Originally published: London, England ; New York : Penguin Books, 1991.

Includes bibliographical references (p. [319]-330) and index.

1. Economic growth: can one succeed without really trying? --
2. Inflation: the monetarist experiment that was never tried --
3. Public expenditure: the enemy country --
4. Taxation: piecemeal reform of the system --
5. Privatization: progress on some fronts --
6. Industrial performance: miracle or mirage? --
7. Labour: the market that didn't work --
8. Conclusions: the curate's egg.

First published in 1991. In this volume, the author states that is not an economic history or 'an economic analysis, although it draws upon both disciplines. However, it is an attempt at political economy. It surveys the economic policies of the Thatcher Conservatives, from their intellectual origins in Opposition to their formulation in government papers and their implementation through three terms of office. It seeks to judge the appropriateness of the policies, the competence of their execution and the degree of their success in achieving the desired effects. Johnson confirms that possible alternative policies are not discussed in detail, and we can now never know how they would have turned out. Appraisal of the Thatcher Government's policies, however, inevitably implies something about what the alternatives might have been, particularly those alternatives that members of the Government themselves seriously contemplated.