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"What Mrs. Thatcher’s imitators lacked were the two secrets to her domestic success: a flood of North Sea oil money, which started shortly after her election and peaked at a 10th of the world’s supply in 1985; and a banking industry that was easily transformed into a safe haven for much of the world’s savings and capital. She used the fruits of both of these windfalls to buy momentary prosperity and electoral victory – but not to make lasting investments. By 1990, her twin magic wands had ceased to function."

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