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Competition, Specialization, and Industrial Decline

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  • Lazonick, William
Abstract
The technological backwardness of the British cotton industry in the first six decades of this century was due primarily to the structure of industrial organization, characterized by intense competition and specialization, that had developed in the nineteenth century when the industry had no serious international competitors. But with the rise of corporate economies, particularly in Japan and the United States, this structure of industrial organization rendered British cotton managers powerless to create the corporate structures required to meet this challenge. Britain's decline was due to the failure of its managers to create conditions for new profitable opportunities by altering the constraints that they faced.

Suggested Citation

  • Lazonick, William, 1981. "Competition, Specialization, and Industrial Decline," The Journal of Economic History, Cambridge University Press, vol. 41(1), pages 31-38, March.
    • Handle: RePEc:cup:jechis:v:41:y:1981:i:01:p:31-38_04
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    Citations

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    Cited by:

    1. Valerio Cerretano, 2009. "The Treasury, Britain's postwar reconstruction, and the industrial intervention of the Bank of England, 1921–91," Economic History Review, Economic History Society, vol. 62(s1), pages 80-100, August.
    2. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    3. Marc Prat Sabartes, 2007. "Vertical integration or specialisation: producing and commercialising cotton goods (1815-1913)," Working Papers in Economics 188, Universitat de Barcelona. Espai de Recerca en Economia.
    4. Michael Perelman, 2006. "The neglect of replacement investment in keynesian economics," Review of Political Economy, Taylor & Francis Journals, vol. 18(4), pages 547-559.
    5. Toms, Steven, 2017. "Network preferences and the growth of the British cotton textile industry, c.1780-1914," MPRA Paper 80058, University Library of Munich, Germany.
    6. Toms, Steven, 2014. "‘Cold, Calculating Political Economy’: Fixed costs, the Rate of Profit and the Length of the Working Day in the Factory Act Debates, 1832-1847," MPRA Paper 54408, University Library of Munich, Germany.

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