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In her early years in politics, economic liberalism was in retreat, the Soviet Union was extending its empire, and Milton Friedman and Friedrich Hayek were dismissed as academic eccentrics. In Britain the government hobnobbed with trade unions ("beer and sandwiches in Number 10"), handed out subsidies to failing nationalised industries and primed the pump through Keynesian demand management.
verb (hobnobs, hobnobbing, hobnobbed)
Origin:early 19th century (in the sense 'drink together'): from archaic hob or nob, hob and nob, probably meaning 'give and take', used by two people drinking to each other's health, from dialect hab nab'have or not have'
[動]（〜bed, 〜・bing）(自)((略式))（金持ちや有力者などと）親しくつき合う, 打ち解ける, 打ち解けて話す, （…と）いっしょに酒を飲む, 酒をくみかわす((together/with ...)).━━[名]打ち解けた話し合い［おしゃべり］, 懇談；話し［飲み］友だち.