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Family Business in the Era of Industrial Growth: Its Ownership and Management. Edited by Akio Okochi and Shigeaki Yasuoka. (Tokyo: University of Tokyo Press, 1984. xiii + 318 pp. 5,000 Yen.)

Casson) is another exploration of the theory of foreign direct investment— dealing with finance, location of control, and location of production. The assumption is that a theory of foreign direct investment and of MNE are one. Chapters 7 and 8 are both by Casson. Chapter 7 is on multinationals and the intermediate product trade, a subject on which Casson has recently published an entire book. Chapter 8 considers entrepreneurship and the dynamics of foreign direct investment (Casson has also published a book on entrepreneurship). Chapter 8 presents a theory that adds to, but does not replace, the insights of the more static theories that emphasize the importance of market imperfections. Buckley's concluding paper is on testing theories of multinational enterprise. It should have been omitted; it adds nothing and indeed, contains some highly questionable material. Instead, the book ought to have ended with a chapter carrying its title, "The Economic Theory of the Multinational Enterprise." It did not do so, because, clearly, no generally accepted formal economic theory of the multinational enterprise as yet exists—although a number of theories that help explain MNE behavior have been propounded, and clearly progress is being made in the direction of developing a general theory. More important, from the standpoint of the business historian, these inquiries pose penetrating questions and push the business historian to view his data with new insights. As a consequence of such contributions, economic theory is far more useful to the business historian in 1986 than it was a quarter of a century ago.