Oldham capitalism and the rise of the Lancashire textile industry
AbstractThe joint stock company, centred on Oldham, is a central narrative in Douglas Farnie’s seminal book, the English Cotton Industry and the World Market. Farnie was the first to highlight the idiosyncratic nature of these limited companies, including their highly democratic system of governance. Documenting the collapse of this system is a useful post-script to Farnie’s analysis. The chapter will extend Farnie’s contribution by examining new evidence in the pre-1896 period. It will then go on to document subsequent developments after 1896 and show that changes in governance had serious consequences for the industry. Cliques of mill owners, and the speculative stock market capitalism they engendered, promoted over-expansion of the industry and financial instability. The over-expansion of the 1907 boom was repeated with disastrous consequences in the re-capitalisation boom of 1919. It will be shown that the activities of networks local directors, which had been established pre 1914, not financial syndicates, banks, trade unions or government, were responsible for the collapse that precipitated the industry’s long decline.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The York Management School, University of York in its series The York Management School Working Papers with number 30.
Length: 26 pages
Date of creation: 2007
Date of revision:
This paper has been announced in the following NEP Reports:
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (White Rose Research Online) or (The York Management School).
If references are entirely missing, you can add them using this form.