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Fixed Capital in the Industrial Revolution in Britain

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  • Pollard, Sidney

Abstract

The provision of capital is generally recognized to be one of the main problems of countries undergoing the process of industrialization. This is true also of the special case of Great Britain, the first country to experience an industrial revolution. In the British case, however, it is important to note that much capital had been accumulated even before the 1760's, the decade when industrial growth began to accelerate and to change its direction. Most of this earlier capital was invested in commerce, in finance, in farming, and in stocks of manufactured goods and raw materials, and what was noteworthy in the next two generations was, not so much the absolute (and probably also relative) growth in the quantity of capital, but a change in its composition: the emergence, for the first time, of large concentrations of fixed capital.

Suggested Citation

  • Pollard, Sidney, 1964. "Fixed Capital in the Industrial Revolution in Britain," The Journal of Economic History, Cambridge University Press, vol. 24(3), pages 299-314, September.
    • Handle: RePEc:cup:jechis:v:24:y:1964:i:03:p:299-314_06
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    Cited by:

    1. van Bavel, Bas, 2016. "The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500," OUP Catalogue, Oxford University Press, number 9780199608133, Decembrie.
    2. NEIL McKENDRICK, 1970. "Josiah Wedgwood and Cost Accounting in the Industrial Revolution," Economic History Review, Economic History Society, vol. 23(1), pages 45-67, April.
    3. Aki Tomizawa & Li Zhao & Geneviève Bassellier & David Ahlstrom, 2020. "Economic growth, innovation, institutions, and the Great Enrichment," Asia Pacific Journal of Management, Springer, vol. 37(1), pages 7-31, March.
    4. Studart, Rogério, 2005. "The State, the markets and development financing," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    5. Sandeep Baliga & Ben Polak, 1998. "Banks Versus Bonds: the Emergence and Persistence of Two Financial Systems," Discussion Papers 1221, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    6. Stephen Quinn, 2001. "Finance and Capital Markets," Working Papers 200103, Texas Christian University, Department of Economics.
    7. Fiaschi, Davide & Fioroni, Tamara, 2019. "Transition to modern growth in Great Britain: The role of technological progress, adult mortality and factor accumulation," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 472-490.
    8. Harley, C. Knick, 2012. "Was technological change in the early Industrial Revolution Schumpeterian? Evidence of cotton textile profitability," Explorations in Economic History, Elsevier, vol. 49(4), pages 516-527.
    9. McCloskey, Deirdre N., 2013. "Tunzelmann, Schumpeter, and the Hockey Stick," Research Policy, Elsevier, vol. 42(10), pages 1706-1715.
    10. Alex Trew, 2010. "Infrastructure Finance and Industrial Takeoff in England," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 985-1010, September.
    11. Bodenhorn, Howard, 1999. "An Engine of Growth: Real Bills and Schumpeterian Banking in Antebellum New York," Explorations in Economic History, Elsevier, vol. 36(3), pages 278-302, July.
    12. Richard, Jacques, 2015. "The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting)," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 30(C), pages 9-34.
    13. A.J. Arnold & S. McCartney, 2008. "The transition to financial capitalism and its implications for financial reporting," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 21(8), pages 1185-1209, October.
    14. Howard Bodenhorn, 2016. "Two Centuries of Finance and Growth in the United States, 1790-1980," Working Papers id:11352, eSocialSciences.
    15. Philip Constable & Nooch Kuasirikun, 2007. "Accounting for the nation‐state in mid nineteenth‐century Thailand," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 20(4), pages 574-619, July.

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