Economic Decline in the English Industrial Revolution: The Gloucester Wool Trade, 1800–1840
质疑用创业失败解释格洛斯特郡羊毛贸易衰落的传统观点，发现工厂失败源于过度投资或蒸汽机利用不足，而非不愿创新。
This study questions the concept of entrepreneurial failure, traditionally invoked to account for the demise of the Gloucestershire wool trade in the Industrial Revolution. Gloucester clothiers used steam power selectively because of the high cost of coal but on a more regular basis and at greater capacity than scholars have commonly admitted. Excess capacity due to overcapitalization accounted for the failure of mills with large engines; underutilization of steam accounted for the failure of mills with small engines. Both types of failure sprang from rational and entrepreneurial choices, and not from an unwillingness to innovate.