Answer:
The period between 1951 and 1979 was marked by significant changes in the global economy, and Britain was not immune to those changes. During this time, Britain's economy experienced ups and downs, including significant post-war reconstruction, followed by periods of economic growth and decline. Britain's economy was heavily influenced by international trade and global events such as the Cold War, the Vietnam War, and the oil crises of the 1970s.
On the one hand, it can be argued that Britain was at the mercy of the global economy during this period. The changing fortunes of the world economy had a significant impact on Britain's economic growth, employment rates, and inflation. For instance, the 1973 oil crisis led to a sharp rise in oil prices, which negatively affected Britain's economy, leading to high inflation rates, rising unemployment, and a balance of payments crisis.
On the other hand, it can also be argued that government policies, private businesses, and individuals had some degree of control over Britain's economic fortunes during this period. For instance, the British government implemented policies such as the National Health Service and the National Insurance Act, which aimed to improve the welfare of citizens and provide a safety net for workers. Similarly, private businesses invested in research and development, and innovation to remain competitive in the global economy, while individuals also played a role in driving economic growth through their consumption and investment habits.
In conclusion, while the global economy undoubtedly influenced Britain's economic fortunes during the period 1951-1979, it would be an oversimplification to suggest that government policy, private business, and individual behavior had no role in shaping the country's economy.