Speech to Conservative Central Council ("The Historic Choice") (20 March 1976) http://www.margaretthatcher.org/document/102990
Leader of the Opposition
Context: There are others who warn not only of the threat from without, but of something more insidious, not readily perceived, not always deliberate, something that is happening here at home. What are they pointing to? They are pointing to the steady and remorseless expansion of the Socialist State. Now none of us would claim that the majority of Socialists are inspired by other than humanitarian and well-meaning ideals. At the same time few would, I think, deny today that they have made a monster that they can't control. Increasingly, inexorably, the State the Socialists have created is becoming more random in the economic and social justice it seeks to dispense, more suffocating in its effect on human aspirations and initiative, more politically selective in its defence of the rights of its citizens, more gargantuan in its appetite—and more disastrously incompetent in its performance. Above all, it poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can't have one without the other. You can't lose one without losing the other.
