Geoffrey Jones is Joseph C. Wilson Professor of Business Administration, Harvard Business School

• Appendix 1: Post-Tax Return on Net Capital Employed of Selected British Trading Companies, 1895-1998 ; Appendix 2: Pre-Tax Return on Net Capital Employed of Selected British Trading Companies, 1948-1998 ; Appendix 3: Sources for Calculations on Capital Employed of British Trading Companies

an innovative contribution to British economic history ... also provides insight into emerging economics, which have often been neglected by Western scholars ... Merchants is a clear and coherent analysis of an elusive subject. It is nicely structured.

Geoffrey Jones is Joseph C. Wilson Professor of Business Administration, Harvard Business School

• Appendix 1: Post-Tax Return on Net Capital Employed of Selected British Trading Companies, 1895-1998 ; Appendix 2: Pre-Tax Return on Net Capital Employed of Selected British Trading Companies, 1948-1998 ; Appendix 3: Sources for Calculations on Capital Employed of British Trading Companies

an innovative contribution to British economic history ... also provides insight into emerging economics, which have often been neglected by Western scholars ... Merchants is a clear and coherent analysis of an elusive subject. It is nicely structured.

Geoffrey Jones is Joseph C. Wilson Professor of Business Administration, Harvard Business School

• Appendix 1: Post-Tax Return on Net Capital Employed of Selected British Trading Companies, 1895-1998 ; Appendix 2: Pre-Tax Return on Net Capital Employed of Selected British Trading Companies, 1948-1998 ; Appendix 3: Sources for Calculations on Capital Employed of British Trading Companies

an innovative contribution to British economic history ... also provides insight into emerging economics, which have often been neglected by Western scholars ... Merchants is a clear and coherent analysis of an elusive subject. It is nicely structured.