But what are we to make of the British? They were on the right side of all the great conflicts of the last century; and they have been, in the scales of history, a force for good in the world. Even as their colonies advanced to independence, they retained the English language and English legal system, not to mention cricket and all kinds of other cultural ties. And even in imperial retreat, there is no rational basis for late 20th century Britain’s conclusion that it had no future other than as an outlying province of a centralized Euro nanny state dominated by nations whose political, legal, and cultural traditions are entirely alien to its own. The embrace of such a fate is a psychological condition, not an economic one.He follows that up with a quotation from Hayek's Road to Serfdom (1944), which does appear to answer his question:
There is one aspect of the change in moral values brought about by the advance of collectivism which at the present time provides special food for thought. It is that the virtues which are held less and less in esteem and which consequently become rarer are precisely those on which the British people justly prided themselves and in which they were generally agreed to excel. The virtues possessed by Anglo-Saxons in a higher degree than most other people, excepting only a few of the smaller nations, like the Swiss and the Dutch, were independence and self-reliance, individual initiative and local responsibility, the successful reliance on voluntary activity, noninterference with one’s neighbor and tolerance of the different and queer, respect for custom and tradition, and a healthy suspicion of power and authority.