Chapter

Industrial Policy

David Coates

in New Perspectives on Industrial Policy for a Modern Britain

Published in print April 2015 | ISBN: 9780198706205
Published online August 2015 | e-ISBN: 9780191775307 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198706205.003.0003
Industrial Policy

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This chapter provides an evaluative review of post-Second World War industrial policy in the advanced Western economies and Japan. It documents how industrial policy goals have shifted over time, with policy choices reflecting different national economic (and political) priorities and capitalist structures. There has, however, been a generic shift—across nations—towards employing a narrower set of indirect policy instruments, with the broader goal of increasing market competition. Nevertheless, in spite of the rhetoric of the dominant neo-liberal paradigm, industrial policy continued to play an important (albeit often hidden) role, as (Western) governments continually sought to support particular sectors. The chapter concludes that in the aftermath of the financial crisis (2008) and recognition the (UK) economy is unbalanced, and that there is once again a greater acceptance of a more focused industrial policy, although it is less clear what form this might take.

Keywords: industrial policy; Western economies; Japan; neo-liberal paradigm; policy instruments

Chapter.  9442 words. 

Subjects: Public Economics ; Macroeconomics and Monetary Economics

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