The finance and growth of the Lancashire cotton textile industry, 1870-1914
Using accounting records and financial data, a business history of the Lancashire textile industry from 1870 to 1914 is presented. Issues of technology and industry structure, which have attracted a great deal of comment are first re-addressed. The discussion is then widened to include other aspects of the industry which have previously been neglected, namely the social processes of capital accumulation with reference to those evolving relationships between managers and shareholders which, in the context of broader economic change, helped forge the special characteristics of Lancashire capitalism. The industry is found to be generally healthy and competitive, although its fortunes were dangerously dependent on the overseas value of the pound. Whilst the original technologies of the industrial revolution were maturing, the alternative twentieth century means of automated throughput had still not been developed. External economies and flexibility associated with vertical specialisation thus continued to outweigh those of integrated throughput production. Meanwhile a transformation of the industry occurred in terms of its ownership, as the previously influential small shareholder was forced to surrender influence
Toms, John Steven
HD Industries. Land use. Labor
The finance and growth of the Lancashire cotton textile industry, 1870-1914. Using accounting records and financial data, a business history of the Lancashire textile industry from 1870 to 1914 is presented. Issues of technology and industry structure, which have attracted a great deal of comment are first re-addressed. The discussion is then widened to include other aspects of the industry which have previously been neglected, namely the social processes of capital accumulation with reference to those evolving relationships between managers and shareholders which, in the context of broader economic change, helped forge the special characteristics of Lancashire capitalism. The industry is found to be generally healthy and competitive, although its fortunes were dangerously dependent on the overseas value of the pound. Whilst the original technologies of the industrial revolution were maturing, the alternative twentieth century means of automated throughput had still not been developed. External economies and flexibility associated with vertical specialisation thus continued to outweigh those of integrated throughput production. Meanwhile a transformation of the industry occurred in terms of its ownership, as the previously influential small shareholder was forced to surrender influence
finance growth lancashire cotton textile_industry using accounting record financial data business_history lancashire textile_industry present issues technology industry structure attract great_deal comment first addressed discussion widen include aspect industry previously_neglect namely social_process capital accumulation reference evolve relationship manager shareholder context broad economic_change help forge special characteristic lancashire capitalism industry find generally healthy competitive although fortune dependent overseas value pound whilst original technology industrial_revolution alternative mean automate still develop external economy flexibility associate vertical specialisation thus continue integrate production meanwhile transformation industry occur term ownership previously influential small shareholder force surrender influence