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@James1822
No, I'm talking about the early 1990s recession. Which was far worse in its effects than the recent recession. It was also a direct result of domestic policy, whereas the recent recession was caused by collapse in banking triggered by sub prime market in the US. The early 1990s recession was 'managed' under the principles of Milton Friedman, i.e. government should do nothing, the market will sort things out all by itself. The recent recession was managed (both here in the UK and in the US and in Europe) according to Keynesian principles, i.e. government should act to prevent things getting even worse or to a point where recovery is slow and people and communities are blighted by poverty. The Conservatives were the only mainstream party in the world advocating something different. The early 1990s recession really didn't stop having an effect on the country until about 1995-6. The signs of recession are nowhere near as visible now as they were in the early 1990s. The lesson to be learnt from the economic instabilities of the 20thC is that there is a role to play by governments in stimulating growth, in lessening the harsh effects of downturns and in actually allowing for greater economic growth than the market can manage on its own.