Eric Hobsbawm wrote the first edition of this book in 1968, but then returned to revise it in 1999, adding new material on developments since the first edition and revising and supplementing some of the original material. Unfortunately, Hobsbawm's analytical and literary powers had declined considerably in that 31-year period, as I think had the intellectual self-assurance that his politics still gave him in the 60s. There is the additional fact that Hobsbawm was undoubtedly more at home in the history of the 19th century than the 20th, for a host of reasons. The result is that the earlier chapters of the book covering the period up to the First World War are far better than those covering the postwar period, although the postwar chapters are still good until we get to 'A Harsher Economic Climate', dealing with the crisis of the 70s and the Thatcher years.
His explanation for why the industrial revolution happened in Britain first is compelling, and his explanation for the subsequent pathologies of the British economy is ultimately that, as first to industrialise, Britain did not have to go through certain processes of political and social modernisation, and economic and organisational rationalisation, which other major economies generally did in order to catch up to Britain. (Although his rejection of explanations which also emphasis the importance of aspects of Britain's class structure is not wholly convincing.) Within his account, the role of the City is key. It is therefore a weakness of the book that, while it contains excellent chapters on agriculture, industry, social change and Britain's position in international trade, it doesn't contain a condensed account of the arc of the City's role in the British economy. Instead, this account is spread across several quite separate chapters, and there is disappointingly little on the development of finance in the 18th and early 19th centuries. It is also striking, given the book's title, that there is not really an extended account given in any one part of the book of the full function the empire played in Britain's economy and society, although the importance of British manufacturers being able to retreat from international competition into the 'safe' and 'easy' world of the domestic and colonial markets is constantly stressed.
The chapter covering the 70s and the Thatcher years is a real disappointment when set next to the earlier chapters. Unlike them, it fails to even describe the social forces which supported the Thatcher project, let alone explain why they turned to such an extreme political project. The 1972 and 1974 miners' strikes, for instance, which did so much to radicalise opinion in the Tory party, are not even mentioned. The other major dispute of the 1980s beside the 1985-6 miners' strike - the Wapping dispute - is also unmentioned. The attitude the Labour party took to Thatcherism in the 1980s also goes entirely unmentioned, and there is no discussion of its mid-90s embrace of key Thatcherite tenets. In general there is a gradual shift away from explanation towards mere description, where the earlier chapters of the book combine both winningly. The earlier chapters are marked by those acerbic, confident, exact observations that make reading Hobsbawm's best works a pleasure, but the chapter on the 70s and 80s reads like Hobsbawm has had not just the hope and life sucked out of him, but the anger and contempt too. There are none of the earlier chapters' sharp observations on how the changing economy generated important social changes, or the apt quotes from primary sources that give a sense of the texture of life at the time.
Contrast two passages:
- From 'The human results: Industrial Revolution 1750-1850': "What the radicals of the time attacked as 'Old Corruption' could generate quite dramatic wealth - the number of millionaire judges dropped sharply after it ended. The Church and the English universities slumbered on, cushioned by their incomes, their privileges and abuses, and their relations among the peerage, their corruption attacked with greater consistency in theory than in practice. The lawyers, and what passed for a civil service, were unreformed and unregenerate."
- From 'A Harsher Economic Climate': "Overall, the arms trade yielded a surplus on its balance of trade (£140.5 million in 1974, £1,736 in 1989); but it remained a controversial area, especially in the business of supplying landmines."
However, since the most recent decades are more well-known than the period Hobsbawm originally sought to describe - 1750-1960 - the weakness of the later chapters shouldn't make you reluctant to pick up this book. If you want to understand the history of the British economy, this is still an excellent book to read.