This book investigates the core question of why the British economy experienced a relative decline throughout the 20th century by analyzing the structural rigidity of its established economic institutions. Authors Bernard Elbaum and William Lazonick utilize a historical institutionalist framework to argue that the very mechanisms which fostered success during the 19th-century era of competitive capitalism became significant barriers to growth under the conditions of 20th-century corporate capitalism. By examining the interplay between historical legacy and modern economic demands, the authors provide a comprehensive critique of how institutional inertia hindered industrial adaptation.

Experts recognize this work as a foundational text for understanding the institutional constraints on British industrial performance. Readers frequently note the academic density of the prose and the rigorous historical evidence used to support the authors' arguments regarding structural rigidity.