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Rethinking industrial policy

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  • Philippe Aghion
  • Julian Boulanger
  • Elie Cohen
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    Abstract

    Industrial policy has a bad name: â??picking winnersâ?? and thus distorting competition, while exposing government to capture by vested interests. But there are reasons for a rethink. First, climate change: without government intervention to jump-start massive private investment in clean technologies, governments, by default, encourage investment in dirtier technologies. Second, a new post-crisis realism: laissez-faire complacency by many governments has led to mis-investment in the non-tradable sector at the expense of growth-rich tradables. Third, China â?? and some other emerging economies â?? are big deployers of growth-enhancing sectoral policies. The challenge for Europe is how it can design and govern sectoral policies that are competition-friendly and thus growth-enhancing.

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    Bibliographic Info

    Paper provided by Bruegel in its series Policy Briefs with number 566.

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    Date of creation: Jun 2011
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    Handle: RePEc:bre:polbrf:566

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    1. Fatalismo, melancolía y nuestra década perdida.
      by Cives in Politikon on 2012-09-09 07:16:36
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    Cited by:
    1. Heinz Hollenstein, 2013. "Wirtschaftliche Rahmenbedingungen als Element der Innovationspolitik," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 7(2), pages 47-55, June.
    2. Karl Aiginger, 2013. "A new strategy for the European periphery," WWWforEurope Policy Paper series 1, WWWforEurope.
    3. Karl Aiginger, 2013. "A Southern Europe strategy based on vision and industrial policy," EKONOMIAZ, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 82(01), pages 127-168.
    4. Mario Pianta, 2014. "An industrial policy for Europe," Working Papers 1401, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2014.
    5. Sarah Guillou & Lionel Nesta, 2011. "Quelle politique industrielle dans la mondialisation ?," Sciences Po publications info:hdl:2441/eu4vqp9ompq, Sciences Po.
    6. Shahid Yusuf, 2012. "From Technological Catch-up to Innovation : The Future of China’s GDP Growth," World Bank Other Operational Studies 12781, The World Bank.
    7. Karl Aiginger, 2012. "A Systemic Industrial Policy to Pave a New Growth Path for Europe," WIFO Working Papers 421, WIFO.
    8. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09i29kl94h0 is not listed on IDEAS
    9. Petraglia C. & Scalera D., 2012. "Le politiche per il Mezzogiorno negli anni della crisi (2007-2012)," Rivista economica del Mezzogiorno, Società editrice il Mulino, issue 4, pages 1023-1048.

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