The tragedy of the October revolution was precisely that it could only produce its kind of ruthless, brutal, command socialism. - Eric Hobsbawm

The fundamental fact about Britain in the first two generations of the Industrial Revolution was, that the comfortable and rich classes accumulated income so fast and in such vast quantities as to exceed all available possibilities of spending and investment.

Most observers in the 1870s would have been far more impressed by its linearity. In material terms, in terms of knowledge and the capacity to transform nature it seemed so patent that change meant advance that history – at all events modern history – seemed to equal progress. Progress was measured by the ever rising curve of whatever could be measured, or what men chose to measure. Continuous improvement, even of those things which clearly still required it, was guaranteed by historical experience. It seemed hardly credible that little more than three centuries ago intelligent Europeans had regarded the agriculture, military techniques and even the medicine of the ancient Romans as the model for their own, that a bare two centuries ago there could be a serious debate about whether the moderns could ever surpass the achievement of the ancients, and that at the end of the eighteenth century experts could have doubted whether the population of Britain was increasing.

Rarely has the incapacity of governments to hold up the course of history been more conclusively demonstrated than in the generation after 1815. To prevent a second French Revolution, or the even worse catastrophe of a general European revolution on the French model, was the supreme object of all the powers which had just spent more than twenty years in defeating the first; even of the British, who were not in sympathy with the reactionary absolutism which re-established themselves all over Europe and knew quite well that reforms neither could nor ought to be avoided, but who feared a new Franco-Jacobin expansion more than any other international contingency. And yet, never in European history and rarely anywhere else has revolutionarism been so endemic, so general, so likely to spread by spontaneous contagion as well as by deliberate propaganda.