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British Industrialization and the Profit Constraint Hypothesis: The Case of a Manchester Cotton Enterprise, 1798-1827

Harvey James ()

Economic History from University Library of Munich, Germany

Abstract: This paper test the hypothesis that capital market imperfections constrained the growth of British firms during the Industrial Revolution. Using data on the cost structure of a representative British cotton manufacturer during the 1798 to 1827 period, this paper shows that the scale of operation was too small. The findings suggests that industrialization could have proceeded more rapidly if firms would have had access to alternative sources of capital financing.

Keywords: Industrial Revolution; capital markets; cotton manufacturing (search for similar items in EconPapers)
JEL-codes: N20 (search for similar items in EconPapers)
Date: 1996-12-10
Note: Type of Document - Word 7.0; prepared on IBM PC Pentium running Windows95; to print on HP laserjet 4; pages: 14; figures: none
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