The past is therefore a permanent dimension of the human consciousness, an inevitable component of the institutions, values and other patterns of hum… - Eric Hobsbawm

As capitalism and bourgeois society triumphed, the prospects of alternatives to it receded, in spite of the emergence of popular politics and labour movements. These prospects could hardly have seemed less promising in, say 1872–3. And yet within a very few years the future of the society that had triumphed so spectacularly once again seemed uncertain and obscure, and movements to replace it or to overthrow it had once again to be taken seriously. We must therefore consider these movements for radical social and political change as they existed in the third quarter of the nineteenth century.

If economics is not to remain the victim of history, constantly attempting to apply its tool-kit, generally with a time-lag, to yesterday's developments which have become sufficiently visible to dominate the scene today, it must develop or rediscover this historical perspective. For this may have a bearing not only on tomorrow's problems, about which we ought, if possible, to think before we get swamped by them, but also on tomorrow's theory.

To draw a parallelism between the arts and the sciences is always dangerous, for the relationships between either and the society in which they flourish is quite different. Yet the sciences too in their way reflected the dual revolution, partly because it made specific new demands on them, partly because it opened new possibilities for them and faced them with new problems, partly because its very existence suggested new patterns of thought.