Why did the Manchester cotton industry fail to modernise by 1914?

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Why did the Manchester cotton industry fail to modernise by 1914? Manchester today is still labelled as the first modern city. Because of it's swiftness to industrialise during the 18th and 19th centuries. This industrialisation was, in the most part, due to the prolific cotton industry in the city. Manchester lay at the forefront of textile manufacturing not only in Britain and Lancashire but also the world. However, come the early 20th century Manchester failed to …

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…wages and business hierarchies. But fourthly and most importantly was the absence of money required to smoothly bring the Lancashire cotton industry into the 20th century. Lancashire was at a stage in its industrial development where it could no longer maintain its suitability for cotton manufacturing. Places that were more suitable for cotton manufacturing began to take their rightful share of the market. So the money was simply not there to allow for successful modernisation.