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Chapter 19: Pax Britannica: Rise and Fall of British Hegemony
Imperialism cannot be explained in simple terms of economic theory and the nature of finance capitalism. In its mature form it can best be described as a sociological phenomenon with roots in political facts: it can properly be understood only in terms of the same social hysteria which has given birth to other and more disastrous forms of aggressive nationalism.
The Atlantic world economy brought about a perceptible shift in the geo-political power balance in Europe over three centuries; 1688 marked the beginning of that shift, presaging the outbreak of a second Hundred Years' War between Britain and France and her allies, particularly Spain, for the profits of global commerce. ...