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Shorting the Future? Capital Markets and the Launch of the British Electrical Industry, 1882–1892
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Shorting the Future? Capital Markets and the Launch of the British Electrical Industry, 1882–1892
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Journal Article
Shorting the Future? Capital Markets and the Launch of the British Electrical Industry, 1882–1892
2020
Overview
Although Britain's electrification started with considerable technological and market advantages, it proceeded remarkably slowly and hesitantly. Using share-price data, this study investigates the conventional explanations for this disappointing outcome: notably, perverse regulation and competition from entrenched gas-light providers. It finds that these oft-cited factors had an imperceptible impact on the course of the British electrical industry's turbulent market launch in 1882. However, we show that, owing to the fledgling electrical industry's need for incessant experimentation, short-sighted, self-serving decisions by the management of the early British industry's most prominent firm squandered a well-funded start, with long-lasting adverse consequences.
Publisher
Cambridge University Press
Subject
