Marginal Productivity, a Rehabilitation

Abstract

Not long ago — well within the memory of living man — the sun never set on the British Empire. But colonies and dependencies have graduated to self-governing dominions, commonwealth members, even republics boasting complete independence. Little is left beyond Shakespeare’s ‘precious stone set in a silver sea’. Even there, Irish and Scottish and Welsh nationalists would reduce its extent, though not its population, below that of Shakespeare’s time. But even should such termites succeed beyond all present probability, ‘There’ll always be an England.’

And on the pedestal these words appear, “My name is Ozymandias, King of Kings! Look on my works, ye Mighty and despair!”

Nothing beside remains. Round the decay Of that colossal wreck, boundless and bare, The lone and level sands stretch far away.

(Shelley, ‘Ozymandias in Egypt’.)