Second, the problems he identified with the British economy circa 1979 were: (1) weak private sector competition; (2) bad corporate governance; and (3) bad industrial relations.

The Crafts argument on competition is that the UK ca 1979 was bedevilled by weak competition in the private sector due to (a) cartelisation, collusion, & concentration (b) lack of enforcement of competition policy and (c) bad industrial relations.