Innovation, Monopoly, and the Supply of Vehicle Components in Britain, 1880–1930: The Growth of Joseph Lucas Ltd.

From its beginnings as a supplier of lamps for bicycles in the last quarter of the nineteenth century, Professor Church follows Joseph Lucas Ltd., through three generations of management and several revolutions in the character of its trade, to its emergence as the largest supplier of components to British automobile manufacturers. Shrewd but rigidly upstanding business policies, a clear-headed view to the future, and conservative financing methods gave Lucas's the strength and flexibility to survive and eventually dominate a field that was constantly changing, and in which both domestic and foreign competition was an important factor. Lucas's management, watching the rise and fall of firms that were, as Professor Church says, “young, inventive, and financially weak,†might have agreed with Andrew Carnegie that “pioneering don't pay.†But Lucas's, like Carnegie, pioneered with great success where increased productivity, lower prices, and growth were the rewards.