The 1974 program of subsidies, state ownership, and power sharing among business, unions, and government resulted in strikes that paralyzed the nation, while picking industrial winners turned into a policy of backing losers like British Leyland and British Steel Corporation.
Keir Starmer's new government is embracing the idea of the government playing a key role in driving Britain's stagnant economy, following the trend of policies where political leaders are taking charge of the economy globally.
The movement towards government intervention in economies is aimed at challenging China's successful top-down planning and financing climate change programs, with the UK's experiment closely watched due to its large advanced economy.
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