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This theoretical and empirical study examines the relationship between the organisation of work, industrial relations, production spaces and the dynamics of capitalist investment. Jamie Gough explores the connections between labour process change, products, local economy and society, spaces and forms of competition, and firm's locational strategies. In a path-breaking analysis he shows that these are closely bound up with the business cycle and other rhythms of investment. Differences within the labour process are central to the argument. Gough explores the divisions between workers arising from these differences and from spatial flows of capital, and suggests strategies through which these divisions might be overcome.