In the late nineteenth century British expatriate enterprise enjoyed extraordinary success. A few large firms effectively dominated the external trading sector and the modern industrial economy of Eastern India. Based in Calcutta, these firms have been credited with the introduction into India not only of modern industry, but also of modern corporate organization. However, having reached a peak of dominance in the early 1900s, British enterprise seemed to lose its dynamism and became increasingly associated with the old and declining sectors of the Indian industrial and trading economy.