By Eugene C. Black (eds.)
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0-1913 (Cambridge: 1953). D. CHAMBERS, The Workshop of the World (London: 1961). - - and G. E. MINGAY, The Agricultural Revolutt'on, 1750-1913 (London: 1966). S. G. CHECKLAND, The Rise of Industrial Society in England, 18151885 (London: 1964). J. H. CLAPHAM, An Economic History of Modern Britain, 3 vols. (Cambridge: 1927-1939). W. H. B. CouRT, A. Concise Economic History of Britain from 1760 (Cambridge: 1954). P. DEANE, The First Industrial Revolution, 1750-1850 (Cambridge: 1966). - - a n d W. A.
Continued expansion of cotton textiles sustained this sector of the economy, although the relative decline continued. Textiles probably did not represent 5 percent of national income by 1901. Other and newer industries grew and prospered while textiles continued a relative decline. But old habits and notions were hard to uproot. Investment capital continued to flow into an increasingly less profitable sector of the economy. It worked for grandfather; it will work for us. Investment patterns, no less than educational inadequacy, restricted British economic flexibility just when international competition, principally although not exclusively from Germany and the United States, made vital the development of new economies.
ECONOMIC STRUCTURE 7 This economic success was misleading. Britain lacked the natural resources of the United States. Britain resisted the drives for economic efficiency and technical education that propelled Germany so far. British industry developed against feeble external competiton and prospered as the rest of Europe, then the world, struggled to develop themselves. Success came too easily. British industry became increasingly set in old ways just when imagination and flexibility were most needed.