Changes

====World War II and after====

====World War II and after====

The mobilization of the national economy during World War II was immediately followed by the ascendancy of the Labour Party from 1945 to 1951. The Labour platform of nationalization, planning, and creation of a welfare state was translated into the nationalization of transport, energy, and heavy industries, while other sectors of the economy were left untouched.  

The mobilization of the national economy during World War II was immediately followed by the ascendancy of the Labour Party from 1945 to 1951. The Labour platform of nationalization, planning, and creation of a welfare state was translated into the nationalization of national and local transport, coal, oil and gas, electricity generation and distribution, iron and steel, automotive industries, aerospace, air and sea ports, and many other less high profile industries such as sugar distribution, hotel chains and the then fledgling semiconductor industry in the mid to late 1970s.

 

This program led to stagnation and inefficiencies in the economy that led to nationalized industries requiring grater and grater subsidies to stay in business, often despite the same sector in free-market countries booming at the same time. Such subsidies were sometimes disguised as market loans or investments. These inefficiencies played a large part in the labour defeat, and the beginning of conservative rule and Margaret Thatchers reforms at the close of the 1970's.

 

===Nationalization===

===Nationalization===

The guiding principle in [[nationalization]] was that  industry would be operated just like a private business using "public corporations" and not directly by government departments. The old pre-1930 ideas of workers' control were rejected. The old management remained in place. The old owners received treasury bonds covering the full market value of their holdings. The role of labour was unchanged; collective bargaining remained the basis of negotiation with management and the right to strike was unaffected.  

The guiding principle in [[nationalization]] was that  industry would be operated just like a private business using "public corporations" and not directly by government departments. The old pre-1930 ideas of workers' control were rejected. The old management remained in place. The old owners received treasury bonds covering the full market value of their holdings. The role of labour was unchanged; collective bargaining remained the basis of negotiation with management and the right to strike was unaffected.