David Dimbleby: I thought the free market was with us forever - then Trump came along
Summary
Back in 1974, the UK had a big problem with inflation and worker pay. At the same time, a worldwide oil crisis made the economy really unstable. A new idea came up to let the market control the economy without government interference - this became the main way of doing business. But lately, this system is being questioned, partly because of actions taken by US President Donald Trump.Key Facts
- In 1974, the UK was dealing with a rising inflation and disagreements over worker pay.
- A global oil crisis happened at the same time, causing trouble for many economies, including the UK's.
- Keith Joseph, a Conservative politician, suggested a new idea to let the free market control the economy without much government control.
- This idea changed the way the UK did business, especially in the 1980s under Margaret Thatcher's government.
- A lot of people thought this system would last forever.
- US President Donald Trump, a successful businessman, has made some actions that challenge this free market system.
- Now, some people are wondering if the free market system is actually a good idea or if it will fail.
- In 1945, the majority of voters in the UK chose a party that was focused on socialism, a system where the government has more control over the economy. This proposed a new way of running the country.
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