refers to changes in government policy instruments in response to changing macroeconomic conditions, in order to stabilize the economy. We can argue that a system is stable if the government to pursue high or stable employment, and to stabilize currency values. In this paper, we have got a lesson from the stabilization policy in the UK economy since 1980s. In the decade since 1979, when the Conservative government was elected with Mrs Thatcher as a Prime Minister, there has been a revolution in economic policy. How successful has it been? Many economists argue that the government's success has been in the reduction of inflation rate which means one of the infrastructure for economic growth and stabilization of employment. We remember that Margaret Thatcher was one of the most important people of the century, the TIME 100. Mr. Paul Johnson said that “Margaret Thatcher, champion of free minds and markets, she helped topple the welfare state and make the world safer for capitalism.” We have got lots of economic policy issues like the British winter of 1978- 1979. At that time, there were widespread strikes by trade unions demanding larger pay rises for their members, and were in the higher inflation or bubble economy. In this paper, we argue that what is the stabilization policy instrument or how to apply Thatcherism as the economic policy alternative in Korean economy. We early heard “Margret Thatcher, she is alive.”