In that dreary winter of 1979, the piles of uncollected trash in London's Finsbury Park seemed to stretch for miles. The garbagemen were on strike. So too, at one time or another, were hospital workers, ambulance drivers, truck drivers, railwaymen. Also gravediggers: In Liverpool, corpses had to be warehoused as they awaited burial—yet another long queue that socialist Britain had arranged for its patient masses.

This was the "Winter of Discontent," when Great Britain came about as close to economic collapse as at...