The Evolution of Modern Capitalism: A Study of Machine Production. J. A. Hobson
other words, the businesses amenable to joint-stock enterprise are those where skilled management can be reduced to a minimum, and where the scale of the business or the possession of a natural monopoly limits or prohibits competition from outside.
[3] A. Smith, Wealth of Nations, Bk. iv., chap. i.
[4] Macpherson, Annals of Commerce, vol. ii. p. 728.
[5] Smith, Memoirs, vol. ii., chap. iii. As the approximate calculation of a very competent business man these figures are more reliable than the official figures of imports and exports, the value of which throughout the eighteenth century is seriously impaired by the fact that they continued to be estimated by the standard of values of 1694.
[6] Whitworth's State quoted, Macpherson, vol. iii. p. 283.
[7] Annals, vol. iii. p. 340.
[8] Cunningham, History of English Industry, vol. ii. p. 287, etc.
[9] Smith, Memoirs of Wool, vol. ii. p. 113.
[10] Chalmers, Estimates, p. 148.
[11] Cf. Cunningham, Growth of English Industry, vol. ii. p. 292.
[12] Smith, Wealth of Nations, Bk. iv., chap. viii.
[13] Ibid.
[14] Growth of English Industry, vol. ii. p. 303.
[15] Macpherson, Annals, vol. iii. pp. 155, 156.
[16] Chalmers, Estimate, p. 208. See, however, Baines, who gives a slightly smaller estimate, History of the Cotton Manufacture, p. 112.
[17] Macpherson, Annals, vol. iii. p. 114.
[18] Ibid., vol. iii. p. 73.
[19] Ibid., vol. iii. p. 73.
[20] Smith, Memoirs of Wool, vol. ii. pp. 19, 45.
[21] Smith, ibid., vol. ii. p. 270; cf. also Cunningham, Growth of English Industry, vol. ii. p. 300.
[22] Toynbee, Industrial Revolution, p. 50.
[23] Schulze-Gaevernitz, Der Grossbetrieb, p. 77.
[24] Defoe, Tour, vol. ii. p. 371.
[25] Ibid., vol. ii. p. 370.
[26] Chalmers, pp. 124, 125.
[27] Defoe, Tour, vol. iii. p. 9, etc.
[28] Smith, Wealth of Nations, vol. i., chap. x., part 2.
[29] Defoe, Tour, vol. iii. p. 84.
[30] Scrivener, History of the Iron Trade.
[31] Defoe, Tour, vol. ii. p. 323.
[32] Schulze-Gaevernitz, Der Grossbetrieb, p. 52.
[33] Cf. Marshall, Principles, p. 328. In the case of Staffordshire, however, there existed an early trade in wooden platters dependent on quality of timber and traditional skill. When the arts of pottery came in, the new trade taken up in the same locality ousted the old, though there was no particular local advantage in materials.
[34] Smith, Wealth of Nations, Book III., chap. iii.
[35] Westmoreland coal did not compete in the Newcastle market—Wealth of Nations, Book I., chap. xi. p. 2.
[36] Adam Smith, writing later in the century, observes with some exaggeration, "A merchant, it has been said very properly, is not necessarily the citizen of a particular country. It is in a great measure indifferent to him from what place he carries on his trade, and a very trifling disgust will make him remove his capital, and together with it all the industry which it supports, from one country to another."—Book III., chap. iv.
[37] Defoe, vol. ii. p. 37.
[38] Ibid., vol. ii. p. 17.
[39] Annals of Agriculture, chap. iv. p. 157.
[40] Defoe, vol. iii. pp. 78, 79.
[41] Cf. Burnley, Wool and Wool-combing, p. 417.
[42] Smith, Memoirs of Wool, vol. ii. p. 297.
[43] Ure, History of the Cotton Manufacture, vol. i. p. 224.
[44] James, History of the Worsted Manufacture, p. 323 (quoted Taylor, The