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The Bad Old Days, English Style
By Ed Driscoll · June 15, 2005 03:59 PM
· Capitalism, the Unknown Ideal
During Blogcritics' freewheeling first days, I wrote a piece reviewing Steven Hayward's first volume of The Age of Reagan. Hayward's book focused not as much on Reagan's days prior to the presidency as it did on the state of America in the 1960s and '70s. To sum it up the rough shape that America and its economy was in during that period, I titled my review "The Bad Old Days, Revisited". But England was in even worse shape during that period, as Mark Steyn describes in his obituary for "Sunny" James Callaghan, Britain's Prime Minister during the late 1970s: The past may be, as L. P. Hartley wrote, another country, but it’s rarely as foreign as Britain in the l970s. Viewed from the United Kingdom of 2005, the day before yesterday is a banana republic without the weather. Inflation was up over 25 percent, marginal tax rates were up over 90 percent, and the only thing heading in the other direction was the pound, which nosedived so suddenly in 1976 that the chancellor of the exchequer, en route to an International Monetary Fund meeting, was summoned back from the departure lounge at Heathrow to try to talk his currency back up to sub-basement level. Her Majesty’s government had itself applied for a $4 billion loan from the IMF. Were the Britain of thirty years ago to re-emerge Brigadoon-like from the mists, it would be one of those basket cases that Bono hectors Bush about debt forgiveness for.Serious question: I wonder if any of England's left looks back on that period with nostalgia, as many of today's left fondy recall Manhattan during its equivalent Death Wish/Taxi Driver period of the 1970s.
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