Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.
Margaret ThatcherI pay tribute to John Major's achievement in persuading the other 11 Community Heads of Government that they could move ahead to a Social Chapter but not within the treaty and without Britain's participation. It sets a vital precedent. For an enlarged Community can only function if we build in flexibility of that kind... John Major deserves high praise for ensuring at Maastricht that we would not have either a Single Currency or the absurd provisions of the Social Chapter forced upon us: our industry, workforce, and national prosperity will benefit as a result.
Margaret Thatcher