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Britain faced extreme economic decline in the 1970s
“Britain's heavy industries, kind of coal, steel, shipbuilding, car making are on borrowed time. Competitively, Britain's market share is dropping all the time. And if you plot it on a graph compared with that of West Germany, say, which is a reasonable comparison, then Britain looks, British productivity, for example, is absolutely terrible.”
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Thatcher transitioned from shrill outsider to powerful leader
“Astute listeners will have recognized that Mrs. Thatcher there did not sound like she did later with her deep masculine voice and her slow, steady elocution because at this point she hadn't actually had the elocution lessons that gave her that voice. At this point, she had a much shriller, faster, less controlled voice.”
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Inflation reached a record twenty-six percent in 1975
“The oil shock of late 1973 basically blew up the British economy. It sent inflation through the roof. And this will be a constant theme of this series. So inflation reached a record 26% in the summer of 1975.”
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Trade union power created a crisis of ungovernability
“They're ground down by constant battles with Britain's trade unions. Britain has this very, very fragmented trade union system, lots of different unions competing for members. Because it has so many nationalised industries, this means that instead of hitting a private company against the trade unions, it's the government against the trade unions time after time.”
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International observers viewed Britain as a failing state
“Severide said to the viewers, Britain's problem is not just that her military strength is ebbing, and her economic strength weakening. Britain is at the stage of Allende's Chilean government, when a minority tried to force a profound transformation of society upon the majority. It's drifting slowly toward a condition of ungovernability.”