This book examines the decline of the British economy in terms of the structural rigidity of its economic institutions and the historic changes in the international economy. It argues that British institutions, in a 19th-century world economy characterized by competitive capitalism, were conducive to economic development, but that these same institutions posed a formidable obstacle to economic development in a 20th-century context of corporate capitalism. Specific issues covered include: the pre- and post-World War I steel industries, the shipbuilding and automotive industries, education, research and development, finance and industry, regional development, and the role of the state.