LONDON -- Prime Minister Junichiro Koziumi's smashing election victory could give him the same kind of political power as that which fell into the hands of British Prime Minister Margaret Thatcher in the 1980s. Should he therefore follow the Thatcher recipes and methods for structural economic reform, which had such an electric effect on the British economy and from which the British are still benefiting enormously today 20 years later?
Thatcher used her swelling political majority to best advantage, and showed great courage and conviction in overcoming resistance to change, some of which was quite violent.
But it is as well to remember the weaknesses and ultimate failures in the Thatcher approach as well as the successes, since in the end these caused unnecessary bitterness and devalued her achievements in many people's eyes. These problems could have been avoided.