Abstract

Chapter 1 discussed the development of British capitalism since the Industrial Revolution and its political repercussions. It identified six phases of which perhaps the most important was the third – the period from the early 1870s to 1914 which saw the onset of Britain’s relative economic decline which has dominated politics since the early 1960s. It concluded by arguing that the Conservatives may have arrested that relative economic decline but had not eliminated the motif from political discourse as the century ended.

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