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Post the 'Washington Consensus': economic governance and industrial strategies for the twenty-first century

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  • Keith Cowling
  • Philip R. Tomlinson

Abstract

Recent events in the global economy have led to a growing dissatisfaction with the neo-liberal economic paradigm that has dominated economic policy over the last 30 years, and the increasing concentration of (and abuse of) economic power within the corporate sector that has ensued. However, amidst calls for a new approach to economic management, there is a danger that a new policy framework may overlook underlying economic governance structures that exist (and may evolve) within the economy. Such oversight has implications for development. This paper seeks to demonstrate that the long run efficacy of industrial strategy depends upon designing appropriate economic governance structures that serve the wider public interest. It does so by exploring past experiences of industrial strategy, drawing lessons from the USA, the UK, Japan, the third Italy and the emerging and transition economies. We also offer some suggestions for ways forward. Copyright The Author 2011. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Keith Cowling & Philip R. Tomlinson, 2011. "Post the 'Washington Consensus': economic governance and industrial strategies for the twenty-first century," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(5), pages 831-852.
    • Handle: RePEc:oup:cambje:v:35:y:2011:i:5:p:831-852
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    File URL: http://hdl.handle.net/10.1093/cje/ber003
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    Cited by:

    1. Pitelis, Christos N & Tomlinson, Philip R, 2017. "Industrial organisation, the degree of monopoly and macroeconomic performance – A perspective on the contribution of Keith Cowling (1936–2016)," International Journal of Industrial Organization, Elsevier, vol. 55(C), pages 182-189.
    2. Andrea Coveri & Claudio Cozza & Dario Guarascio, 2021. "Monopoly Capitalism in the Digital Era," Working Papers in Public Economics 209, University of Rome La Sapienza, Department of Economics and Law.
    3. Silvia Sacchetti & Colin Campbell, 2015. "Creating Space for Communities: Social Enterprise and the Bright Side of Social Capital," Journal of Entrepreneurial and Organizational Diversity, European Research Institute on Cooperative and Social Enterprises, vol. 3(2), pages 32-48, February.
    4. Kalim Siddiqui, 2015. "Political Economy Of Japan’S Decades Long Economic Stagnation," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 10(4), pages 9-39, December.
    5. Ferrannini, Andrea & Barbieri, Elisa & Biggeri, Mario & Di Tommaso, Marco R., 2021. "Industrial policy for sustainable human development in the post-Covid19 era," World Development, Elsevier, vol. 137(C).
    6. Silvia Sacchetti, 2015. "Inclusive and Exclusive Social Preferences: A Deweyan Framework to Explain Governance Heterogeneity," Journal of Business Ethics, Springer, vol. 126(3), pages 473-485, February.
    7. Sue Konzelmann & Frank Wilkinson, 2016. "Co-operation in Production, the Organization of Industry & Productive Systems: A Critical Survey of the 'District' Form of Industrial Organisation & Development," Working Papers wp481, Centre for Business Research, University of Cambridge.
    8. Di Tommaso, Marco R. & Prodi, Elena & Pollio, Chiara & Barbieri, Elisa, 2023. "Conceptualizing and measuring “industry resilience”: Composite indicators for postshock industrial policy decision-making," Socio-Economic Planning Sciences, Elsevier, vol. 85(C).

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