The past may be, as L. P. Hartley wrote, another country, but it’s rarely as foreign as Britain in the l970s. Viewed from the United Kingdom of 2005, the day before yesterday is a banana republic without the weather. Inflation was up over 25 percent, marginal tax rates were up over 90 percent, and the only thing heading in the other direction was the pound, which nosedived so suddenly in 1976 that the chancellor of the exchequer, en route to an International Monetary Fund meeting, was summoned back from the departure lounge at Heathrow to try to talk his currency...