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Public Subsidy and Private Divestment: The Lancashire Cotton Textile Industry, c.1950-c.1965

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  • David Higgins
  • Steven Toms

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 later. 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.

Suggested Citation

  • David Higgins & Steven Toms, 2000. "Public Subsidy and Private Divestment: The Lancashire Cotton Textile Industry, c.1950-c.1965," Business History, Taylor & Francis Journals, vol. 42(1), pages 59-84.
    • Handle: RePEc:taf:bushst:v:42:y:2000:i:1:p:59-84
    DOI: 10.1080/00076790000000175
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    Cited by:

    1. Ryo Izawa, 2018. "Corporate Structural Change for Tax Avoidance: British Multinational Enterprises and International Double Taxation between the First and Second World Wars," Discussion Papers CRR Discussion Paper Series A: General 33, Shiga University, Faculty of Economics,Center for Risk Research.

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