Private property for the first time became the dominant method to handle land and industry. Banking had grown in importance. The entire edifice was premised on a stable system of exchange; this was the pound sterling which acted as the world's currency. Gold had become the ultimate standard of value for all the major non colonised countries.

The British government at an early stage, in 1916, limited their adherence to the system and by 1931 removed the system altogether. The essence of the global capitalist system, that is the mechanism that held it all together, ceased to work.

Britain wanted world dominance, and there was never any place for a competitor of any size like Germany. This thought, that Britain willed and manipulated the way towards the 1914 war, has been so unthinkable to British historians and the public alike that it has never been widely discussed. Unlike German scholarship - where the issue was widely discussed - those few scholars who suggested that a major section of the ruling classes consciously decided to go to war with Germany have been side-lined and ignored.