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Thatcher Praises Milton Friedman
Former British Prime Minister Margaret Thatcher applauded Milton Friedman for his contribution to human freedom. Prime Minister Thatcher's reforms -- ideas which Friedman help formulate -- ushered in an era of tremendous economic growth during the 1980s. After hearing of Friedman's passing, Lady Thatcher said, "Milton Friedman revived the economics of liberty when it had been all but forgotten. He was an intellectual freedom fighter. Never was there a less dismal practitioner of a dismal science. "I shall greatly miss my old friend's lucid wisdom and mordant humour."
Story Continues Below Friedman's teachings at the University of Chicago helped foster the "Chicago School" of economics, known for theories associated with free-market libertarianism, the London Telegraph reported. Friedman's views also seriously influenced Sir Keith Joseph, who served as Mrs. Thatcher's Minister of Trade and was among her closest advisers. It was Joseph who first suggested the idea of privatizing state monopolies -- an idea Thatcher embraced. Joseph argued that "ratchet" socialism had undermined Britain's competitiveness in the global economy -- and only a roll back of the welfare state could change that position.
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