Courtesy Reuters

THE victory of the Labor Party in 1945 represented a protest by a large majority--many of them Conservative voters in earlier elections--against the unemployment and stagnation that had prevailed in the period between the two wars. Never again, it was felt, should the nation be exposed to the uncontrolled forces of markets if they worked to the detriment of the economic future of the country. It was hoped that Labor would ensure not merely full employment and social security, but also a consciously planned and accelerated development of the nation's resources. The nationalization of a number of key industries was to

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