With the end of the Cold War defense industries in the industrialized world are facing a crisis. Past levels of defense expenditures and military production are falling; more severe curtailment is certain in the years ahead. These cuts will hit European defense industries even harder than American companies. This volume is highly useful and most welcome, providing a great deal of detailed information on the defense industries of the individual European nations. Some companies have moved toward diversification; there has been some privatization and many attempts at European-wide collaboration. But between the lines one senses that serious attention to defense conversion is only beginning. The high quality of this volume reflects the forward steps that SIPRI is making in its long-established work on arms production and control.