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The case of British Labour
John Callaghan

. It was now thought that the Thatcher reforms had 88 European social democracy under global economic crisis reinvigorated the British economy and restructured it to succeed in conditions of globalisation. Success was all the shinier for the fact that Germany was struggling economically after reunification and the Japanese economy was stagnant. One common economic experience, however, concerns the activities of the financial institutions. The growth in financial intermediation was outstripping the growth of economies. The trend accelerated from the early 1980s and

in European social democracy during the global economic crisis