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/ Home / Editorial / Wealth Management / Investment & Risk Management /
Visions & Revisions
A Distant Mirror
Douglas McWhirter
08/02/2004


Wealth, in any country, is essential to the acquisition and maintenance of political power.
The relationship between wealth and power is far more complicated than it used to be; certainly it is in Britain, though not necessarily [in the United States]. In the old days in Britain, to have a successful political career you had to be rich. That was certainly true of aristocrats who were by definition rich, and by virtue of their membership in the House of Lords, powerful. I suppose it was true of businessmen, though the number of really rich businessmen who have gone into politics in Britain is not all that great. But if one looks now at the current British political elite—that is to say the Labour cabinet and the front bench of the conservative opposition—very few of those people are rich. If you look at the overall membership of the House of Commons, very few are rich. In Britain, the trend is now that in order to succeed in politics, you do not have to be rich. By contrast, more American presidents have been wealthy than have British prime ministers.

The decline of the British aristocracy was due, in part, to random events and bad luck.
I think it is true that any social group’s long-term existence is going to be threatened by random events and bad luck. It is certainly the case that although Britain had an easier ride in the 20th century than most European countries—no civil war, defeat, invasion, etc.—there is no doubt that in the First and Second World Wars, large numbers of aristocrats died. Heavy death taxes were paid as the result of that, and that was financially damaging for many families. The whole notion of the family existing across generations was seriously undermined as not just one, but two or three people in a generation were killed in war. If one thinks of the First and Second World Wars as random events, they were very significant in weakening the capacity and the resolve of the British aristocracy to continue in existence as a ruling class.

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