text: Abé (1996) explores the record of iron and steel firms in Victorian England by analyzing Bolckow Vaughan & Company. It was wedded for too long to obsolescent technology and was a very late adopter of the open hearth furnace method. Abé concludes that the firm—and the British steel industry—suffered from a failure of entrepreneurship and planning.
  Blair (1997) explores the history of the British Steel industry since the Second World War to evaluate the impact of government intervention in a market economy. Entrepreneurship was lacking in the 1940s; the government could not persuade the industry to upgrade its plants. For generations the industry had followed a patchwork growth pattern which proved inefficient in the face of world competition. In 1946 the first steel development plan was put into practice with the aim of increasing capacity; the Iron and Steel Act 1949 meant nationalization of the industry in the form of the Iron and Steel Corporation of Great Britain. However, the reforms were dismantled by the Conservative Party governments in the 1950s. In 1967, under Labour Party control again, the industry was again nationalized. But by then twenty years of political manipulation had left companies such as the British Steel Corporation with serious problems: a complacency with existing equipment, plants operating under capacity (low efficiency), poor quality assets, outdated technology, government price controls, higher coal and oil costs, lack of funds for capital improvement, and increasing world market competition. By the 1970s the Labour government had its main goal to keep employment high in the declining industry. Since British Steel was a main employer in depressed regions, it had kept many mills and facilities that were operating at a loss. In the 1980s, Conservative Prime Minister Margaret Thatcher re-privatized BSC as British Steel plc.