Ellison, Louise Katherine
(1995)
UK commercial property markets in the context of Thatcherism: 1979-1990.
MPhil thesis, London School of Economics and Political Science.
Abstract
This work investigates the UK commercial property markets in terms of their response to the macroeconomic and supply side policies of the Thatcher Government. The work is structured around three elements: Thatcherism, the macroeconomy and the commercial property markets. These three elements form the basis for a three stage assessment of the economy and commercial property markets from 1979 -1990. The first stage comprises an assessment of Thatcherism. The discussion establishes the origins of Thatcherism, the main tenets of the ideology of Thatcherism and the policies which were implemented. This allows an informed discussion of the political strategy from which the policies implemented by this government arose. This forms the foundation for the investigation which follows. The discussion of Thatcherism leads into the second stage of the assessment, an investigation of the impact of the political strategy of Thatcherism on the macroeconomy. A framework drawing on long term and short term cyclical patterns within the UK economy is established. Economic time series data is then used to establish the major changes in the macroeconomy over this period. These are analysed in the light of the preceding discussion of policy. The third stage within this work is a two - fold study of the commercial property markets. The impact on the commercial property markets of changes in the macroeconomy brought about by the Thatcher Government's economic policies is explored. This leads to an investigation of the impact on the commercial property markets of the Thatcher Government's supply side policies. Conclusions are drawn in two areas, changes within the performance and structure of the commercial property markets arising from i) the Thatcher Government's policy response to long term economic change and ii) the Thatcher Government's policies aiming to create short term economic change. This culminates in an increase in the understanding of the impact of government policy on commercial property markets and of the impact of changes in the performance of the commercial property markets in the rest of the economy.
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