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If Alistair Darling's £500billion bail-out programme fails we could be faced by mass unemployment and bitter poverty Yesterday's nationalisation of the banking system was a momentous day in British history. It came at the end of an equally momentous three weeks which have changed the rules by which we live. Now, a time of worrying uncertainty lies ahead. Until yesterday, the management of the British economy since the end of the Second World War could be comfortably divided into two phases. Phase one lasted from 1945 to 1979. During these years, the post-war State was dominant in almost every corner of life and the economy was characterised by periodic crises culminating in the social and financial collapse of the 1970s. Then, starting in 1979, Margaret Thatcher lifted the straitjacket of government control from the economy -... [read full story]
