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Paisley shawls and the market for luxury goods

In the late eighteenth century, Paisley shawls commanded a high price and shawlmakers earned good wages. The industry in Paisley collapsed when cheaper imitations appeared. Helen Paul takes a look at how Paisley shawls stopped being a luxury good

The Scottish town of Paisley gives its name to a type of pattern and also to a type of shawl. Paisley is a good case study of a town specialising in a particular product. Its history can help us to understand how the market for luxury goods works.

You can find answers to the questions in this article at www.hoddereducation.co.uk/economicreviewextras

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Previous

What is the gig economy?

Next

Inflation and deflation: which is worse?

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