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Trading Companies in Theory and History 2. Foundations 3. From Trade to Investment 4. Trading in Crisis 5. Concentration and Diversification 6. Business Groups 7. Governance and Human Resources 8. External Relationships 9. Natural Resources 10. Traders as Manufacturers 11. End Game 12. Conclusion 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
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