I know likes of Cod-ed think we should/could turn the clock back 30 years that is simply unrealistic. If Thatcher had not got into power do you honestly think we would still have a mining industry as it was? The world doesn't seem to be missing our coal does it?
Our manufacturing base when the Tories came in was uncompetitive and that was before the Chinese really got a grip. Our unit cost of production was too high and our quality was shoddy, especially in the public owned industries. Benn was suggesting protectionist measures to counter our inefficiencies. We had huge union labour manipulation issues - the unions had pushed through increase of close to 30% in the wake of Heath's defeat Strikes were called if there were no paper in the loos or the tea lady didn't serve the union rep first. The country had had enough of the tail wagging the dog and the government's inability to control the unions. Do you honestly think Postman Jim would have put Arthur, Scanlon, Jones et al in there place?
Someone had to get a grip - monetarism has proved to be a flawed mechanism in the long term but the country was dealing with rampant inflation 11% in 1974, 9% in 1975 almost double the highest previous figure since 1947- something had to be done. How anyone could take the likes of Healey seriously after he needed IMF intervention to prop up the pound. With it came budget cuts to public spending - notice a pattern here when Labour get in?
Whilst Thatcher may have many faults the thought of five further years of Callaghan, Healey, Benn etc does not bear contemplation - you think things were bad under Thatcher?