Britain is a tiny land, smaller than Sweden or Italy, but its problems are as vast as its pride. Once the source of the greatest colonial empire since the days of the Romans, it has only with reluctance adapted to an age in which empire has withered—and with it much of the commercial power of a nation that must live by trade or perish. This year has been unkind for Britain; the Labor Party's victory has only served to accentuate problems that the defeated Conservatives had struggled with for months. The pound has...
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