nationalised. Labour dropped its plans to nationalise farmlands. The procedure used was developed by Herbert Morrison, who as Lord President of the Council chaired the Committee on the Socialization of Industries. He followed the model that had already been used to establish public corporations such as the BBC (1927). In exchange for the shares, the owners of the companies were given government bonds paying low rates of interest, and the government took full ownership of each affected company, consolidating it into a national monopoly. The management remained the same, but they were now effectively civil servants working for the government. For the Labour Party leadership, nationalisation was a way to consolidate economic planning in their own hands. It was not designed to modernise old industries, make them efficient, or transform their organisational structure. There was no money for modernisation, although the Marshall Plan, operated separately by American planners, did force many British businesses to adopt modern managerial techniques. Hardline socialists were disappointed, as the nationalised industries seemed identical to the old private corporations, and national planning was made virtually impossible by the government's financial constraints. Socialism was in place, but it did not seem to make a major difference. Rank-and-file workers had long been motivated to support Labour by tales of the mistreatment of workers by foremen and the management. The foremen and the managers were the same people as before, with much the same power over the workplace. There was no worker control of industry. The unions resisted government efforts to set wages. By the time of the general elections in 1950 and 1951, Labour seldom boasted about nationalisation of industry. Instead it was the Conservatives who decried the inefficiency and mismanagement, and promised to reverse the takeover of steel and trucking. Prosperity of the postwar years As the country headed into the 1950s, rebuilding continued and a number of immigrants from the remaining British Empire, mostly the Caribbean and the Indian subcontinent, were invited to help the rebuilding effort. As the 1950s wore on, Britain lost its place as a superpower and could no longer maintain its large Empire. This led to decolonisation, and a withdrawal from almost all of its colonies by 1970. Events such as the Suez Crisis showed that the UK's status had fallen in the world. The 1950s and 1960s were, however, relatively prosperous times after the Second World War, and saw the beginning