British Imperialism, 1688-2000 RJ. Cain and A.G. Hopkins ^ ^345134^ Second Edition An imprint of Pearson Education Harlow, England London New York Reading, Massachusetts San Francisco Toronto Don Mills, Ontario Sydney Tokyo - Singapore Hong Kong Seoul Taipei Cape Town - Madrid Mexico City Amsterdam Munich Paris Milan
Contents List of Tables and Maps Extracts from Reviews Preface to the First Edition Preface to the Second Edition Note on Sources Acknowledgements Abbreviations xi xiii xvii xix xxi xxii xxiii Foreword The Continuing Debate on Empire 1 PART ONE: Introduction, 1688-1914 21 1. The Problem and the Context 23 The historiographical setting 24 The argument 34 Gentility and the market 38 The evolution of the gentlemanly order 43 The manufacturing interest 50 The terms of the trade: expansion and imperialism 53 Ideology and methodology 57 Conclusion 61 2. Prospective: Aristocracy, Finance and Empire, 1688-1850 62 Historiographical perspectives 62 The financial revolution: private interests and public virtues 66 The evolution of the military-fiscal state 76 Exporting the Revolution Settlement 87 Conclusion 100
British Imperialism, 1688-2000 PART TWO: The Gentlemanly Order, 1850-1914 105 3. 'Something Peculiar to England': The Service Sector, Wealth and Power, 1850-1914 107 Economic growth 107 Agricultural decline 109 Industry after 1850 111 The service sector 112 The new gendemanly capitalists 114 The City of London and gentlemanly capitalism 121 Industry, provincialism and power 127 Gentlemanly capitalism and politics 129 Appendix One: Economic interests and occupations of Members of Parliament, 1868-1914 132 vi 4. Gentlemanly Capitalism and Economic Policy: City, Government and the 'National Interest', 1850-1914 135 Gladstonian finance 135 Gladstonianism, the Bank of England and the gold standard 137 The City of London and the national interest 141 The Baring Crisis and its resolution 145 Industry and economic policy 148 City and government in the nineteenth century 149 5. 'The Great Emporium': Foreign Trade and Invisible Earnings, 1850-1914 151 Commodity trade and foreign competition 151 Trade in services 158 Foreign investments 161 Commerce, finance and free trade 165 6. Two Nations? Foreign Investment and the Domestic Economy, 1850-1914 167 The City and foreign investment 167 Foreign investment and industry 174 Foreign investment and economic growth 178 Foreign investment and gendemanly capitalism 182 7. Challenging Cosmopolitanism: The Tariff Problem and Imperial Unity, 1880-1914 184 Free trade and empire unity 185 Chamberlain and protectionism 190 Industry, the City and free trade 194 Cosmopolitanism and industrial decline 199 Appendix Two: Manufacturing interests in Parliament, 1868-1910 202
Contents PART THREE: The Wider World, 1815-1914 203 8. 'An Extension of the Old Society': Britain and the Colonies of Settlement, 1850-1914 205 The international economy and the new world 205 Political liberty and financial dependence 209 Australasia 216 Canadian unity and British finance 228 Britain and the white empire after 1850 240 9. Calling the New World into Existence: South America, 1815-1914 243 A continental perspective 245 Argentina 252 Brazil 260 Chile 267 The spread of informal influence 271 10. 'Meeting her Obligations to her English Creditors': India, 1858-1914 275 Interpretations of the imperial purpose 275 Prelude, 1757-1857 278 The extension of the gentlemanly order 284 Financial imperatives and British rule 300 11. 'The Imperious and Irresistible Necessity': Britain and the Partition of Africa, 1882-1902 303 Britain's first development plan for Africa 305 The occupation of Egypt 312 Crisis and war in South Africa 318 Selective acquisitions: tropical Africa 327 From partition to paramountcy 335 12. 'We Offer Ourselves as Supporters': The Ottoman Empire and Persia, 1838-1914 340 The Ottoman Empire: from free trade to foreign management 342 Persia: financial diplomacy with limited finance 351 Management without development 357 13. 'Maintaining the Credit-Worthiness of the Chinese Government': China, 1839-1911 360 Experiments with informal influence, 1839 94 362 The scramble for China, 1894-1911 368 The new financial empire 377
British Imperialism, 1688-2000 PART FOUR: Redividing the World 381 14. Britain, Germany and 'Imperialist' War, 1900-14 383 The economics of foreign policy 383 Marxist theory and World War I 386 Anglo-German rivalry and its effects 389 15. Retrospect: 1688-1914 397 PART FIVE: The Empire in the Twentieth Century 403 16. The Imperialist Dynamic: From World War I to Decolonisation 405 PART SIX: The Gentlemanly Order, 1914-39 409 17. 'The Power of Constant Renewal': Services, Finance and the Gentlemanly Elite, 1914-39 411 Manufacturing, services and the south-east 411 Finance and industry after 1914 413 Wealth and power between the wars 418 18. Industry, the City and the Decline of the International Economy, 1914-39 427 Commodity trade 428 The City and invisibles 435 19. Upholding Gentlemanly Values: The American Challenge, 1914-31 442 Industry, the state, and war, 1914-21 442 The impact of the United States 449 The return to gold 453 The financial crisis, 1929-31 460 20. 'A Latter-Day Expression of Financial Imperialism': The Origins of the Sterling Area, 1931-39 464 Financial crisis and economic orthodoxy 464 Financial imperialism without gold 470 The coming of the Pax Americana 478 PART SEVEN: The Wider World, 1914-49 489 21. Maintaining Financial Discipline: The Dominions, 1914-39 491 The Australian debt crisis 494 Disciplining the Afrikaner 505 viii
Contents New Zealand breaks the shackles 511 Canada and sterling 514 Imperial preference and British finance 519 22. 'A New Era of Colonial Ambitions': South America, 1914-39 521 A continental perspective 522 Argentina 527 Brazil 533 Chile 538 Debt-collecting and control in South America 539 23. 'Financial Stability and Good Government': India, 1914-47 541 Patterns of trade and investment 543 The gentlemen of the Raj 546 The impact of World War I 548 The attempt to return to normality: the 1920s 551 Economic crisis and political advance: the 1930s 554 War, finance and independence 559 Holding India to the Empire 562 24. 'Playing the Game' in Tropical Africa, 1914-40 565 Trade, finance and economic policy: an overview 567 Trusteeship and the trustees 570. World War I in tropical Africa 573 Development and control in the 1920s 575 Imposing and reappraising orthodoxy: the 1930s 583 Colonial rule with limited supplies of capital 590 25. 'The Only Great Undeveloped Market in the World': China, 1911-49 593 Trade and finance: an overview 594 Strategy and strategists 596 Revolution, war and war-lords, 1911 18 599 Maintaining British influence: the 1920s 600 Forging a new partnership: the 1930s 606 Towards 1949 613 Safeguarding British interests in an age of revolution 614 PART EIGHT: Losing an Empire and Finding a Role, 1939-2000 617 26. The City, the Sterling Area and Decolonisation 619 The survival of the gendemanly order 620 International economic policy, 1939 55 622 ix
British Imperialism, 1688-2000 The empire in war and reconstruction 627 The Sterling Area: the final phase, 1955-72 632 Global economic change and the end of empire 635 Epilogue: the City in the post-imperial world 640 27. Conclusion: 1688-2000 645 Bases of the analysis 645 The historical argument 648 The wider context 655 Afterword Empires and Globalization 661 The history of globalization 662 From proto-globalization to modern globalization 668 The era of post-colonial globalization 678 Maps 683 Index 706