ABSTRACT
You may read or hear people lamenting the ‘decline of our great manufacturing industries’. In the United States, the same sentiments are often expressed. These complaints may be justified in the sense that those countries with a strong manufacturing base have traditionally been among the richest. However, there are many who argue that this is less true today. Britain may make fewer cars and tractors than it used to, but it exports a vast range of services which earn a great deal of money and prestige.
