Search

This study examines Weber's Protestant Work Ethic and its power in explaining the business ethos and progress of a leading Scottish papermaking firm, Alex Cowan & Sons Ltd. of Penicuik, which existed independently from 1779 to 1965. Beginning with a summary of the Protestant Work Ethic, as outlined in Weber's thesis of 1904–06, a review of key debates around it is given, followed by details of some recent works which demonstrate its continuing relevance for historical scholars as well as the shortcomings of some recent studies which have sought to test it in detail. A brief outline of the business progress of Cowan's papermaking business then follows, after which key aspects of Weber's thesis are tested against the firm's experience. The study concludes that Weber's thesis adequately describes the motivation and progress of the firm and its owners, providing detailed empirical evidence which supports the Weber thesis and justifies further detailed studies. [ABSTRACT FROM AUTHOR]

London goldsmith-bankers' development of paper credit-money in the seventeenth century ushered in the era of modern banking. This essay argues that this innovation of paper credit-money by goldsmith-bankers was the institutionalisation of the double-ownership scheme known as trust. This trust scheme was at the centre of the custom or morality that underlay the political struggle between the Crown, landowners, and the bourgeoisie in early modern England, the struggle from which goldsmith-banking and, later, joint-stock banking developed. This double ownership remains a central feature of the present banking system. Also during the financial boom of the late twentieth century, which ended in the present world financial crisis, the trust scheme was used extensively by many financial firms, such as mutual funds, pension funds, and asset-securitisation trusts. [ABSTRACT FROM AUTHOR]

Schumpeter envisioned entrepreneurship research as a way to examine and understand how capitalism changes. This notwithstanding, contemporary entrepreneurship studies predominantly explore the emergence and growth of new business firms, thus adopting a view that assumes a positive macro-level role for entrepreneurship in society even as it neglects the destructivity which was key to Schumpeter's theory. To bring capitalism back into entrepreneurship, we suggest a narrative approach to entrepreneurial history. Specifically, we introduce counternarratives to discuss new ways of thinking about the micro-macro linkage in entrepreneurship and to open up fresh understandings of creative destruction within, and beyond, capitalism. We conclude the paper with practical suggestions for new entrepreneurial histories that develop alternative narratives. [ABSTRACT FROM AUTHOR]

Annual reports are situated artefacts which relate a longitudinal grand narrative or corporate (auto)biography. This paper explores the narrative reporting of two former asbestos manufacturers, Turner & Newall in the UK and James Hardie in Australia. Asbestos features prominently in the industrial expansion and decline of both companies as the toxic health effects of this ‘magic mineral’ became evident over time. This paper finds evidence of several distinct phases of reporting of asbestos, from reporting it as a source of unmitigated value, to a source of risk and finally as a threat to corporate viability. Each stage erased or re-situated the prior story of asbestos so that users of individual annual reports may be unaware of the grand narrative of asbestos in its transformation from ‘magic mineral to killer dust’. [ABSTRACT FROM PUBLISHER]

This paper is an account of the institutional mechanisms that have influenced business history in the early to late Middle Ages in the city of Coventry. The paper discusses socio-cultural, political, religious, and historical influences on the city's major trades during the era and incorporates analysis of governance structures in the form of Coventry's famous guilds which were instrumental in shaping the trajectory of one of England's foremost cities during the chronicled era. Through this examination we seek to complement and contribute to business history literature that is increasingly intrigued by business and economic activities pre-dating the industrial and manufacturing era, thus enriching discussion about business and institutional dynamics in the pre-modern era. [ABSTRACT FROM AUTHOR]

This paper examines how the category of failure was economised and made calculable. It explores the preconditions for this shift in three stages. First, it explores how failure came to be ‘forgiven’ in both the US and the UK across the nineteenth century, how it came to be defined as something that is economic or financial, rather than personal or moral. Second, it explores the rapid growth of narrating and rating failure in the mid-nineteenth century, with particular attention to the formation of credit rating agencies from the 1840s onwards. We consider also the roles played in this process by two fortuitous technological developments: the typewriter and carbon paper for copying. Third, we examine the emergence of the calculative infrastructure, which has helped to establish an industry of attempts to forecast failure from the beginning of the twentieth century, initially on the basis of financial ratios, and more recently through the use of risk indexes. We use the term ‘calculating failure’ to describe this transformation and economisation of both the ideas and the instruments of failure, and suggest that this has significant implications for the study of strategy. [ABSTRACT FROM PUBLISHER]

During c. 1810–59 over 260 British merchant houses operated in the River Plate or Chile, and many more in the rest of Latin America. These were times when Anglo-Latin American economic relations remained largely commercial, since the region was an important commercial partner of Britain. British investment was unimportant during this period in the region. The main economic activity of these mercantile houses was the import of textiles in exchange for bullion, specie, bills of exchange and local produce. Yet the textile trade has received little attention, despite the importance of the region as a market for British manufacturers. This paper describes in detail the relations between textile manufacturers and/or merchants in Britain and merchants on the spot, in particular for the marketing of textiles, the backbone of the business of British merchants operating in Latin America. This paper focuses on the particular case of the Southern Cone during c. 1810–59. [ABSTRACT FROM PUBLISHER]

This introduction sets the articles in this special issue into their historical context and explores some of the definitional problems associated with discussions of financial and economic crises. It highlights some of the unifying themes and wider lessons of the papers found in the issue and makes the case for greater historical understanding of crises while outlining the limits of historical analogy. [ABSTRACT FROM AUTHOR]

This paper challenges the recent suggestion that a new financial elite has evolved which is able to capture substantial profit shares for itself. Specifically, it questions the assumption that new groups of financial intermediaries have increased in significance primarily because there is evidence that various types of financial speculators have played a similarly extensive role at several junctures of economic development. The paper then develops the alternative hypothesis that, rather than being a recent development, the rise of these financial intermediaries is a cyclical phenomenon which is linked to specific regimes of capital accumulation. The hypothesis is underpinned by historical data from the US National Income and Product Accounts for the period from 1930 to 2000, which suggest that the activities of 'mainstream' financial intermediaries have been accompanied by the frequently countercyclical activities of a 'speculative' sector of security and commodity brokers. Based on the combination of this qualitative and quantitative evidence, the paper concludes that the rise of a speculative financial sector is a potentially recurrent phenomenon which is linked to periods of economic restructuring and turmoil. [ABSTRACT FROM AUTHOR]

The paper analyses the sources of meanings attached to consumption of the early automobile to inform analysis of the lockout of electric automobiles in the UK, mindful of related developments in France, and the USA. Data are gathered from archive sources, and include social and technical histories and popular newspapers and magazines from the period investigated (1885-1914). The paper asserts that the association of the early car with specific and particular cultural meanings, as defined by class and gender, led to it becoming an untenable choice for early consumers contributing to the 'lockout' of the electric car before it had a chance to establish itself as a viable socio-technical system. The conclusion highlights the limitations of an analytical focus privileging technical accounts of lockout and identifies the contribution of the concepts of symbolic consumption and signification. [ABSTRACT FROM AUTHOR]