The deregulation movement began with the “conservative revolutions” of 1979–1980 in the United States and Britain, as both countries increasingly chafed at being overtaken by others (even though the catch-up was a largely inevitable process, as noted in Chapter 2). Meanwhile, the increasingly obvious failure of statist Soviet and Chinese models in the 1970s led both communist giants to begin a gradual liberalization of their economic systems in the 1980s by introducing new forms of private property in firms.
