Professor Chandler uses data compiled by two of his students, Harold C. Livesay and P. Glenn Porter, whose work is condensed in the charts and tables which accompany this article, to propose a historical explanation for the changing industrial structure of the modem American economy.

In the mid-1860's, Singer became the first American firm to produce and market extensively in Europe. Without using government aid, the company built an aggressive and effective organization which became a model for other overseas operations. Professor Davies traces Singer's foreign undertakings from their modest beginnings in 1854 to acknowledged dominance of the industry in 1889.

Although Singer was the first American manufacturing firm to produce and market extensively in Europe, the American Radiator Company is perhaps more typical of the United States firms that expanded abroad in the nineteenth century. Professor Wilkins documents the evolution of this multinational enterprise and offers her study as a test of recent theories on direct investment abroad.

According to a key participant, members of both the outgoing and incoming administrations worked side-by-side during the banking crisis of 1933. Their concern was not politics, but rather the search for a solution to the nation's financial problems — even though relations between President Herbert Hoover and President-elect Franklin D. Roosevelt were not so amicable. Thus, the resultant banking holiday and Emergency Banking Act were not sole products of either the Republican or the Democratic administrations but the results of pragmatic, cooperative attempts to meet and solve the crisis.

Professor van der Wee reviews Raymond de Roover's important new study of medieval business history, The Bruges Money Market around 1400.

In the manner of the Creole tradesmen of Louisiana, whose lagniappe to their patrons is legendary, the Editor offers a similar bonus to readers of the Review. Instead of trifling presents added to a purchase, however, our lagniappe will be notes and documents illustrative of the evolution of business enterprise.