Book excerpt: First published in 1986, this work reports the results of the Leverhulme project on multinationals and intermediate product trade based at the University of Reading during the academic year 1982/3. Chapter 1 summaries the main results of this project. Part I focuses upon the theoretical component of world trade, dealing with both the theories of division of labour and vertical integration. Part II presents a number of specially-commissioned case studies relating to the project, concerning the motor industry, the bearing industry, the synthetic fibre industry, the tin industry, the copper industry, the banana industry and the shipping industry.