Swindon has experienced a remarkable transformation in the post-war period from a working-class railway town to an economically and socially diverse centre for high technology industry, distribution, research and development, and financial services. This paper explores this transformation in the wider context of changes in the space economy of post-war British capitalism. A central theme is the rise of a local 'growth coalition' and the effectiveness of the policies pursued by the Labour-controlled local authority in assisting this transformation. The paper concludes with a discussion of the political challenges and policy dilemmas that Labour now faces in this 'M4-corridor' town as a consequence of economic restructuring and social change. © 1990.