1945-51 Labour promotes Keynesian full employment and moderate nationalization.

1951-64 Conservative government continues Keynesian demand management. The City blossoms as a global financial center.

1964-70 Continuation of "boom and bust" policies under Labour.

1970-Feb. 74 Conservative government attempts Keynesian reflation.

1974-79 Labour government continues Keynesian policies - "social contracts" and the "winter of discontent." (graphic)