The British economy underwent significant changes and challenges from 1918 to 1979, with governments adopting various approaches to economic management. This period saw shifts from traditional economic policies to more interventionist strategies, and back again, as leaders grappled with inflation, unemployment, and industrial unrest.
Key points:
- Post-World War I economic challenges included high inflation and war debt
- Adoption of Keynesian economics in mid-century led to nationalization and full employment policies
- Late 1970s saw a return to high inflation, currency devaluation, and increased industrial action
- The period witnessed the rise and decline of the post-war consensus
