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Industrial Policy after the Crisis provides a fresh and insightful study on the lessons that can be drawn from the global financial crisis for the analysis, definition and implementation of industrial policy.The authors utilize a political economy framework for the analysis of industrial development post-crisis, centred on the organisation of production and stressing its importance for the wealth of nations, meaning not only rising income but also 'justice and happiness'.Examining industrial policy as a long-term vision of development, this insightful study will appeal to students in industrial and business economics, political economy and development studies, as well as policymakers. Offering a reflection on the theoretical basis of policy decision making and recommendation, it will also be beneficial to scholars in the field of economics and politics.
Industrial policy has long been regarded as a strategy to encourage sector-, industry-, or economy-wide development by the state. It has been central to competitiveness, catching up, and structural change in both advanced and developing countries. It has also been one of the most contested perspectives, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economies after the 2008 global financial crisis, and mounting anxieties about the national consequences of globalization. The Oxford Handbook of Industrial Policy presents a comprehensive review of and a novel approach to the conceptual and theoretical foundations of industrial policy. The Handbook also presents analytical perspectives on how industrial policy connects to broader issues of development strategy, macro-economic policies, infrastructure development, human capital, and political economy. By combining historical and theoretical perspectives, and integrating conceptual issues with empirical evidence drawn from advanced, emerging, and developing countries, The Handbook offers valuable lessons and policy insights to policymakers, practitioners and researchers on developing productive transformation, technological capabilities, and international competitiveness. It addresses pressing issues including climate change, the gendered dimensions of industrial policy, global governance, and technical change. Written by leading international thinkers on the subject, the volume pulls together different perspectives and schools of thought from neo-classical to structuralist development economists to discuss and highlight the adaptation of industrial policy in an ever-changing socio-economic and political landscape.
The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.
Industrial policy, once relegated to resource allocation, technological improvements, and the modernization of industries, should be treated as a serious component of sustainability and developmental economics. A rich set of complimentary institutions, shared behavioral norms, and public policies have sustained economic growth from Britain's industrial revolution onwards. This volume revisits the role of industrial policy in the success of these strategies and what it can offer developed and developing economies today. Featuring essays from experts invested in the expansion of industrial policies, topics discussed include the most effective use of industrial policies in learning economies, development finance, and promoting investment in regional and global contexts. Also included are in-depth case studies of Japan and India's experience with industrial policy in the banking and private sector. One essay revisits the theoretical and conceptual foundations of industrial policy from a structural economics perspective and another describes the models, packages, and transformation cycles that constitute a variety of approaches to implementation. The collection concludes with industrial strategies for facilitating quality growth, realizing more sustainable manufacturing development, and encouraging countries to industrialize around their natural resources.
American public policy has had a long history of technological optimism. The success of the United States in research and development contributes to this optimism and leads many to assume that there is a technological fix for significant national problems. Since World War II the federal government has been the major supporter of commercial research and development efforts in a wide variety of industries. But how successful are these projects? And equally important, how do economic and policy factors influence performance and are these influences predictable and controllable? Linda Cohen, Roger Noll, and three other economists address these questions while focusing on the importance of R&D to the national economy. They examine the codependency between technological progress and economic growth and explain such matters as why the private sector often fails to fund commercially applicable research adequately and why the government should focus support on some industries and not others. They also analyze political incentives facing officials who enact and implement programs and the subsequent forces affecting decisions to continue, terminate, or redirect them. The central part of this book presents detailed case histories of six programs: the supersonic transport, communications satellites, the space shuttle, the breeder reactor, photovoltaics, and synthetic fuels. The authors conclude with recommendations for program restructuring to minimize the conflict between economic objectives and political constraints.
After years of official disrepute, industrial policy (IP) is back in vogue at regional, national and international levels driven by concerns over competitiveness, globalisation, de-industrialisation, unemployment and the comparatively slow growth of the EU economy especially in this post-recession phase. At the same time, IP has been seen as a catalyst for designing economic recovery strategies at regional, national and international levels, as well as being a concerted strategy to develop new ‘clean-tech’ industries to tackle environmental challenges. If anything, the recent global recession and credit crunch have highlighted the fragility of some states’ and localities’ economic development paths and the unbalanced nature of their economies, in terms of an over-reliance on sectors such as retail, financial services, and construction, to the detriment of manufacturing. This also suggests an accompanying need for greater economic diversity so as to avoid over-dependencies on certain sectors, and a better balance of ownerships forms. But what should be the shape of IP in the wake of the crisis and how can IP rebalance economies, help support sustainable development and catalyse new technologies and innovations whilst learning lessons from past experience and debate? This edited volume examines these questions through a wide range of diverse contributions from expert international authors. This book was originally published as a special issue of Policy Studies.
This book offers a critical reflection on the meaning and expected impact of the fourth industrial revolution, and its implications for industrial policy. Industrial revolutions are considered not only in terms of technological progress, but also in the context of the changing relationship between market and production dynamics, and the social and political conditions enabling the development of new technologies. Industrial Policy for the Manufacturing Revolution aims to increase our capacity to anticipate and adapt to the forthcoming structural changes. A concrete illustration of this industrial policy is provided through an experience of its implementation at regional level.
Highlights what national governments should know to properly conduct their industrial policies under the multilateral trading system.
Development and Modern Industrial Policy in Practice provides an up-to-date analysis of industrial policy. Modern industrial policy refers to the set of actions and strategies used to favor the more dynamic sectors of the economy. A key aspect of moder
The years since the global financial crisis have seen something of a renaissance in the manufacturing industry. The United States has launched its Advanced Manufacturing Partnership, and China owes much of its spectacular economic boom in the last decades to its being the 'world's factory'. Is there room for the EU in this landscape? This timely new book explores Europe’s role in this evolving environment. It argues that on the one hand, in terms of sheer numbers, the role of the manufacturing industry in the EU is on a par with other major global economies. However, the book also states that Europe falls short of its global competitors (the USA in particular) in terms of its involvement in the most innovative manufacturing sectors. The volume therefore argues that this creates the opportunity for a new European industrial policy. Exploring the development of current EU policy, the book puts forward suggestions as to how the EU can improve in terms of the competitiveness of its technology policy. Placing the EU’s position in the context of the industrial structures of the USA, Japan and the BRICs, the book blends theoretical models and practical examples in order to offer a the state of the art look at the current and future direction of Europe’s industrial policy. This book will be of relevance to all those with an interest in European economics, industrial economics, public policy, European politics and European studies.