The geography of venture capital investments in the UK

The role of venture capital in economic development increasingly is recognized as central to the development of an entrepreneurial economy. However, the supply of venture capital is not distributed evenly across the space economy. In the UK, evidence for the 1980s demonstrated that venture capital investments were highly concentrated in Greater London and the South East, reinforcing the existing patterns of regional concentration of economic activity. This paper reviews the regional distribution of venture capital investments in the UK in the 1990s, a period of massive growth in venture capital investment activity. It concludes that the regional concentration of venture capital investment has been considerably reduced since the 1980s. However, more detailed analysis of the data demonstrates that this shift towards a less unequal regional distribution has been driven by so–called 'merchant' venture capital – investments in large–scale management buy–outs and buy–ins which facilitate corporate restructuring through ownership change and often have adverse consequences for employment. 'Classic' venture capital – investments in young entrepreneurial companies with high growth potential – remains highly concentrated in London and the South East, and also in Scotland. This reflects both supply– and demand–side factors. The Government's new regional venture capital funds are unlikely to be effective in closing this regional finance gap. An alternative approach to intervention, in the context of the increasing globalization of venture capital investments, is to seek to attract venture capital money and expertise from elsewhere.     

Detecting the medieval cod trade: a new method and first results

This paper explores the potential of stable isotope analysis to identify the approximate region of catch of cod by analysing bones from medieval settlements in northern and western Europe. It measures the δ¹³C and δ¹⁵N values of cod bone collagen from medieval control samples collected from sites around Arctic Norway, the North Sea, the Kattegat and the Baltic Sea. These data were considered likely to differ by region due to, for example, variation in the length of the food chain, water temperature and salinity. We find that geographical structuring is indeed evident, making it possible to identify bones from cod caught in distant waters. These results provide a new methodology for studying the growth of long-range trade in dried cod and the related expansion of fishing effort—important aspects of the development of commercialisation in medieval Europe. As a first test of the method, we analyse three collections of cod bones tentatively interpreted as imported dried fish based on a priori zooarchaeological criteria. The results tentatively suggest that cod were being transported or traded over very long distances since the end of the first millennium AD.     

T.H. Green, advanced liberalism and the reform question 1865–1876

This paper examines Thomas Hill Green's changing attitude to the Reform Question between 1865 and 1876. Section 1 sketches the Radical landscape against which Green advocated reform between 1866 and 1867, paying particular attention to the respective positions of Gladstone, J.S. Mill and Bright on the relationship between responsible citizenship and class membership. Section 2 examines Green's theories of social balance and responsible citizenship at the time of his lectures on the English Civil War. Section 3 argues that, contrary to the established scholarship, Green's Radicalism was closer to Bright than to Gladstone and Mill during this period. Section 4 counters Richter's claim that Green abandoned democracy following the 1874 General Election, while arguing that even sympathetic commentators misunderstand Green's attitude to the Reform Question immediately after this date.     

An Armada wreck on Fair Isle

Colin Martin has been associated with the excavation of Armada ships for four years. In 1968–9 he took part in Sydney Wignall's Spanish Armada Expedition as archaeologist and deputy leader and since 1968 has carried out research into the Armada campaign, particularly in the fields of ship construction and gunnery. In 1971, he worked as archaeologist and project co-ordinator on the wreck of La Trinidad Valencera in Donegal; and during the same year he became Director of the Maritime Archaeological Institute which has been set up in association with St. Andrew's University .