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Public Subsidy and Private Divestment: The Lancashire Cotton Textile Industry, c.1950-c.1965.
- Source :
- Business History; Jan2000, Vol. 42 Issue 1, p59-84, 26p, 4 Charts, 2 Graphs
- Publication Year :
- 2000
-
Abstract
- The investment and divestment policies of Lancashire cotton companies are examined by reference to historical financial and other archival data. Capital/product market and political/institutional constraints on entrepreneurial behaviour are evaluated. Lancashire entrepreneurs were faced with a legacy of over-capacity and a market situation that individual decisions could do little to alter. Political constraints, especially in the form of taxation and regulation of overseas trade, had important influences on investment behaviour. Divisions within the Lancashire lobby weakened its political influence prior to 1959. Dividend policy and the constraint on corporate cash flow imposed by the capital markets also helped to limit the effectiveness of restructuring investments. Partial solutions from the British government could not prevent the total demise of what remained of an important regional industry. [ABSTRACT FROM AUTHOR]
- Subjects :
- COTTON trade
INVESTMENTS
DISINVESTMENT
Subjects
Details
- Language :
- English
- ISSN :
- 00076791
- Volume :
- 42
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Business History
- Publication Type :
- Academic Journal
- Accession number :
- 2889946
- Full Text :
- https://doi.org/10.1080/00076790000000175