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The first phase of the IR (1780-1840) was based on cotton; the second one on coal, iron and steel.
It constituted for nearly the whole British population a fundamental change, from the countryside to the city, and from a life of bare and uncertain subsistence to relative affluence.
The decline began already before WWI, when Britain became a parasitic economy, living off the remains of world monopoly.
The last part of the book is rather more an enumeration of pure statistics.
The author states also that Britain was 'never defeated in war, still less destroyed.'
In his magnificent biography of J.M. Keynes (part II), Prof. Skidelsky shows clearly that the debt contracted during WWII left Britain bankrupt after the war. His analysis of the negotiations about the Bretton-Woods system and the conversion of the British debt exposes mightily that the ultimate goal of the US Administration was the destruction of the British Empire and its Commonwealth ties. The US operation was a sound success.
The US assured its place as new world leader, until now.
A highly recommended book.
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