Britain’s Changing Role in the World-Economy

Abstract

The general premise upon which this chapter is based is that it is impossible to understand any country in the modern world separately from its position within the capitalist world-economy and geopolitical order. The specific premise that is developed is that it is impossible to analyse Britain apart from its domination of the world-economy and geopolitical order in the mid nineteenth century. The unique role that Britain played at that time and the subsequent decline from such exalted power continues to dominate any consideration of the nature of Britain today.

Britain has lost an empire but has not yet found a role.

Dean Acheson (former US Secretary of State) 1962.

We are a world power and a world influence or we are nothing

Harold Wilson (newly elected Prime Minister) 1964.