A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.

One of the most striking developments has been the rise, fall and rise again of the semiconductor industry of the United States, which is, once again, the dominant player in the most advanced semiconductor product-markets.

More broadly, strategic alliances are more difficult to manage and coordinate than single ventures; the potential for misunderstanding and disagreement, particularly between partners from different cultures, is great. Certainly many such alliances are short lived.

In fact, technology in, and of, itself does not cause particular kinds of change. It is, essentially, an enabling or facilitating agent. It makes possible new structures, new organizational and geographical arrangements of economic activities, new products and new processes, while not making particular, outcomes inevitable.

A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.

In the United Kingdom, for example, the sheer overwhelming dominance of London makes it extremely for provincial cities to develop more than a very restricted financial function. London, in that sense, is akin to the notorious upas tree, a fabulous Javanese tree so poisonous that it destroys all life for many miles around itself.

Every production network has spatiality - the particular geographical configuration and extent of its component elements and the links between them.