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This study investigates the question of what allows certain nations to rise to industrial leadership; and why some retain that pre-eminence for so much longer than others. Adopting a Schumpeterian approach to national growth, it focuses on the ability of a country to adopt technological progress and human knowledge to effect its global economic and industrial position. By comparing the experiences of Britain, France, Germany, the US and Japan over a two-hundred year period, the study draws fascinating conclusions about the causes of economic growth and the reasons for its stagnation.