With the news of Theresa May stepping down as Britain’s prime minister, and with National Review‘s dedicated special issue attacking socialism — which includes Andrew Stuttaford’s article on Britain’s Socialist Seventies — still causing a welcome ruckus, it might make for jolly good viewing to watch the memorable 1977 episode of Firing Line, where Bill Buckley interviewed then “Leader of the Opposition,” Margaret Thatcher, seeking to answer the question — What Have We Learned from the Failure of British Socialism? Plenty. And, enjoy:

Jack Fowler is the vice president of National Review . @jackfowler