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The decade of 1980s marked the apex of the new radical rightist religion -- Reag anism. The right - wing ideologues, Ronald Reagan (the U.S. president) and Margaret Thatche r (the British prime minister), became the co - founders of Reaganism. The economic perspective of Reaganism, Reganomics (also referred to as "the supply side economics") is built upon the capitalist troika, private profits, private investments, and free - enterprise p roductivity, out of which employment and public revenues will "trickle down." The collapse of commun ism and the disintegration of the Soviet Union and its satellites were presented as the vindication of capitalism; Reaganomics was sanctified as the sacred mantra that brought about t he death of "the evil empire" and the reincarnation of the 19th century free enterprise capitalis m. The right - wing ideologues elevated Ronald Reagan as the high priest and Margaret Thatcher as the high priestess whose "popish bulls" declared crusades against state regulations on bu siness, high taxes on the rich and deficit spending on welfare programs. After a decade of Reaganom ic crusades in many Western countries, the rich have become richer, and the poor have become poorer; national debts and deficits have grown; while taxes on the rich have been reduce d, taxes on the middle and poor classes have increased; social spendings have been reduced, whil e unemployment has risen high. The pageboys of Reaganism, President George Bush an d Prime Minister Brian Mulroney, followed their master's footsteps, adding misery to the ir respective peoples and earning massive unpopularity with the electorate.
Disillusioned by the undesirable results, public - spirited leaders and masses a re now revolting against Reaganism. The Western nations are now being torn apart by socio - econo mic policies based on doctrinaire ideologies on the radical right and the radical left. Russi a, Eastern Europe, the Baltic states and the new states carved out of the U.S.S.R., are re - electi ng their old communist leaders. The negative consequences of Reaganomics have led to the ques tioning or the rejection of the doctrinaire approach of the "supply - side economics" in th e United States and Britain.
Reaganomics in Canada:
While George Bush had to suffer an electoral defeat, Margaret Thatcher and...