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Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash

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  • Angela Garcia Calvo
  • Steven Coulter

Abstract

This paper examines industrial policy responses to the 2008 crisis in four European countries and gauges their long-term significance by asking: to what extent were these politicised, short term remedies; or enduring policy changes? We find that policy responses varied significantly in their coherence and long-term impact and argue that the key influential factors were: the presence of large, globally competitive manufacturing bases spanning several adjacent sectors; and the existence of strong public-private elite networks, rather than pre-existing institutional structures – which proved surprisingly malleable. The paper contributes to the understanding of the determinants of policy-making in times of crisis.

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  • Angela Garcia Calvo & Steven Coulter, 2022. "Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 25(3), pages 191-210, July.
    • Handle: RePEc:taf:jpolrf:v:25:y:2022:i:3:p:191-210
    DOI: 10.1080/17487870.2020.1785297
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