Adjusting To A Global Market (1974-2011)

(From the FT) The postwar consensus broke down amid the "stagflation" of the mid-1970s, as a full-blow recession, with double-digit rates of inflation, followed the quadrupling of the oil price in 1973. Government economic policy moved towards greater acceptance of market mechanisms.

While globalisation saw much of the world's manufacturing industry moving to the emerging Asian economies, the UK economy shifted away from traditional heavy industries towards services, particularly financial services. The first decade of the new century ended with the deepest peacetime recession in 70 years.
Photograph: Nils Jorgensen