The History Podcast Invisible Hands: 3. Selling The Silver
Apr 9, 2025
A young banker, John Redwood, uncovers a radical idea: transforming Britain into a free market by privatizing state-owned industries. As Margaret Thatcher rises to power, the political landscape shifts dramatically, facing challenges from strikers and unions. The journey of privatizing British Telecom illustrates the cultural embrace of capitalism, featuring a monumental advertising campaign that ignites public interest in share ownership. This narrative not only reshapes the economy but also reflects the societal changes as millions transition from a state-controlled system to individual shareholders.
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Capitalism Drives Progress
- John Redwood recognized that progress and innovation came from competing private companies, not from state control.
- This realization fueled his belief in capitalism as the engine for improving everyday consumer goods and services.
Pitching Privatisation to Thatcher
- John Redwood nervously presented his privatisation ideas to Margaret Thatcher, facing her legendary cross-examination.
- Despite initial skepticism, Thatcher listened and engaged in a lively exchange about selling nationalised industries.
Tempting Managers with Bonuses
- John Redwood predicted management would boost salaries and bonuses after privatisation to entice them.
- Once told this, managers saw opportunities, shifting their attitude to support privatisation.