3%. The post-war consensus included a belief in Keynesian economics, a mixed economy with the nationalisation of major industries, the establishment of the National Health Service and the creation of the modern welfare state in Britain. The policies were instituted by all governments (both Labour and Conservative) in the post-war period. The consensus has been held to characterise British politics until the economic crises of the 1970s (see Secondary banking crisis of 1973–1975) which led to the end of the post-war economic boom and the rise of monetarist economics. The roots of his economics, however, stem from critique of the economics of the interwar period depression. Keynes' style of economics encouraged a more active role of the government in order to "manage overall demand so that there was a balance between demand and output". 1980s: Neoliberalism With the rise of Margaret Thatcher as Conservative Party leader in the 1975 leadership election ushered in a resurgence of the old 19th-century Gladstone laissez-faire Classical liberal principles. The UK in the 1970s had seen sustained high inflation rates, which were above 20% at the time of the leadership election, high unemployment, and over the winter of 1978–79 there was a series of strikes known as the "Winter of Discontent". Thatcher led her party to victory at the 1979 general election with a manifesto which concentrated on the party's philosophy rather than presenting a "shopping list" of policies. This philosophy became known as Thatcherism and it focused on rejecting the post-war consensus that tolerated or encouraged nationalisation, strong labour unions, heavy regulation, high taxes, and a generous welfare state. Thatcherism was based on social and economic ideas from British and American intellectuals such as Friedrich Hayek and Milton Friedman. Thatcher believed that too much socially democratic-oriented government policy was leading to a long-term decline in the British economy. As a result, her government pursued a programme of Classical liberalism, adopting a free-market approach to public services based on the sale of publicly owned industries and utilities, as well as a reduction in trade union power. She held the belief that the existing trend of unions was bringing economic progress to a standstill by enforcing "wildcat" strikes, keeping wages artificially high and forcing unprofitable industries to stay open. Thatcherism promoted low inflation, the small state, and free markets through tight control of the money supply, privatisation and constraints on the labour movement. It is a