American Investment in British Manufacturing Industry: by John Dunning

By John Dunning

At the 40th anniversary of its unique ebook, Dunning has up-to-date this seminal vintage, including a brand new creation and concluding bankruptcy that places the paintings in modern standpoint. This was once the 1st research to check the level and effect of overseas direct invesment in a number of nations.

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T. were successful…. ’34 American investment in British manufacturing industry 16 The third US foothold gained in this period was in the boot and shoe industry. In America, the high cost of labour had led that country to mechanize the production of boots and shoes in the early stages of her industrial growth. By contrast, in the UK the industry had grown up on a craft basis; in 1892, for instance, the large majority of boots and shoes were still being made by hand, and contracted out to home workers.

The position was, however, reversed in the early 1920s when the US industry, having apparently reached its zenith, lost ground with the growing competition of the radio. Eventually, the UK Columbia Company, under the directorship of Louis (later, Sir Louis) Sterling, purchased a 93 per cent interest in its parent company. At the same time, it signed a licensing agreement with the Western Electric Company for the electrical recording process which it had earlier introduced into the United Kingdom.

From the very beginning, use was made of the semi-automatic principle of large-scale production as adopted by the parent plant, and American executives employed. The stated aim of this new venture was to supply the British market with low-priced standardized cars; its success was such that by 1913 Ford was the largest UK producer, and the Model T had become the best-selling car in England. 49 American investment in British manufacturing industry 18 The inflow of American capital was by no means restricted to manufacturing industry in these years.

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