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The opening of minds towards more active government that steers the production structure

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  • Wade, Robert H.

Abstract

Deep society-wide crises tend to produce new economic thinking. 2020 familiarized many millions with trauma and loss. It also intensified the questioning – already started by the North Atlantic Financial Crisis (NAFC) of 2007-12 and by the dramatic rise of China on world technology and military frontiers – of the conservative ideology or world view which has dominated the economics profession and economic statecraft across the capitalist world for the past four decades – dominated as though simple common sense, quietly transforming western societies. This essay discusses the content of emerging thinking about the role of the state, and causes of the changes. But first, more on where we are coming from: from the deeply entrenched conservative ideology and its anti-government “intervention” in the economy.

Suggested Citation

  • Wade, Robert H., 2021. "The opening of minds towards more active government that steers the production structure," LSE Research Online Documents on Economics 113924, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:113924
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    References listed on IDEAS

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    1. Natalya Naqvi & Anne Henow & Ha-Joon Chang, 2018. "Kicking away the financial ladder? German development banking under economic globalisation," Review of International Political Economy, Taylor & Francis Journals, vol. 25(5), pages 672-698, September.
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    3. Robert H Wade, 2016. "Industrial Policy in Response to the Middle-income Trap and the Third Wave of the Digital Revolution," Global Policy, London School of Economics and Political Science, vol. 7(4), pages 469-480, November.
    4. Erik S. Reinert, 2003. "Austrian economics and 'the other canon': the Austrians between the activistic-idealistic and the passivistic-materialistic traditions of economics," Chapters, in: Jürgen G. Backhaus (ed.), Evolutionary Economic Thought, chapter 10, Edward Elgar Publishing.
    5. Reda Cherif & Fuad Hasanov, 2019. "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy," IMF Working Papers 2019/074, International Monetary Fund.
    6. Robert H. Wade, 2017. "The American paradox: ideology of free markets and the hidden practice of directional thrust," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(3), pages 859-880.
    7. Wade, Robert Hunter, 2016. "Industrial policy in response to the middle-income trap and the Third Wave of the digital revolution," LSE Research Online Documents on Economics 69649, London School of Economics and Political Science, LSE Library.
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    More about this item

    Keywords

    industrial policy; neoliberalism; UK; US;
    All these keywords.

    JEL classification:

    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy

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