91．Between 1950 and 1973, Britain’s GDP grew at an average annual rate of 3%. Growth was hampered by chronic balance of payment deficits. The term “Britain disease” is now used to characterize Britain’s economic decline.
92．By the end of 1947, the British economy had returned to its pre-war levels. The British economy in the 50s and 60s is characterized by show but steady growth, low unemployment and great material prosperity with rising standard of consumption.
93．John m Keynes suggested that the government should use fiscal and monetary policy to fine-tune aggregate demand to achieve full employment, while using prices and incomes policy to suppress inflation at source.
94．The end of 1973 witnessed the first oil shock. As a result the rate of inflation rose to 16% in 1974. In the 1970s among the developed countries Britain maintained the lowest growth rate and the highest inflation rate.
95．The new economic programmed adopted by Mrs. Thatcher was based on the new classical school of thought. Privatization deregulation and market liberalization replaced prices and incomes control and state interventionism.
96．Mrs. Thatcher’s government took numerous measures to improve the efficiency of the economy during the past decade using both macroeconomic and microeconomic.