The British industrial revolution and the ideological revolution: Science, Neoliberalism and History

Abstract

During the late-nineteenth and twentieth centuries interpretations of the British Industrial Revolution became embedded within debates over competing systems of political economy, primarily liberal democracy (free trade) versus socialism (state regulation). At the heart of this contest was also the question of epistemology. A picture emerged of the Industrial Revolution that reflected such contrasting perspectives; for those with a Western liberal bent Britain industrialized first due to a weak state, an emphasis upon individual liberty, the right institutions and culture of creativity born of free minds and free markets. At the heart of this was the emergence of science; objectivity and Western democracy became a key cornerstone of this perspective. This view was first especially spearheaded by the Austrian economists Ludwig von Mises (1881–1973) and, slightly later, Friedrich A. Hayek (1899–1992). The debate subsequently became particularly fierce during the Cold War, and since the fall of the Berlin Wall the role of the state and protectionism within Britain’s industrial history has greatly diminished. Indeed today’s dominant historiography continues to erase Britain’s actual industrial experience and, instead, reflect entrenched liberal and neoliberal prescriptions. A major axiom of this ideological viewpoint is the centrality of science and its history.