... the gas boards and electricity boards that existed for the next forty years. The labour party after 1951 remained committed to further nationalisation but it was not a high priority. The two reaming firms that passed into public ownership were Rolls Royce in 1971 and Leyland cars in 1975 which both went bankrupt before public ownership. In the late 40's social, political and economic efficiency underpinned the nationalisation programme and in the same factors underpinned the privatisation programme 40 to 50 years later. Many of the same social and economic concerns existed to ensure that development was to exist through technological change and innovation. There was a lack of development before nationalisation in industries such as steel and also prior to privatisation in services such as BT. The lack of new investment and technology lead to allocative inefficiency. High Quality and universality of service both geographically and by sector Production is efficient in ...

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