Britain’s manufacturing firms have been accused of remaining family-run and small scale in the period 1850-1914, so ignoring the benefits of the large corporation evident in the USA. Discuss whether this represents a form of entrepreneurial failure by the owners of British firms.

Chandler identifies that corporation’s in America are vertically and horizontally integrated, invested in new technology and produced the latest industrial wares such as electricals, chemicals and automobiles. Britain was characterised by an “atomistic organisation of production”, according to Elbaum and Lazonick, with many small firms that were run by families. This is evidenced by the fact that in 1880s less than 10% of the manufacturing sector was accounted for by the largest 100 firms, the US figure was 22% (Hannah 1983). [...]