Originally published in 1982. This book examines the problem and looks at the causes of the repeated crises which the country has undergone since the war. The basic cause is stated to be the failure to invest in the modernisation of the British capital equipment and the consequent loss of competitive power; and this failure, in turn, is seen to be the result of Government policies which, for the sake of a variety of short-term aims, sacrificed the future by deliberately inhibiting investment.

1 The facts - and do they matter? 2 First causes 3 Causes behind causes: why has investment been low? 4 The contempt for production 5 The learning process 6 Alternative causes 7 Permissive causes 8 Current outlook and future prospects: some conclusions