ABSTRACT
The international environment was far more favourable than before since the growth of world trade masked the British lack of competitiveness. Steady economic growth was punctuated only by the periodic credit squeezes of a 'stop-go' economic policy. The period was marked not only by a growth in governmental involvement but also by an increase in 'external control' generally. The extent of Scottish ownership of Scottish economic activity declined considerably in the face of the expansion of English and American firms in Scotland, particularly in the growth industries. After 1960, the problems of an unbalanced industrial mix a concentration of slow growth or declining industries, and control over growth industries by 'external' forces were to become the key to understanding Scottish economic development. Furthermore, many of the largest Scottish companies were on the receiving end of the growth of 'institutional' shareholding.
