Since the time of the British “Great Depression,” and with increasing urgency as the relative decline of the British economy has gathered pace in the twentieth century, economists and economic historians have sought to explain both depression and decline and to suggest remedies. Until recently, it has been fashionable to ascribe the decline to the failings of British management, often working in conjunction with workers and trade unions, and to focus attention particularly on the failure to innovate, to adopt inventions which would have significantly lowered British production costs and improved international competitiveness in the manufacturing industries which were the basis of British prosperity. In the last fifteen years, however, studies of specific industries and investment decisions have made this global explanation for British decline less attractive, so much so that a recent summary of these studies can conclude that: