1950s: Economically, Great Britain was devastated by World War II. Homes, factories, railroads, docks, and other facilities had been destroyed by the German air force. Rationing of bread, meat, sugar, and gasoline continued well into the postwar period. Formerly a creditor, or lending nation, Great Britain for the first time in its history became a debtor nation.
Today: Great Britain has regained economic stability, though not the economic power it had enjoyed before World War II. The discovery of oil in the North Sea and membership in the European Union (despite occasional disagreements) have enhanced Great Britain's economic strength.
1950s: Politically, Great Britain was ruled in the immediate post-World War II period by the Labor Party, under which basic industries like coal, electric power, gas, and transportation were nationalized, social security.....
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