"Anyone care to fill me in on a few salient points?"
'Thatcherism', as it was later coined, was all about a small state. It demanded personal responsibility over state dependence, private industry/services rather than state-owned industry/services, companies run by management rather than unions, industries deregulated rather than monopolised, wider home-ownership and share ownership, lower personal taxation, a smaller public sector and an all-abiding belief that, if government steps back from every aspect of life 'the market' will step in fill the gaps. It's, by definition, a 'winners and losers' agenda which creates inequalities. Hence why opinion is so polarised.
It was a complete turnaround from the 'big state' ethos that governed in the 1970's and which turned out to be badly equipped to adapt to the challenges presented by a global oil crisis, high inflation and the advances in technology that were leaving us behind. So much of what we took for granted was built on sand and the economy by 1979 was in such poor shape that, rather like many European countries are experiencing today, we'd been largely written off & spending our way out of the problem was not possible.