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The working class that emerged in Britain was historically a new class-not recognised as a social or institutional collective by itself or others before a specifiable period. The emergence of the Andy Capp working class is the British proletariat which came to be recognised not only by its headgear but by the physical environment in which they lived, by a style of life and leisure, by a certain class consciousness increasingly expressed in a secular tendency to join unions and to identify with the class party of Labour. By the time of Chartism all terms associated with the ancient world of independent small producers and their organisations, denote something like the wage-skilled worker rather that the independent producer. In addition, the term “manufacturer” that referred vaguely to the labour force came to be monopolized by the industrial employer. Polarization of terminology indicates economic transformation. In 1851 there were more shoemakers than coalminers, two and a half times as many tailors as railwaymen. The workshop of the world was not yet the “industry state”, either in scale, pattern, or technology and industrial organization. The new and broadened development of the industrial economy led to the emergence of a unique working class. It greatly increased in size and concentration. In 1911 there were thirty –six cities of over 100,000 inhabitants in Britain, compared to ten in 1851 and they now contained 44% of the total population compared to 25%. There was the rise of large industrial concentrations where none had existed before. Shipyards and railway works sprung up employing thousands of men. The occupational composition of the working classes changed substantially , as witness the rise of the railwaymen from less than 100,000 in 1871 to 400,000 in 1911, and of miners from half a million to 1.2 million in the same period, while the total male population of England increased by only 60%. The growing national integration and concentration of the national economy and its sectors, and the growing role of the state in both, transformed the conditions of industrial conflict. Industrial dispute as a national strike or lock-out does not exist for practical purposes before 1890‟s. The Labour Department of the Board of Trade (1893) was established and senior politicians started directly intervened in labour disputes. There was also a widening of the franchise and mass politics. What proletarian voters might think and want, was henceforth a major preoccupation of the politicians, and conversely, what the central government could be got to do was of much more practical concern to the workers. Belonging to the „Labour‟, ie. Manual labour , took on a political dimension it had not since Chartism. Being a miner now implied being a member of a national working class whose specific political and social aspirations were expressed in an independent party of the Labour with its own newspaper and specific programs. The 1880‟s saw a substantial transformation of the material conditions of the working class life and of what might be called the social and institutional compass bearings of the working-class course across the territory of national life. Football already had a modest subterranean life as a proletarian sport in the later 70‟s. Professional agents
though residentially stratified formed a coherent quarter. it becomes clear that the large and growing masses of British workers regarded voting Labour as an automatic consequence of being workers. rising to 37. but technology was traditional handicraft. which made for greater national coordination of news and activity. capital and labour force. regional. Textile expansion also created direct and indirect demand. There was also the rise of football as the national. The 1870‟s saw the discovery of the domestic mass market for industrially produced or processed goods and „by-law‟ housing. As for housing the major development was the growth of segregated working class streets and quarters.5% in 1929. The working class was alienated from the ruling class by the latter‟s conspicuous display of luxury by the rich and the growth of the mass media . Workers were increasingly defined as those who had no education or got nothing out of it. skilled. Partnerships had . It is only from 1918 on. The map of the football league was virtually identical with the map of industrial England. proletariat. From the 1900 onwards. This period also saw the development of working class leisure and holidays. britain Capital goods industry was substantial in 1700. multiple shops and the rise and institutionalization of hire and purchase. yet the pattern of the football culture was the same everywhere. on or off duty . Most important of them were the. All this amounts to the growing sense of a single working class. a convergence between local. even some segregated working class suburbs. reveals the familiar sea of flat peaked caps. and unskilled wage rates becomes visible.and national booking of music hall artists developed in the 80‟s and also saw the birth of a professional trade press for pop music business. The mass production of tea in standardised packets and the new jams and preserves. rise of the Co-ops. This climaxed the total transformation and the emergence of the workers as a coherent working class. which changed the working class diet. there was in increasing use of formal schooling as a class criteria. that voting Labour can reasonably be used as an index of political class-consciousness. The crucial point about this improvement is not the mere rise in real incomes and consumer expenditures. dates from 1884. The working class belts. when labour suddenly appears with 24% of the total votes cast. Making refined metal was larger than the final product. of what “workers do” from those of other classes. spectator sport and the development of a male football culture. A class in the social and not merely classificatory sense: a body within which it would be absurd any longer to speak of „the class of miners‟ as distinct from the „class of cotton workers‟. Workers were segregated by expectations. which in fact created so much of the environment of the working class life. The worker identified his local team against the rest of the world. Politicians were aware of this class-consciousness and workers increasingly started to vote for their class representatives. but the structural changes that mediated them. and indeed. the rows of terraced houses. At that point. By 1914 any picture of masses of British workers anywhere. naval dockyards creating huge demand. bound together in a community of fate irrespective of its internal differences. especially with the massive development of cheap public transport in the 1880‟s. which made possible the transformation of working class interiors. Workers were segregated by the divergence of lifestyles.
steam engine parts. and economies of scale emerged with use of coke.refining rolling each situated in different part of the country. manhole covers. The Jacquard loom increased the cost of capital equipment and this encouraged the merchantcapitalist over the manufacturer. coal deposits influenced location of iron and other non-ferrous industries. pillars and above all guns(military castings) were all the products of industrial revolution.19th C government realised that almost no trained chemists exsisted in the country to prioduce a flow of innovations from applied sciences.one of the astonishing things is the extent of gap between invention and the diffusion of innovation to become the representative technique. Banking and investment . canal ironmongery. production became centralised. mercantile credit from merchant suppliers .long term credit was a problem.canals .paying the spinners and weavers for their labour. mortgaged loans from private property kinship contacts were important sources after the plough back of retained earnings.after the mid.the merchant owened the raw materials.smelting.innovation as opposed ot invention is the relating of individual genius to the profitability in commerce in that age. There were large number of plants relying on division of labour of skilled artisans contributing to productivity. but had many limitations which were overcome by Watt‟s engine in 1781.it succeded on a monumental scale with Henry cort‟s invention of puddling furnance and rolling maill. skills of accurate metal working and skills of mechanical engineering. railings. Coal and steam power were then used in a larger scale.in machine building and steam power in particular. industry suffered when government borrowing in war time increased interst rates.many capital economizing devices were used and even the heavily capitalizing industries had less tan half of its assets in fixed capital.the problem in 18th C was the availability of conduits for the capital movements. mineral-fuel technology. These capacities were laid down until the mid 19th C. Capital accumulation In aggregate no absolute shortage of savins relative to the demand for productive investment threatened Britain which possessed a rich agriculture and rising lucrative foreign trade. bridge castings. Saffordshire . the wars created a financial burden and modest slackening during the late 18th and early 19th C. Yorkshire and south Wales dominated the location of iron manufacturers.most innovation were results of amateurs or brilliant artisans.interests in ore minning. Thomas newcomen‟s steam engine was used in the colliery in 1712. Much experimentation went into the effort to make iron-bar successfully from mineral fuel. The supremacy Britain achieved in technology in 1800 was based upon combination of cheap iron and coal. even in early factories amongst the most heavily capitalised less than one eight of assets were in fixed assets the rest were observed by goods in pipeline or raw materials .
tax receivers. They also did agency business for the country banks.silver and later the bank of England notes. May of the initial industries were set up in isolated areas. merchant houses and solicitors. new industrialists . Stamp duies were increased on bills of exchange which gave greater incentive to get into cash. after the 1745 panic the bank of England became the lender of last resort and its notes replaced gold reserves. making short term loan to stock brokers. The country banks first function was to create credit by issuing notes and second by mobilizing savings. Entrepreneurs did not form a class but a type. and the country bankers. the London private banks. With renewals of its charter it emerged as government‟s banker. The bank had no branches and was confined to London. even if modest. all of which were short term activities.who needed a alondon correspondent to handle business like sending down supply of gold.Three main groups emerged in the banking system that grew in the 18th C England. Bills of exchange and coins circulated widely and they drove out bank of England notes in 1820‟s in Lancashire. which were invested in their business or lent out to farmers. millers. and London merchants and financiers. short term loans were renewed for further periods and few firms depended on banks for a high proportionof their invested capital like Arkwright. To the contrary the London bankers were involved in discounting bills of exchange for merchants and industrialists. in desperate need for war time finance. organiser of outwork to the factory owner.discounting bills of exchange by banks released mercantile and industrial capital for investment . When adoption of innovation required capital. turnpike trusts managers.child‟s main activity was to lend to the wealthy not in trade and in mortgage business.handling bills of exchange. With large scale production under the control of single men the power and decision making shifted from the merchant. commercial or government stocks. William balston(famous paper maker). Entrepreneurs They sprang from the economic opportunity as much as they created it and depended upon creative environment. corn merchants. Strutt. most came from families with savings. with fines and sanctions imposed by large scale industrialists. They specialised out from every dominant business activity in every redgion in the country cloth merchants. Brokers stood between merchants and industrialists (and their bankers) seeking discount and farmers and land owners (and their bankers) offering credit. and lending on call. many married wives with savings. brewers. The London private bankers such as the hoare‟s .In 1826 Bank of England opened branches to facilitate circulation of notes. The foundation of bank of England in 1694 was the deal between the Crown. the Bank of England. Most enjoyed good social repute and this enabled them to get credit. handling treasury bills and at the same time in its capacity as a private banker lent to larger trading companies and business men. The untrained labour force in the factories with short duration contracts were subject to extraordinary codes of discipline. extra families had to be housed to provide for the large labour force and in the absence of public provision of services industrialist had to generate employment for men in farms while employing women and children themselves. They began to bypass public markets and independent merchants and dealt with importers laying down their specifications.minting notes.providing over drafts. And at the end of the century the bill broker emerged as an important intermediary between bankers. This brought a great amount of profit and at the same time the panics in the country banks in 1793 and 1825 hit the private banks severely.
essentially middle a class group. sucession to partnership. Britain was already a part of a larger network of economic relationship in the European economy. merchanting. In the 18th C with the bubble act almost prohibiting company form of enterprise in manufacturing industry . The technological problems were simple in the early period. organiser of outwork to the factory owner. with fines and sanctions imposed by large scale industrialists. It was within the capacities of multiplicities of small entrepreneurs and skilled traditional artisans. Little initial investment was required and their expansion was financed out of accumulated profits. Most enjoyed good social repute and . capital. Historical accidents like overseas discovery in the 15th and 16th C. international payments.slow communication. practical experience and initiative was all that was required to sphere head economic growth. discusses that climate. They were widely scattered mainly in trading towns all over the country : in the quaker case. in iron making. British revolution was preceded by at least three hundred years of economic development. as with the jewish community internationally. extension of enterprise all tended to run within the same social and religious enclave and often sealed by kinship link. even if modest. weak institutional structure. 2. 15 Industrial revolution is 18th C Britain was characterised by acceleration in growth from economic and social transformation in a capitalistic economy led by private enterprises. the Protestant Reformation of the 16th C. Enterpreneurs did not form a class but a type. personal thrift and absentation in order to plough back more capital back into the business and facilitate rapid expansion. Later with large scale production under the control of single men the power and decision making shifted from the merchant. scientific revolution of the 17th C. In addition. milling. geography.3. capital transfers and migration. expensive legal process and limited avenues for raising capital kinship was the organised principle of most businesses. government policy‟s commitment to pursuit of profit from mid 17th C might have given support but aren‟t the fundamental reasons. most came from families with savings.came from related branches of industry where capital had been accumulated. characterised by trade. and in banking. Transport and communications were comparatively easy and cheap. familiarity with simple mechanical devices and working of metals. Men with ordinary literacy. brewing. In 1800 Quakers were well established in grain merchanting.ownership. Substantial proportion of enterprise lay in the hands of the protestant non-confirmists. distribution of natural resources operate within a given economic and social framework and can‟t be sited as main factors.&6 Peter Mathais – Chapter 5. Factory with untrained labour force with short duration contracts were subject to extraordinary codes of discipline. many married wives with savings. Industry in Britain E J Hobsbawm. they maintained strict personal probity. The two important questions we have to discuss are why did the revolution originated in Britain and why in the 18th C? Hobswam.
and rolling each situated in different part of the country. In 1800. during the period 1780 to 1840 and again from 1840 to 1901. canal ironmongery. Steam engine parts. Quakers were well established in grain merchanting. In 18th C England. Most innovation were results of amateurs or brilliant artisans. Coal grew almost entirely with the number of urban fireplaces and iron reflected the demand for domestic utensils and stoves. Partnerships had interests in ore mining. food and capital goods. production became centralised. assisted development because the economy was already dynamic. canal and even road – were undertaken from the early 18th C. The domestic market was characterised by growing population. refining. Safford shire. The maintained strict personal probity. These capacities were laid down until the mid 19th C. pillars and above all guns(military castings) were all the products of industrial revolution. Innovation as opposed to invention is the relation of individual genius to the profitability in commerce in that age. The expansion of demand comes from the domestic market. bridge castings. brewing. the navy. Thomas Newcomen‟s steam engine was used in the colliery in 1712. One of the astonishing things is the extent of gap between invention and the diffusion of innovation to become the representative technique. essentially middle class group. succession to partnership. The population of England doubled. Making refined metal was larger than the final product. coal deposits influenced location of iron and other non-ferrous industries. but technology was traditional handicraft. foreign market and the government. creation of proletariat reserve force and eventually the putting out system. England in 18th C was a large market economy. transfer of people from nonmonetary to monetary incomes. It succeeded on a monumental scale with Henry Cort‟s invention of puddling furnance and rolling mill. increase in PCY and substitution of industrially produced goods for older forms of manufacture or imports. in iron making and in banking. War. . particularly coal were the gangplank for the take off. but had many limitations which were overcome by Watt‟s engine in 1781. though birth and death rates dropped rapidly after 1870‟s. Yorkshire and south Wales dominated the location of iron manufacturers. Textile expansion also created direct and indirect demand. was greatest consumer of iron. Ownership. There was large number of plants relying on division of labour of skilled artisans contributing to productivity. railings. more and cheaper labour. personal thrift and absentation in order to plough back more capital back into the business and facilitate rapid expansion. the growing population. manhole covers. extension of enterprise all tended to run within the same social and religious enclave and often sealed by kinship link. Much experimentation went into the effort to make iron-bar successfully from mineral fuel. Canals. Very substantial and expensive improvements in inland transport-by river. milling. smelting. Substantial proportion of enterprise lay in the hands of the protestant non-conformists. capital. Capital goods industry was substantial in 1700. naval dockyards creating huge demand. capital and labour force. Coal and steam power were then used in a larger scale. The market economy‟s development spanned over three centuries with the receding feudalist economy and emergence of rent seeking landlords. coinciding with the industrial revolution. and economies of scale emerged with use of coke. Transport.this enabled them to get credit. nationally integrated with a large and growing manufacturing sector.
The rise of the over seas market for consumer goods expanded. Steam power was harnessed in 1785. especially colonial commerce and was the pace maker for industrial change. Britain depended on colonial trade for commerce (shipping) and industry (raw materials and market for manufactured goods). machine-making shops. Arkwright‟s water frame of 1768 and Crompton‟s mule of 1780‟s. finishers bleachers. The industrialists absorbed innovations with great speed and applied a rigorous rationalism to their methods of production as characterised by the scientific age. especially in the underdeveloped world. The cotton masters lengthened the working day by illuminating their factories by gas in 1805. Convenience of specialised services like bleaching firms. There emerged a complex of firms of medium size. The spinning wheel was revolutionised by the spinning jenny by Hargreaves in 1766. Government was prepared to subordinate all foreign policies to economic ends. government organising or planning. Arkwright‟s invention required capital in a magnitude greater than before and caused a problem of location that is existence of massive waterpower. Raw material was imported from the tropics and sub-tropics. Cotton a relatively new industry grew without the guild control. weavers. dyes. The factory system was pioneered on water power and not the steam engine. Manchester and Liverpool as important marketing centres for raw material and sales emerged as locations for factories. which grew seventy six percent between 1750 and 1770. large-scale business. Apart from colonial exploitation commerce helped maintain the balance of payments. This led to decentralized and disintegrated business structure in cotton and other 19th C industries. skills of accurate metalworking and skills of mechanical engineering. spinners. This meant flexibility and . established the virtual monopoly of Britain among European powers of overseas colonies and world naval. the ring spinning was left to the foreigners. It minimized the need for basic requirements of skills.The supremacy Britain achieved in technology in 1800 was based upon combination of cheap iron and coal. machine servicing facility and factorytrained workers furthered expansion. industrial capitalism based on Factory production ( the city of Manchester). highly specialised even within branches. Her was aims were commercial and naval. Spain. Cotton manufacture was tied to overseas trade. capital. printers etc. The flying shuttle by Kay speeded up the weaving in the 1733 and power looms on a large scale after 1825. mineral-fuel technology. Austria. located near the ports of Glasgow and Liverpool it exported about two thirds of its output was 1805. The warfare in the 18th C against France.merchants. linked with each other by complex web of individual business transaction is the market. The cotton manufacturer was the product of expanding international. It expressed a new form of society. The technical problem was maintaining balance of efficiency between weaving and spinning. The novelty lay not in the inventions but in the readiness of business men and skilled artisans both not wealthy or well educated to enterprise and seize the unsophisticated consumer at home and abroad.in machine building and steam power in particular. The cotton factories of the Industrial revolution were essentially the spinning mills. The spark came from the export industries. The trade in slaves from Africa to America helped commerce and established later colonial pattern.
The early phase of industrial revolution was limited to the textile industry and the capital invested was small and expanded on the backbone of retained earning. Consequently. Bank of England emerged as the government‟s banker. unskilled migrants etc. footwear. Yet until 1913 home industry was financed only to a small extent by the stock exchange. in the later stages of development necessitating planning and integration. Iron stimulated coal. Industrialisation limited to textiles was neither stable nor secure and resulted in acute crisis in the 1830‟s and early 1840‟s. Railways virtually created the steel industry. The deflation the set in after the wars increased pressure on the profit margin already constrained by falling . building. This phase of industrialisation failed to stimulate the heavy capital goods industries of coal. The London bankers were involved in discounting bills of exchange for merchants and industrialists. The problem in 18th C was the availability of conduits for the capital movements. The statutes of 1856 and 1862 gave permission for incorporation and limited liability. brewing. democratic and chartist. The evidence was social unrest: the luddite and radical . because it consisted minority of skilled male mule spinners. there emerged a strong trade union in an industry characterised by extremely weak or unstable labour organization. In 1773 the stock market was established but government securities alone were dominantly issued and traded. and then the steel. The actual production remained primitive but the bulk of output forced mining to pioneer technical change. tax receivers.trade unionist and utopian socialist. Brokers stood between merchants and industrialists (and their bankers) seeking discount and farmers and land owners (and their bankers) offering credit. Pottery developed primitive factory system or large scale establishments based on elaborate internal division of labour. iron and steel. which were invested in their business or lent out to farmers. chemical. A large number of industries producing clothing (except hosiery). mortgaged loans from private property kinship contacts were important sources after the plough back of retained earnings. and lending on call. mercantile credit from merchant suppliers. which turned independent artisans to impoverished and specialised labour in urban sellers and garret workshops. Railways brought along new flood of middle class investors in the 1830‟s and 1840‟s. This poverty constrained the expansion of domestic markets.rapid initial expansion but. The country banks first function was to create credit by issuing notes and second by mobilizing savings. soap industries participated in the stock market. making short term loan to stock brokers. Metal using industries employed elementary mechanisation and power to the small workshops. shipbuilding. handling treasury bills and at the same time in its capacity as a private banker lent to larger trading companies and businessmen. women and children. brewers. To meet expanded demand there emerged domestic system. Iron acquired an important export market but domestic demand was much below what we today would consider as necessary for an industrial economy. all of which were short term activities. long term credit was a problem. rigidities and inefficiencies. steam engine and transport. turnpike trusts managers. They specialised out from every dominant business activity in every region in the country cloth merchants. Hence. minting notes. housing and furniture worked in the traditional way. millers. merchant houses and solicitors. corn merchants.
Steel production was revolutionized by the Bessemer converter in the 1850. And electoral system dependent on the working class votes was recognised. Britain ceased to be the „workshop of the world‟. This period also saw a huge export of British capital especially to USA and other country‟s industrial. The transport revolution of railways and steam-ship gave additional impetus to this opening and expansion of markets at home and abroad. open-hearth furnace in the 1860‟s and the basic process in the 1870‟s. falling markets for some. Cartels were illegal in England. a free weekend. Hence. The share of world trade and production held by Britain fell. It showed a new means to mobilize capital accumulations for industry and a vast source of employment. Outright amalgamation of separate companies into combines began after 1880‟s. USA into major industrial economies soon comparable to Britain. opening up undeveloped areas Germany. A new phase of industrialisation emerged in the 1840‟s with renewed export demand for the capital goods industry based on coal. the English week. Germany France. legal supervision of working conditions. severe competition. despite which it emerged in the 1890‟s in the textile and as conferences in the shipping industry.prices due to expanded production and competition. The ten hour bill of 1847. payments by result. the master and servants code was abolishes . factory inspection. These industries provided jobs for those hitherto unemployed unskilled labourers and drew in the surplus labourers from agriculture. There was a trend of vertical integration via mergers. The period 1873-1896 was one of gloom about the prospects of the British economy. The world railways construction continued at least until 1880‟s. . building of machine. Sharp reductions in costs in industry and in primary products resulted in the fall in prices and twenty years of deflation. government and real estate shares. especially in the USA. a great depression in the words of Hobswam. Falling prices. Employers tried to keep up prices even by hoarding. shorter and flexible labour contracts. USA turned to tariffs. iron and steel. By 1850 railway network was in existence representing an advanced phase of industrialisation outside the areas of the actual industry. wages of farm workers and unskilled workers improved.trade union were given modern legal status were developments that stabilised the society and prevented future social unrests to the extent witnessed in the 1840‟s. ships etc. This period also saw a fall in the demand for textile exports and a fall in the real income per capital in Britain. Iron output increased with remarkable increase in the capacity productivity of blast furnaces. fears of effectiveness of labour organisation in some places combined to make the Great Depression. which saw further development in the inter-war years. 1830 to 1875 has been hailed as he hey day of competition. Skilled labourers were requires in the vast expansion of engineering. The factory legislation of 1867 was extended beyond textiles. Britain struck to free trade and was disinclines to take the path of systematic economic concentration. The coal increase was achieved without any labour saving device and vast increase in the number of coal miners.
on which the working class depended. in scale of production and expansion had an enviable record. This initiated an era of imperialism. the relatively cheap skilled labour. artificial fibres. communication. putting laissez-faire limits to public responsibility proved most damaging. They also recorded a stagnant growth in total factor productivity. some large. some precision engineering in instruments. In textiles. Problems remained with areas of industrial growth. chemical industry and mining lead had passed on to Germany in 1900. telephone. However. aircraft. set about to industrialise and UK saw a structural change towards tertiary sector could attribute to some growth lag. This suggests lag in the in innovation. typewriter. coal or engineering. In metal technology. in cutting the cost of manufacture were conspicuous by their absence. it is wrong to assume that the retardation of growth in the late 19th C was irreversible.The work of Prof. In much light industry and food processing. Innovation in Britain lagged in areas which required deliberate and systematic application of scientific knowledge in production. the reluctance of banks to lend long term and inefficient Stock exchange made is difficult for new small firms to get credit. in coal mining. For instance. patents and shoe making. Compared with other industrializing countries Britain had low rates of domestic capital formation. USA pioneered in brewing. innovation. chemicals. agriculture machinery.textiles. Rostow is that after 1875 capital that previously funded overseas railways project shifted into home thereby increasing production and consumption and leading to fall in prices. motor cars. Hence. oil. in shipbuilding. technology and technical changes. Matthews and Prof. Repair and replace was a rule rather than root. . technology and markets like India and the Far East.pharmaceuticals. sewing machine.a to 1.a during the periods before and after 1873. Here parsimony in public spending. printing. heavy engineering and armaments UK had an unsurpassed reputation. Feinstein indicate that growth of GDP fell from 2. After 1920 new industries and services – vehicles. The ring-spinning was not adopted and in wake of competition the cotton textile confined itself to traditional –style products and. distilling and brewingBritish enterprise. Another reason suggested by Prof. electrical equipments. telegraphy. Total disposable national income did not fall as sharply because of the continuing rise in income from abroad.and –branch re-equipping and they go to explain the failure to adopt new technology. the check on exports meant closing up of new investment since three-quarters of output was for exports. This lag could have been a rational response to the prevailing context of factor prices. if existing markets technology could still offer lowest –cost of output relative to market opportunity. restricted domestic market. production and expansion grew but output per worker declined and it was not mechanised.8% p.2% p. optics. of Taylorism. foreign investment and the international consortia taking over the financial management of weak countries. In the steel industry older plants and tariff in foreign markets retarded growth. The fact the other nations. formal imperialism of the partition of Africa I the 1880‟s. Techniques of production engineering.showed comparable efficiency and innovation. Despite there being no shortage in capital and low rates of interests. tariffs in foreign markets and the missing mechanisation were reasons for stagnation in many industries.
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