Margaret Thatcher, Britain’s most important peacetime prime minister since the late 19th century, died yesterday at age 87. She transformed British politics and was a towering figure on the global stage.

Her followers say Thatcher was dedicated to rolling back the role of the state. In reality, she was a pragmatic politician who showed little interest in destroying the welfare state.

However, her legacies include liberalising exchange controls and labour markets, cutting top tax rates, transforming the legal position of trade unions and defeating organised labour, privatising most nationalised industries and liberalising finance.

She also played a large role in Europe, contributing to launching the single market programme. This she saw as an attempt to export liberal economics. But she became worried about the consequences and was strongly opposed to the single currency.

On the world stage, her influence rested on her outspoken defence of free markets and her close ties to the US. On privatisation, she persuaded many that even countries with socialist legacies could roll back state ownership.