This in-depth investigation examines the effects of multinationals on the competitiveness of industry in the UK. The work analyses how these firms gain access to technology, and questions whether multinationals, in their support of local technologies, improve the potential and competitiveness of local industry. The book begins by discussing the evolution of multinationals in the late 20th century, the role of the UK in this evolution, and the theories of multinationals. It examines what these theories imply for efficiency and welfare, and the policies which effect multinational enterprises (MNEs). The authors consider the strategic positioning of subsidiaries in the UK in relation to the firms' overall global investment strategy. Using detailed empirical surveys, they also look at the role of technology in multinationals, and how technology firms are positioned in regard to this. They go on to examine whether MNEs are dependent on existing local technology or whether they play a more positive role in its creation and use. Finally, the role of decentralized R&D in multinationals and the status of this in the UK are considered.