In a world beset by problems of accelerated development and structural adjustment, influencing the level and direction of investment has become a major governmental preoccupation. Investment is the key to economic growth and transformation; hence there is concern over where it will go. In this connection investment control in post-war Britain provides a fairly good but neglected case study. Although generalization must hurdle many obstacles of time, place, institutional framework, and history, British experience affords some insights into the nature and workings of investment control, its limitations, and its possibilities.