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It is widely admitted that markets are the main driving force of the economy but governments' intervention could, in some circumstances, improve on their outcomes. This book provides a structured analysis relating theoretical arguments, implementation approaches and effectiveness of industrial policy.
Industrial policy is a good example of the growing economic and political interdependency between Europe and the United States. The contributors to this volume, which compiles the proceedings of the seventh conference sponsored by the Institute for the Comparative Study of Public Policy, examine the ways in which national, and supranational in the case of the European Community, industrial policies are implemented. It is thought that diversity within the country is the primary reason why the United States does not have a comprehensive national policy. There is a consensus among the authors that the U.S. economy is less subject or amenable to central government planning than the economies of Europe. In Europe, there is more interest in coordinating industrial policy throughout the European Community, but here too the failure to adopt a comprehensive policy reveals the enormous diversity and parochialism that conflict with supranational goals. The contributors conclude that while a centrally planned and implemented industrial policy may be desirable, we do not have the means to achieve it. Acknowledging the major industrial and trade problems facing the United States and Western Europe, the authors feel that it is not clear whether these problems can be resolved by government intervention.
This study, first published in 1979, analysed the international trend towards "industrial democracy" in the industrial relations practices in Europe, Japan and the United States. The development of industrial democracy was occurring through the establishment of employee and union participation on boards of directors and, at the shop floor level, in the extension of the role and power of works councils. In other countries the main development was through collective bargaining methods on labor-management relations and management decision-making. The authors examine various countries and explore any highlights, lessons and ideas that might be transferable from one political and social context to another.
As the current financial crisis threatens the global economy, heralding global slowdown of the stock markets, pessimistic growth prospects and trembling consumer confidence, this book examines whether public support to business can be beneficial. It draws on recent developments in the theoretical and empirical literature and on the experience of 5 industrialized countries Germany, the UK, France, the USA and Japan. Over the past half century the mainstream view of industrial policy has varied markedly. From the early 1950s to the early 1970s industrial policy was seen as panacea to growth and development problems. Pursuing industrial policy became almost taboo in the early 1980s. Current views are breaking away from past trends, with the development and testing of new economic theories, attitudes towards industrial policy are now less clear-cut. In light of the current financial crisis, this volume presents economic theory and critical views on the implementation of public support policies, and offers a structured, up-to-date analysis relating theory, practices and effectiveness of industrial policy. It is an indispensable read for students, academics, policy-makers, as it promises to provide an enhanced understanding of successful and unsuccessful, industrial policies.
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.
Over the postwar period, the scope of industrial policy has expanded markedly. Governments in virtually all advanced industrial countries have extended the visible hand of the state in assisting specific industries or individual companies. Although greater government involvement in some countries has lessened the dislocations brought about by slower growth rates, industrial policy has also caused or exacerbated a number of other problems, including distortions in the allocation of capital and labor and trade conflicts that undermine the postwar system of free trade. Only Japan is widely cited as an unambiguous success story. The effectiveness of its industrial policy is revealed in the successful emergence of one government-targeted industry after another as world-class competitors: for example, steel, automobiles, and semiconductors. Foreign countries fear that a number of still-developing industrieslike biotechnology, telecommunications, and information processingwill follow the same pattern. But is industrial policy the main reason for Japan's economic achievements? The author asserts that the reasons for Japan's spectacular track record go well beyond the realm of industrial policy into broad areas of the political economy as a whole. In this book, the author attempts to identify the reasons for the comparative effectiveness of Japanese industrial policy for high technology by answering the following questions: What is the attitude of Japanese leaders toward state intervention in the marketplace? What is the Ministry of International Trade and Industry (MITI) doing to promote the development of high technology? How has the organization of the private sector contributed to MITI's capacity to intervene effectively? What elements in Japan's political system help insulate industrial policymaking from the demands of interest-group politics?