British Entrepreneurship between 1870 and 1914 Essay

British Entrepreneurship between 1870 and 1914 - Essay ExampleThese traits include a dismal failure to adapt to new technologies, a gross misunderstanding as to the relevance of science in industrial efficiency, an obstinacy to stick to low-yielding established industrial sectors, a dearth of relevant managerial and organizational skills, an inability to delegate responsibility to subordinates and to take avail of talented people having complementary proficiencies and a gen geological eral lack of trust and faith in the British entrepreneurial potential (Aldcroft 1981) .At some time during the late nineteenth century, Great Britain fell dupe to an frugal decline. Various Historians tend to facilitate diverse reasons as to this economic demise of the Victorian Britain. round historians attribute this economic decline to the rampant alterations in the world economy, emanating from the proliferation of the Industrial Revolution in the nineteenth century. There is one other school of historians, who link the economic fall of Victorian Britain to the lacunas existing inwardly the British economy. Many historians blatantly profess that this so-called economic decline of Britain in the late 19th century could be understood and analyzed only in a relative perspective. As per these historians, the economic meltdown in the late 19th century Britain stands to be plausible only when one compares the operation of the British economy to other major industrial economies like the US and Germany. According to Alford, British enterp train, it get out be argued, did not decline during this period it remained remarkably constant and inflexible (1996). On the contrary, the available statistical data also to some extent indicates that in fact the British GDP was on the rise in the period 1870-1890, irrespective of a sluggish annual rate of growth. Crouzet (1982) argues that the growth rate of Britain, which be at 3.1 percent in the period 1811-1877, came down to 1.6 percent b etween 1877 and 1913.Historians also tend to differ, as far as the onset of this economic decline is concerned decline. A majority of the historians identify the category 1873 as the time when Britain slipped into a prolonged era of economic slowdown. Others argue that the UK experienced a scarce economic growth in the period 1820-1830. Thus, Victorias accession tends to be the chronological coordinate that ushered in an era of economic decline (Crouzet 1982). Realistically speaking, in consonance with the available statistical data, 1870 could be considered the point of multiplication of Britains economic decline. It was only in the period between 1870 and 1913, when Britains share of the global industrial output, which rested at 31.8 percent, nosedived to a pathetic and alarming 14 percent (Crouzet 1982).There is no denying the fact that a majority of the historians go over that the late Victorians happened to be grave failures, as far as the realm of entrepreneurship was conc erned. As far as the entrepreneurial acumen of late Victorians is concerned, the analysis of their failure tends