Renowned industrial expert Geoffrey Owen analyses the complex reasons behind the delayed modernisation of British industry.

In 1945, following the economic hardship of the war years, British industry looked forward with confidence to re-establishing links with its traditional trading partners in the Empire, and in the years of reconstruction which followed enjoyed unprecendented growth and prosperity. But the emergence of an economically vigorous and fiercely competitive Europe forced Britain to come to terms with some fundamental industrial weaknesses and to question where her...