Great Britain: Could Have Been Worse--But Is It Good Enough?

Britons love to buck the tide. While even Russia and the satellites are marching their economies away from centralization and toward the profit motive, Britain's new Labor government is charging right ahead to renationalize the steel industry.

In the House of Commons last week, the Tories were joined by the small Liberal Party in an attempt to condemn Labor for its announced steel plan. Britain's steel industry certainly needs some measures to make it more competitive in the world market, where last year it ranked fifth in output (behind the U.S., Russia, West...