‘EVERYMAN A CAPITALIST’ OR ‘FREE TO CHOOSE’? EXPLORING THE TENSIONS WITHIN THATCHERITE INDIVIDUALISM

It is widely recognized that ‘the individual’ was prioritized by the Thatcher governments. However, there has been little analysis by historians of exactly how the Thatcher government conceptualized ‘the individual’. In this article, we attempt to remedy this deficiency by undertaking a case-study of a key Thatcherite social policy reform: the introduction of ‘personal pensions’. This approach allows us to understand the position of ‘the individual’ on the functional level of Thatcherite policy-making. In doing so, we argue that there was no coherent or fixed Thatcherite concept of the individual. Instead, we identify three fundamental tensions: (i) should individuals be capitalists or consumers; (ii) were they rational or irrational; and (iii) should they be risk-taking entrepreneurs or prudent savers? This reflected, in part, conflicts within the diverse tapestry of post-war neoliberal thought. We demonstrate in this article that these tensions undermined the Thatcher governments’ original attempt to create a society of entrepreneurial investor-capitalists, which in turn cemented their preference for simply maximizing individual freedom of choice within a competitive – yet tightly regulated – market environment.