Why did the Welfare Economy work well in Britain in the 1940s after World War II, and what caused it to go away?

by Jcb245

In a business class we were watching a video on the history of economics, notably about Keynes and Hayek, and at one point it talks of Attlee's rise to power and how Britain's economy changed. From how it sounded, unless I've gotten it all wrong even while paying attention (economics is actually pretty interesting) the economy they had seemed pretty good, but now, to my knowledge, they don't have it. What made it work so well and why isn't it there anymore?

CopperBrook

Sadly it is late so I can't add too much more (though I might between work in the morning), however this was largely the content of my (3 comment long!) first post here. The link is: https://www.reddit.com/r/AskHistorians/comments/3fem8v/the_decline_of_the_left_in_uk_politics/ctoeuio

Hope it helps!