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The 1983 manifesto was written at a time of economic turmoil, mass unemployment and Cold War tensions and is arguably more ambitious in its scope. It is certainly framed in more forceful language.
"Within days of taking office, Labour will begin to implement an emergency programme of action, to bring about a complete change of direction for Britain," it says.
"Our priority will be to create jobs and give a new urgency to the struggle for peace. In many cases we will be able to act immediately."
Jeremy Corbyn's draft manifesto uses a more measured tone, talking about "delivering a fairer, more prosperous society for the many, not just the few".
There is no mention of socialism, in contrast to the nine mentions it gets in 1983.
But at the 2017 manifesto's heart is the same commitment to using government intervention and public money to boost industrial development and create jobs.
In 1983, Labour leader Michael Foot had a five year "emergency programme" to rebuild industry and end mass unemployment. In 2017, Jeremy Corbyn proposes a "a ten-year national investment plan to upgrade Britain's economy".
Both manifestos propose higher taxes on the rich and a crack down on tax avoidance.
In 1983, Labour said: "We shall reform taxation so that the rich pay their full share and the tax burden on the lower paid is reduced."
In 2017, Labour says "only the highest 5% of earners will be asked to contribute more in tax to help fund our public services".
The 1983 manifesto goes further, proposing "a new annual tax on net personal wealth" to "ensure that the richest 100,000 of the population make a fair and proper contribution to tax revenue".
Both manifestos include plans for a National Investment Bank to boost industrial development and support research and development.
The 2017 version would allow the government to use public money to support long-term, higher-risk investment that the bank's are reluctant to touch.
The 1983 version of the National Investment Bank is more interventionist.
It proposes drawing up development plans with "all leading companies" - national and multinational, public and private". Like the 2017 plan, it would provide access to credit, but a Labour government would have the power to "invest in individual companies, to purchase them outright or to assume temporary control".
The 1983 manifesto also includes a commitment to reintroducing exchange controls, scrapped by the Conservatives in 1979, to "counter currency speculation" and stop capital "flowing overseas".
In 1983, Labour was committed to scrapping Britain's nuclear weapons, saying "we are the only party that offers a non-nuclear defence policy."
In 2017, Labour says it supports "the renewal of the Trident submarine system".
But, in a possible nod to Jeremy Corbyn's longstanding opposition to nuclear weapons, it adds "any prime minister should be extremely cautious about ordering the use of weapons of mass destruction which would result in the indiscriminate killing of millions of innocent civilians".
Both manifestos stress the need for Britain to work for nuclear disarmament through international bodies.
Although the 2017 draft manifesto backs Britain's exit from the EU, following last year's referendum result, it is less Eurosceptic in tone than the 1983 document.
It praises the EU for protecting workers' rights and the environment and vows to fight to keep them in Brexit negotiations.
The 1983 manifesto says European Economic Community, as the EU was then known, "was never devised to suit us, and our experience as a member of it has made it more difficult for us to deal with our economic and industrial problems".
Labour promised to begin withdrawal from the EEC without a referendum if it won power.
The 1983 manifesto pledges to renationalise the industries privatised by the Thatcher government.
The 2017 manifesto includes plans to renationalise the Royal Mail and the railways - which were still state-owned in 1983 - and part-nationalise the energy industry. Labour would also "take control" of the National Grid if it won power.
The trade unions play a more central role in Labour's 1983 plans for the economy, reflecting the greater power they had at that time.
The 2017 manifesto includes plans to restore some of that power by repealing the 2016 Trade Union Act and bringing back collective pay bargaining to some sectors. A Ministry of Labour would be introduced to oversee increased unionisation across the workforce.
Both manifestos include plans to build more council houses and offer more protections to private renters.
They also include plans to help more people buy their own homes and crack down on leasehold abuses. Jeremy Corbyn would also halt the sale of social housing, in an echo of the 1983 manifesto's pledge to end council house sales.
Labour's 2017 manifesto includes plans to cap energy prices.
In 1983, the party would have gone much further.
It proposed "a new Price Commission to investigate companies, monitor price increases and order price freezes and reductions. These controls will be closely linked to our industrial planning, through agreed development plans with the leading, price-setting firms".
It would "take full account of these measures in the national economic assessment, to be agreed each year with the trade unions".