key part of the worldwide Classical liberal movement and as such is often compared with Reaganomics in the United States, Economic Rationalism in Australia and Rogernomics in New Zealand. Thatcherism is also often compared to classical liberalism. Milton Friedman said that "Margaret Thatcher is not in terms of belief a Tory. She is a nineteenth-century Liberal." Thatcher herself stated in 1983: "I would not mind betting that if Mr Gladstone were alive today he would apply to join the Conservative Party". In the 1996 Keith Joseph memorial lecture Thatcher argued that "The kind of Conservatism which he and I ... favoured would be best described as 'liberal', in the old-fashioned sense. And I mean the liberalism of Mr Gladstone, not of the latter day collectivists". Timeline of Liberal parties in Great Britain From 1859 to 1899 1859 The Whigs merged with the Peelites and Radicals into the Liberal Party. The Liberal Party win an overall majority in the 1859 general election, winning 356 seats. Henry John Temple, 3rd Viscount Palmerston becomes Prime Minister for the second time. 1865 The Liberal Party win an overall majority in the 1865 general election, winning 369 seats. Lord Palmerston dies in office and is succeeded by John Russell, 1st Earl Russell. 1868 The Liberal Party win an overall majority in the 1868 general election, winning 387 seats. William Ewart Gladstone becomes Prime Minister. 1874 The Liberal Party lose the 1874 general election, winning 242 seats. A Conservative Government is formed. 1880 The Liberal Party win an overall majority in the 1880 general election, winning 352 seats. Gladstone becomes Prime Minister for the second time. 1885 The Liberal Party gain the most seats (319 seats) in the 1880 general election but fail to win an overall majority with the Irish Nationalists holding the balance of power. 1886 Opponents of Irish Home Rule in the Liberal Party, led by Lord Hartington and Joseph Chamberlain, secede to form the Liberal Unionist Party. The Liberal Party lose the 1886 general election winning 191 seats. The Liberal Unionists win 77 seats and informally co-operate with the newly formed Conservative Government. 1892 The Liberal Party win 272 seats in the 1892 general election and Gladstone becomes Prime Minister for the fourth time forming a minority government dependent on Irish Nationalist support. The Liberal Unionists win 45 seats. 1894 Gladstone resigns as Prime Minister and his successor is Archibald Primrose, 5th