Why did the Manchester Cotton Industry Fail to Modernize by 1914?

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 retain this position of prominence. The city had not modernised sufficiently to secure itself in the post industrialisation period. But what causes can be attributed to this failure to modernise and proportionately how significant were these causes?
…