Entrepreneurial failure and economic crisis: an historical perspective

This chapter analyses the major UK economic crises that have occurred since the speculative bubbles of the seventeenth century. It integrates insights from economic history and business history to analyse both the general economic conditions and the specific business and financial practices that led to these crises. The analysis suggests a significant reinterpretation of the evidence – one that questions economists’ conventional views.

The Mersey Basin: an historical assessment of water quality from an anecdotal perspective

The freshwaters of the Mersey Basin have been seriously polluted for over 200 years. Anecdotal evidence suggests that the water quality was relatively clean before the start of the Industrial Revolution. The development of the cotton and chemical industries increased the pollution load to rivers, and consequently a decline in biota supported by the water was observed. Industrial prosperity led to a rapid population increase and an increase in domestic effluent. Poor treatment of this waste meant that it was a significant pollutant. As industry intensified during the 19th century, the mix of pollutants grew more complex. Eventually, in the 1980s, the government acknowledged the problem and more effort was made to improve the water quality. Knowledge of social and economic history, as well as anecdotal evidence, has been used in this paper to extrapolate the changes in water quality that occurred. (C) 2003 Elsevier Science B.V. All rights reserved.

The British ‘failure’ that never was? The Anglo-American ‘productivity gap’ in large-scale interwar retailing—evidence from the department store sector

Interwar British retailing has been characterized as having lower productivity, less developed managerial hierarchies and methods, and weaker scale economies than its US counterpart. This article examines comparative productivity for one major segment of large-scale retailing in both countries—the department store sector. Drawing on exceptionally detailed contemporary survey data, we show that British department stores in fact achieved superior performance in terms of operating costs, margins, profits, and stock-turn. While smaller British stores had lower labour productivity than US stores of equivalent size, TFP was generally higher for British stores, which also enjoyed stronger scale economies. We also examine the reasons behind Britain's surprisingly strong relative performance, using surviving original returns from the British surveys. Contrary to arguments that British retailers faced major barriers to the development of large-scale enterprises, that could reap economies of scale and scope and invest in machinery and marketing to support the growth of their primary sales functions, we find that British department stores enthusiastically embraced the retail ‘managerial revolution’—and reaped substantial benefits from this investment.