Industrial adjustment in Western Europe: Retrospect and prospect
AbstractThe purpose of this paper is to discuss major factors behind failures and successes in structural adjustment. The analysis includes the experience of four major European countries: France, Italy, the United Kingdom and West Germany. These countries are known for diverging performances. Germany has the highest real per capita income, the lowest inflation, and the strongest currency, while its unemployment rate, though depressing by her own historical standards (8 per cent in 1986 as compared to 1 per cent on average during the sixties), is distinctly below those of the other three countries. On the other side of the spectrum is Italy, but this nation is in fact composed of three economies - a highly developed and rapidly growing one in the north, a very backward one in the south and a dynamic economia somersa almost everywhere. The United Kingdom has become the only oil-rich country in the sample, but probably the one which has been struggling most with micro-economic inefficiencies and the power of interest groups (labour unions in particular) in the economic-political decision process for decades. France has become an industrial and technological leader in a shorter space of time (starting its economic transformation in the late fifties) than any of the other sample countries, but it also was struck by an unparalleled experimentation with socialism during the early eighties.
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Bibliographic InfoPaper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 280.
Date of creation: 1987
Date of revision:
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- Donges, Juergen Bernhard, 1986. "The West German economy towards the year 2000: an analysis of structural change," Kiel Working Papers 268, Kiel Institute for the World Economy.
- Heitger, Bernhard, 1986. "Import protection and export performance: Their impact on economic growth," Kiel Working Papers 260, Kiel Institute for the World Economy.
- Gerken, Egbert & Gross, Martin & Lachler, Ulrich, 1986. "The causes and consequences of steel subsidization in Germany," European Economic Review, Elsevier, vol. 30(4), pages 773-804, August.
- Dicke, Hugo & Trapp, Peter, 1984. "Investment behavior and yields in some West German industries," Kiel Working Papers 205, Kiel Institute for the World Economy.
- Bletschacher, Georg & Klodt, Henning, 1992. "Strategische Handels- und Industriepolitik : theoretische Grundlagen, Branchenanalysen und wettbewerbspolitische Implikationen," Open Access Publications from Kiel Institute for the World Economy 456, Kiel Institute for the World Economy (IfW).
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