Speak about the political legacy of Margaret Thatcher, and most observers will focus on what she did at home. And for good reason, as “Thatcherism” has come to represent privatisation, lower taxes on income, a reduced role for trade unions – in short, the successful trimming of the role of government in the economy.

But this take on the former prime minister does not do justice to her foreign policy legacy, which has more to it in both scope and complexity than many appreciate.

That said, I would begin with the domestic and Thatcher’s understanding that there could be little effectiveness abroad without strength at home. Hence the necessity of getting Britain’s economy back on track. Influence in the world required resources as well as setting an example others could not help but respect. It is an insight the contemporary US would do well to take to heart.