--- description: Margaret Thatcher is one of the leaders, innovators, activists, entertainers, athletes and artists who defined the last century. title: Margaret Thatcher: 100 Women of the Year image: https://static.time.com/v3/assets/bltea6093859af6183b/blt9da13890bc436258/698a0af1db2987993e26503b/social-1982_Margaret-Thatcher.jpg?branch=production --- * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close # 1982: Margaret Thatcher Mar 5, 2020 11:39 AM CUT  Steiner/picture-alliance/dpa/AP by [TIME Staff](/author/time-staff/) ## TIME Staff Update your preferences in [Account Settings](/account/preferences/) Close Mar 5, 2020 11:39 AM CUT The decades after the Second World War were a chastening time for the U.K. The once mighty British Empire lost most of its colonies, and despite steadily rising living standards, the British economy was no longer the global steam engine it had once been. So in 1982, when [Prime Minister Margaret Thatcher](https://time.com/4065340/margaret-thatcher-birthday-90/ "undefined") led a successful military campaign to defend one of the last of Britain’s overseas outposts, the Falkland Islands, from an Argentine attack, it stirred a swell of patriotism, reigniting the wartime spirit, especially for her Conservative Party’s elderly voters. The following year those voters rewarded Thatcher with a massive parliamentary majority, which she used to unleash a free-market revolution. She slashed the size of the British state, deregulated the economy, sold off dozens of state-owned industries and cut taxes with the proceeds. Many became rich as a result of her reforms, but inequality increased substantially too. The rift she created in British society still cuts deep. But nobody disputes her position as one of [Britain’s most influential Prime Ministers](https://time.com/3576221/ronald-reagan-margaret-thatcher-new-tapes/ "undefined") of the 20th century. _—Billy Perrigo_  Thatcher aboard H.M.S. Hermes after its return from the Falklands War in 1982.Ted Blackbrow—Associated Newspapers --- _This article is part of_ [_100 Women of the Year_](https://time.com/100-women-of-the-year/ "undefined")_, TIME’s list of the most influential women of the past century. Read more_ [_about the project_](https://time.com/5793734/time-100-women-of-the-year-issue/ "undefined")_, explore the_ [_100 covers_](https://time.com/5793732/time-100-women-of-the-year-covers/ "undefined") _and sign up for our_ [_Inside TIME newsletter_](https://cloud.newsletters.time.com/newsletters?newsletter%5Fname=INSIDE%5FTIME&source=article-woy-footer "undefined") _for more._ ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/5793666/margaret-thatcher-100-women-of-the-year/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/5793666/margaret-thatcher-100-women-of-the-year/"},"headline":"1982: Margaret Thatcher","datePublished":"2020-03-05T11:39:54.000Z","dateModified":"2026-02-24T08:21:28.734Z","description":"Margaret Thatcher is one of the leaders, innovators, activists, entertainers, athletes and artists who defined the last century.","url":"https://time.com/5793666/margaret-thatcher-100-women-of-the-year/","keywords":["Women of the Year"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt9da13890bc436258/698a0af1db2987993e26503b/social-1982_Margaret-Thatcher.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"TIME Staff","jobTitle":null,"url":"https://time.com/author/time-staff/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt9da13890bc436258/698a0af1db2987993e26503b/social-1982_Margaret-Thatcher.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"SOCIAL - Women of the Year: 1982 Margaret-Thatcher","caption":"","creditText":"","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/5793666/margaret-thatcher-100-women-of-the-year/","name":"1982: Margaret Thatcher"}}]}] ```