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Dates: during 1970-1979
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...Britain, Margaret Thatcher's Tory government was swept into Office in May on a tide of popular fury at the dismal results of Labor rule and is now rapidly unwinding much of the high-tax, nationalized welfare state. Income tax rates have been reduced from a top of 83%, to 60%; a third of Britain's nationalized North Sea oil industry has been put up for private sale; and the government now has plans to sell off its shares of other state industries, including British Airways...
...largely held a noninterventionist course and ignored demands that the government cut taxes or raise spending every time a troubling economic forecast is issued. Result: West Germany's inflation rate is one-third as steep as the U.S.'s, its unemployment rate is only slightly over half as high, and the country's living standards are rising...
INADEQUATE INVESTMENT In the 25 years up to 1973, business spending on new plants added about 3% a year to the nation's capital base-plants and machines-but since then the total has risen only some 1.75% a year. Businessmen blame the drop on regulation, profit squeeze, high taxes on capital, and inflation, which saps the confidence that is necessary for investment...
...Wherever you put your foot in the mud that is now Morvi, you strike a body." So said Pankaj Zaveri, a survivor of the most disastrous accident ever to befall India. In the midafternoon of a torrentially rainy Saturday, the 197-ft.-high earthen Machhu dam in western India's Gujarat state suddenly burst open. The waters behind it boiled six miles down a river in the state's Saurashtra district and crashed into Morvi, a semi-industrial town of 75,000, known as "the Paris of Saurashtra" because of its many green parks and broad avenues...
...Labor government introduced the British Nationality Act; it said that citizens of the Commonwealth countries were also citizens of the United Kingdom and Colonies, thus providing the legal framework for future waves of immigration. By 1955 the first brown and black faces appeared in Yorkshire mill towns, drawn by high wages and, ironically, a vision of colonial-era civility. In 1962, after this immigration reached a peak of nearly 90,000 a year, a worried Parliament began limiting Commonwealth entry and the influx was reduced...