ABSTRACT
Scottish capital has been concentrated in the heavy industries, textiles, and in investment trusts and mortgage companies, with lesser involvement in drink production, chemicals and overseas merchanting. First, the periodic reconstruction of Scottish capital which led to a long-term restructuring of the system: a story of concentration and monopolisation and of the changing balance of power between various interests within Scottish capital. They comprise the rump of old Scottish capital, increasingly subject to English ownership, together with a smattering of more recent Scottish companies, and a number of English and American subsidiaries which have Scottish registration as a matter of simple convenience or because they are based on old Scottish companies. Scottish capital has, it might be argued, a relatively overdeveloped financial sector. The ability of Scottish capital to move into oil and compete with foreign capital derived from the expertise which the financial sector had developed over the course of the present century.
