2.  1. Go to UK Haiku page  2. Find Political Economy sub page  3. Take 10 minutes to review the links and answer the following in your notes: a. What is an austerity program? b. Why was it implemented in Great Britain? c. What are some specifics of the program? d. Has it been welcomed throughout the UK?

3.  Collectivist Consensus: (1945-1960s)  Development of Modern Welfare State: Form of political economy in which the state assumes responsibility for the general welfare of its population

4.  Mixed economy: government directs the economy and national industries called public enterprises or para-statal enterprises.  Nationalization is the transfer of privately- owned firms to state ownership  Privatization means the transfer of state- owned enterprises to private ownership.

5.  What are the advantages of having an economy which is nationalized? To the individual? To the government?  What are the disadvantages of having an economy which is nationalized? To the individual? To the government?

6.  Question: How did the economic policies of Margaret Thatcher (1979-90) and Tony Blair (1997-2007) compare? What were their legacies?  In pairs, using the links provided on the Political Economy subpage, research and capture in your notes

7.  What are they?  Why so controversial in the UK?  Have they worked?