By the end of the 19th century, Belgium was enjoying considerable economic success. However, the economic situation has proved significantly less stable in the 20th century. In this study Mommen describes and analyzes the changing fortunes of the Belgian economy throughout this century. He traces the Belgian experience from the state regulation of the inter-war period to its current difficulties. Central to the discussion is the innate problem of Belgian dependence on international trade due to her small domestic market. This volume explains how a small but industrialized European nation succeeded in preserving its competitiveness only to succumb to a devastating debt crisis in the last decade.