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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.
full: https://newleftreview.org/issues/II121/articles/susan-watkins-britain-s-decade-of-crisis
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