it moved from being the employer of 15% of the workers in industry, construction and trade in 1965 to 51% in 1972; in Turkey it was responsible for 40% of value added in industry in 1964; in Brazil for over 60% of all investment by the mid 1970s; and in Britain for 45% of fixed capital formation even before the nationalisations of Rolls Royce and Leyland. The figures would be higher still if municipalised property, quasi-public cooperatives and minority state holding in private firms were included. [22]

Even in those countries where the tendency was less strongly marked to begin with, most are moving rapidly in the same direction. In the non-subsistence sector of the Tanzanian economy the state expanded its share of the GDP from 5% in 1966and the mid-East. India’s first few 5-year plans bore remarkable similarities to those of Russia in the 30s, and its neighbours Burma, Singapore and even Iran (at the time of Mossadeq) similarly equated their nationalism with public ownership of industry. Even in Latin America regarded in the USA as its own private domain for 50 years – the process was clearly marked: most obviously in Venezuela, Bolivia and Brazil, but also in Peru and Mexico. Even in Chile the right wing conservative government of Frei opted for nationalising copper production. [25]

This tendency has also been present in all countries in the industrialised west in the 1970s. But it has been most strongly marked in those with the weakest industrial base such as Italy, Austria and Britain. In Britain,