Why did Margaret Thatcher emphasize individual initiative and laissez-faire economics?

Margaret Thatcher’s emphasis on individual initiative and laissez-faire economics was a deliberate rejection of the postwar consensus of state-managed capitalism, which she believed had led to economic stagnation and excessive government interference.1

Her political philosophy, often termed Thatcherism, was driven by several key factors:

• Philosophical Beliefs: Influenced by the economic thought of F.A. Hayek, Thatcher viewed society as a collection of individuals rather than an organic whole. This led her to prioritize personal independence and self-determination over state-led social structures.12
• Economic Strategy: Guided by monetarism and supply-side economics, she sought to revitalize the British economy by curbing inflation, lowering taxes, and privatizing state-owned industries.1
• Political Context: She aimed to dismantle the "corporate state" that had relied on the cooperation of government, trade unions, and businesses. By restricting the power of trade unions and reducing government expenditure on social services, she intended to shift responsibility from the state to the individual.1

Ultimately, her approach represented a move toward neoliberalism, prioritizing free markets and individual agency as the primary drivers of national prosperity.12