british decolonization in the twentieth century
563
century.98 No longer can the empire be seen as a mere appendage of
British industrial capitalism. In this way, ‘gentlemanly capitalism’ precisely
identifies a ‘new imperialism’ in the postwar era, based not upon the
empire’s significance as a dumping ground for manufactures or as a
source of cheap raw materials but on the importance of colonial primary
production in bolstering sterling. Likewise, maintenance of the sterling
area was undoubtedly an important element in the transfers of power
during the late 1950s and early 1960s. Problems arise, however, beneath
the veneer of Cain and Hopkins’s financial-commercial model. The
divisions within both official and commercial circles often rendered busi-
ness lobbying ineffectual, while, in government policy, Cold War exigenc-
ies overrode economic concerns. Furthermore, both socially and ideologi-
cally, the colonial business elite remained separate from the official-
political elite which oversaw development and decolonization overseas. It
is not surprising, therefore, that the latter pursued strategies which fre-
quently ignored, alienated, and enraged the former. The business and
the politics of decolonization were rarely, if ever, reconciled.
Liverpool John Moores University
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98 A point echoed by idem, Capitalism and nationalism, p. 13.
Economic History Society 2000