Industrial policy in Europe in the 20th century
AbstractThis survey outlines the characteristics and drivers of the phases of European industrial policy over the last century and attempts some conclusions about policy impacts. The first liberal phase and the second, ultimately autarkic, phase were ended by war. The third phase terminated with the oil price shocks of the 1970s at the high tide of interventionism. These shocks, and the associated economic growth retardation, contributed to the financial stringencies in the fourth phase that eventually prompted both privatisation policies and more modest policy aspirations. The historical record is consistent: policies that encouraged openness to trade and investment, by creating an environment favourable to competition, also enhanced industrial productivity.
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Bibliographic InfoPaper provided by European Investment Bank, Economics Department in its series EIB Papers with number 2/2006.
Length: 27 pages
Date of creation: 26 Jun 2006
Date of revision:
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industrial policy; history; Europe;
Find related papers by JEL classification:
- F15 - International Economics - - Trade - - - Economic Integration
- L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
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- Christian Grabas & Alexander Nützenadel, 2013. "Industrial Policies in Europe in Historical Perspective," WWWforEurope Working Papers series 15, WWWforEurope.
- Nicholas Crafts, 2013. "Long-Term Growth in Europe: What Difference does the Crisis Make?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 224(1), pages R14-R28, May.
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