For many decades British companies were leaders in investing all over the world. More recently foreign investment in Britain has been large. Has the dual process helped or hindered the country in its long-run economic difficulties? There is no simple answer, as the authors of this first-rate book show by sifting through great quantities of not altogether adequate evidence. They tell many stories of the successes and failures of British firms in adapting to changes in politics, technology and the world economy. The only reasonable target for the future, they argue, is for both firms and country to be competitive on a global scale, and that limits the policy choices of any British government. A valuable work.