53.Privatization in the 1980s ◆ The British economy went through a particularly bad period in the 1970s,with high rates of inflation and devaluation of the currency.Therefore,in the 1980s,when the Conservative party under Margaret Thatcher was in power,an extensive programme of privatization was carried out.Many state-owned businesses (such as steel,telecom,gas,aerospace) were turned into private companies.The author thinks that privatization was successful in controlling inflation but at the same time unemployment rate increased rapidly. 53. Privatization in the 1980s ◆ The British economy went through a particularly bad period in the 1970s, with high rates of inflation and devaluation of the currency. Therefore, in the 1980s, when the Conservative party under Margaret Thatcher was in power, an extensive programme of privatization was carried out. Many state-owned businesses (such as steel, telecom, gas, aerospace) were turned into private companies. The author thinks that privatization was successful in controlling inflation but at the same time unemployment rate increased rapidly