Global exports and local finance: the funding of industry in nineteenth century Sheffield

Lucy Newton

No em-dp2004-20, Economics Discussion Papers from Department of Economics, University of Reading

Abstract: This paper examines manufacturing in Sheffield from the perspective of several businesses and how they funded their activities. It will provide five case studies based on the examinations of company records and analyse the means by which these enterprises raised finance. The issue of finance in industrial districts is a crucial one, especially given the high trust and high-risk environment in which the businesses operated. Sheffield and its businesspeople relied upon very localised sources of finance - they called upon familial contacts and local banks as sources for funding, in addition to the raising of finance through regionally traded equities. The city and its environs thus formed an industrial district specialising in manufacturing iron, steel and metal products that were exported to the world yet it achieved this tremendous output through enterprises whose sources of funding were regionally generated. The paper will conclude that the regional and the global combined to great success in Sheffield during the second halfof the nineteenth century

Pages: 43 pages
Date: 2004
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