Britain in the World Economy since 1880

Book excerpt: Bernard Alford reviews the changing role, and diminishing influence, of Britain within the international economy across the century that saw the apogee and loss of Britain's empire, and her transformation from globe-straddling superpower to off-shore and indecisive member of the European Community. He explores the relationship between empire and economy; looks at economic performance against economic policy; and compares Britain - through and beyond the Thatcher years - with her European partners, America and Japan. In assessing whether Britain's economic decline has been absolute or merely relative, he also illuminates the broader history of the world economy itself.