chapter  4
20 Pages

Race and Nation

The 1980s marked an important period for British capitalism. Britain’s imperial power was all but over and its industry-based economy, centred upon manufacturing, was being abandoned in favour of finance capital and its attendant consumerism, to ensure capital accumulation for an elite few. What would become known as ‘Reaganomics’ in the 1980s was to be the platform for the catastrophic recent legacy of ‘casino capitalism’ and the 2008 crisis of international capital. In ‘the City’, bankers and traders were to become ultra-rich but for much of the population, especially the young of working age, it was about low pay in non-unionised insecure settings2 or unemployment.