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"I have never learned to trust it. I can't trust it to this day ... A dreadful doubt hangs over the whole achievement of literature." Thus wrote Joseph Conrad, in an essay published in the Manchester Guardian Weekly on December 4 1922. Long before Auden was telling us poetry makes nothing happen, or Adorno was saying there could be no poetry after Auschwitz, Conrad was questioning - fundamentally - the political and moral utility of writing. Yet this was a writer who drew the approbation of FR Leavis, the pre-eminent British supporter of the view that literature could play a role in the maintenance of civilisation. In 1941, Leavis described Conrad as being "among the very greatest novelists in the language - or any language".

"Both at sea and on land my point of view is English, from which the conclusions should not be drawn that I have become an Englishman. That is not the case. Homo duplex has in my case more than one meaning."

In 1988, NLR Editorial Board member Anthony Barnett distracted a disappointed left into the desert of Constitutional Reform to complete the bourgeois revolution with the organisation Charter 88; in 1995 Will Hutton retailed a version of the Nairn-Anderson thesis in his book The State We’re In effectively drafting Tony Blair’s apolitical modernisation agenda.

Far from being too theoretical the Review was not theoretical enough. The tendency to manufacture deep sociological explanations for transient events certainly showed literary productivity, but it would be wrong to see that as necessarily representing theoretical work. ‘Theories’ were produced that in the end only echoed contemporary trends, without really criticising them. So between them Anderson and Tom Nairn manufactured the theory that Britain’s political revolution was, unlike its Continental counterparts, incomplete; an argument that became known as the Nairn-Anderson thesis. The idea was that the emerging capitalist class in Britain had done a deal with the old aristocracy to gain influence, leaving the old pre-democratic power structures in place; the inordinate influence of the City of London over the British economy, with its old-Etonian clubbishness, Nairn and Anderson thought, was evidence of the persistence of a ‘Gentlemanly Capitalism’.

NLR is financially buoyant because of the library subscriptions from American colleges.