failure to develop local industries to exploit newly discovered local resources that threatened to disrupt traditional work and economic patterns; abortive industrial development also occurred where expensive technology-based increases in productivity displaced small local investors; 2
high dependence on business and trade cycles or export markets with no strong, stable home market; depressions (late 1730s-1740s) and numerous eighteenth-century wars brought traumatic, brief declines in growth that vulnerable industries could not survive; 3
traditions of high capital volatility through flexible, dynamic investment portfolios; investment decisions to cross sectors and industries in response to short-term trade cycles brought dramatic shifts of capital and emphasis; investors sought short-term gain rather than long- term growth;
socio-cultural limits on entrepreneurship, exemplified in Josiah Tucker's comparison of English West Country (stagnant) and Yorkshire (dynamic) 4; and
ineffective techniques of Marketing, Sales, and Distribution that were not responsive to the dynamics of an export market-economy. 5
being so little removed from the Degree and Condition of their masters, and likely to set up for themselves by the Industry and Frugality of a few years . . . thus it is, that the working people are generally Moral, Sober and Industrious; that the goods are well made, and exceedingly cheap.
In the West Country,
The Motives to Industry, Frugality and Sobriety are all subverted to this one consideration viz. that they shall always be chained to the same Oar (the Clothier), and shall never be but journeymen. . . . Is it little wonder that the trade in Yorkshire should flourish, or the trade in Somersetshire, Wiltshire, and Gloucestershire should be found declining every Day?