The past ten years have witnessed a renewed interest in the apprenticeship system of industrial training. Employers have been shown to carry a large part of the cost of essentially general training with apparent little return to the firm - a problem which has generated a wide range of literature that explores new theoretical models, comparative systems, and recent developments in systems of youth training and the economic theory of contracts. Using contract theory as the common underlying framework, this book brings together recent contributions to this literature, providing a complete and coherent economic analysis of the apprenticeship system. The authors begin with a comparative-historical perspective, and then go on to review a number of recent models of the training decision of firms, before offering a unique insight into the current debate on the future of the apprenticeship system. Well-written and well-researched, this book succeeds in achieving a perfect blend of theory, evidence, and history. It will appeal to scholars in the fields of labour economics and human resource management, as well as those in private and public sectors working on policy development and planning of vocational education and training.