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For too long there has been an unquestioning acceptance that Britain's economic decline began long before the First World War. By focusing on international trade in the 1873-1914 period this book analyses the facts behind this myth, examining Britain's performance in comparison with that of its major rivals in the very areas where they came into competition with each other. What emerges is a much more complex picture of both losses and gains, in which Britain's position gradually adjusted to a changing world economic order, and appeared to be doing so remarkably successfully.
During the years before 1914 the world’s still largely unused resources were brought increasingly within the framework of a single world economy. This process owed much to Britain’s ability to export capital on a scale which has never since been equalled. Yet periods of heavy investment overseas alternated with home investment booms that absorbed the greater part of Britain’s savings. The reasons for this fluctuation, and the mechanism which linked Britain’s economic development with the rest of the world, are still subject to debate. This volume illuminates the problems of the global economy today by examining different interpretations and research from history.
This book was first published in 1981.