Reply to post:

Bring back big gov, right? If only the economics, STUPID, could tell us more

J.G.Harston Silver badge

"During the 1960s it was nothing to see factories still lovingly working with machines that were built before the turn of the century, items that proudly bore their build dates of 189X or perhaps there was a modern one showing 190X. Anything new was greeted with suspicion."

It wasn't that anything new was treated with suspicion, but more that the capital cost of replacing still-working equipment with newer (but more efficient) equipment was too much for most industries to afford. The Far East were able to overtake us due to not having the dilemma of throwing away millions of pounds of pre-existing capital investment.

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