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“Clearly, Thatcher and Reagan together established the importance of markets, but we’ve obviously seen a huge recession, and perhaps Thatcher would be rather more responsive to the need in countries around the world to actually get growth,” says Blanchflower. “I think Thatcher was a realist.”

Blanchflower continues, “There is a significant legacy for Thatcher both in the U.K., in the U.S., and elsewhere.”

Watch the full interview, broadcast on 4/8/13 on Bloomberg Television.