[Marxism] Susan Watkins, Britain’s Decade of Crisis, NLR 121, January–February 2020

Louis Proyect lnp3 at panix.com
Sat Feb 15 06:56:11 MST 2020

The world dominance of the City of London served to divert investment 
away from the northern industrial regions: higher returns were to be 
found overseas. The upshot was the asymmetry of class and region 
described in Hobson’s Imperialism: a nation polarized into a smaller, 
industrialized north and a larger, consumption-oriented south, living 
off the proceeds of empire, whose ‘well-to-do classes mould the external 
character of the civilization and determine the habits, feelings and 
opinions of the people’, while labour is ‘closely and even consciously 
directed by the will and the demands of the moneyed class’.footnote3 The 
Labour Party, Nairn argued, accommodated itself to the hegemony of the 
metropolitan heartlands, seeking only a compromise formula of better 
wages and welfare provision, under a continuing ‘outward-looking 
over-balance’ of uk capitalism that deprived small manufacturing 
firms—the German Mittelstand—of adequate investment and technical support.


More information about the Marxism mailing list