Tyler Cowen wonders if Greece could have its own Thatcher. It is difficult-to-impossible for Greece to have Thatcherism for many reasons, but one is the lack of Greek Thatcherites. There is a vast institutional and ideological gulf between Thatcher and Greece’s market reforming politicians.

Thatcher had (and was a strong supporter of) the UK pound. Greece’s free market politicians are the strongest and most unconditional supporters of Greek membership in the euro. Thatcher jealously guarded UK sovereignty (even as she was a strong defender of the Western alliance). Greek free marketers are for maximum integration into the transnational EU in the hopes that EU pressure will override or reform Greece’s corrupt institutions and political culture.

The result is that the radical leftists of Syriza are seen by Greeks as the custodians of Greek sovereignty. As leader of the opposition, Thatcher mocked the governing Labour party for going “cap in hand” to the IMF for loans in exchange for reforms. Greece’s mainstream conservatives are seen as Germany’s errand boys.

Greek reformist politics has many problems. One of them is the utter failure to combine a politics of economic reform with a politics of national sovereignty and dignity.