The Conservative Party and Its Microeconomic Policies, 1964–97

This chapter analyses the microeconomic policies pursued by the Conservative Party during 1964–97 from a perspective that puts particular emphasis on the respective influences of paternalist and market liberal conservatism. The period 1964–81 is covered much more extensively than the post-1981 period for two reasons, alluded to in the introduction. First, the availability of official papers for 1982 onwards is limited at present, so a full analysis of the period of 1982 onwards comparable to that provided here for 1964–81 is not yet possible. But second, and perhaps more important, is the fact that post-1981 events were determined to a great extent by the competition between market liberal and paternalist forms of conservatism, which was broadly decided in favour of the former by 1982. The microeconomic policies pursued by the Tories from 1982 to 1997 therefore owed much of their form to the policy direction that was established during the first two years of the 1979–83 Thatcher government.