#17, JF, balance. No dis from me for UK Aero's achievements. I do dissent from we wuz robbed, Ministers were stupid, Yanks were thieves or worse.
For me, here are 2 of the finest Aero achievements: 1. the Swiss Flair Force. Part-timers, they are....amateur they are not. 2. 1942 USSR carting...yes, carting their industry on back of horse and (wo)man over the Volga and Urals.
It's not where it's welded that matters. It's how it's wielded.
PB, pricing and %. When R&D was cost plus, Treasury notions of fair and reasonable centred on return on shareholders' assets. There were always few of these in Aero, as we paid for it all, inc. the airfield. 6% (or any other number) on cost could be an infinite return on capital, cos there was not much of the firm's tied up. Production was seldom cost plus, but as standard costs derived from early batch actuals. Current practice is to try to dump as much risk as practical onto the Prime Contractor, who reaps the reward for his risk. But do shed a small tear for the Buyer, who is not promoted for bankrupting his (sole) domestic Supplier. None of this is easy.