The impact of the Napoleonic Wars on the development of the cotton industry in Lancashire : A study of the structure and behaviour of firms during the industrial revolution
This dissertation analyses the idea of 'Slower Growth' during British industrialisation, and its relevance for the leading sector of factory cotton production. The techniques used are specifically those of microeconomic theory, notably developing methods used in analysis of the firm. The intention is to focus on issues of industrial growth and the structure of cotton firms from two angles, both of which have involved the extraction of new bodies of data. Firstly, a reconstruction of the factory cotton industries in the Township of Manchester, and the parishes of Great and Little Bolton. This was done using Poor Rate records. The second approach analyses the accounts of cotton firms to consider these problems at the level of the firm. Capital formation, output, sales, inventory stocks, and profits have been calculated for a number of firms. Particular attention is given to the large Manchester spinning firm, McConnel & Kennedy, and the Bolton spinner, William Gray. This allows a further comparison of the industrial development of Manchester and Bolton. Chapter 2 presents the Poor Rate reconstructions. Consideration is given to some of the principal structural features of the cotton industry arising from this work, notably Empty Factory Space, Factory Sharing, Commission Spinning, and the building of factories by Rentiers. In Chapter 3 greater attention is given to the role of entrants and 'survivor firms' in generating growth. In addition, the question of expansion at the level of the industry and the firm is cast into the light of some recent theoretical work. Chapters 4 to 6 concentrate on the results of analysing firm accounting records. In Chapter 4 the capital formation of McConnel & Kennedy and William Gray is considered. The relationship between fixed and working capital is analysed along with depreciation rates on plant, and the question of how representative these firm studies are. Following that, output and sales records are reconstructed in the light of arguments on quantity and price adjustment by firms. Capacity utilisation estimates are computed and considered in relation to arguments that these levels were often invariant. Capital:output ratios have been calculated, and they are employed in a further analysis of the timing and structure of growth in the cotton industry. Finally, in Chapter 6, profit series are used to consider the question of timing of investment decisions, and whether this casts any light on slower growth.
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