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Industrial Policy

Author

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  • Dominic Williams

Abstract

This article looks at the economic and political history of industrial policy under the Labour government of 1997–2010. The theoretical debate over industrial policy goes back to the 19th century, but the Labour government used neo-classical economic theory to justify state intervention in the market. It was also heavily influenced by European policy, including the Lisbon Agenda. While New Labour continued to favour some industries, there was no industrial policy as such. Instead, the government used tax revenues to create public jobs and jobs dependent on public sector spending. While the economic crisis and the change of administration will remove many of the distortions of this policy, the challenge is to create a new approach to economic revival in less prosperous regions of the UK.

Suggested Citation

  • Dominic Williams, 2010. "Industrial Policy," Local Economy, London South Bank University, vol. 25(8), pages 612-621, December.
    • Handle: RePEc:sae:loceco:v:25:y:2010:i:8:p:612-621
    DOI: 10.1080/02690942.2010.533425
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    References listed on IDEAS

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    1. Crafts, Nick, 1996. "'Post-neoclassical Endogenous Growth Theory': What Are Its Policy Implications?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(2), pages 30-47, Summer.
    2. Blanchflower, David G. & Shadforth, Chris, 2007. "Entrepreneurship in the UK," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 3(4), pages 257-364, July.
    3. Dani Rodrik, 2008. "Normalizing Industrial Policy," World Bank Publications - Books, The World Bank Group, number 28009, April.
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    Cited by:

    1. Morris, Adele C. & Nivola, Pietro S. & Schultze, Charles L., 2012. "Clean energy: Revisiting the challenges of industrial policy," Energy Economics, Elsevier, vol. 34(S1), pages 34-42.
    2. dos Santos Alves, Camila Elisa & Belarmino, Luiz Clovis & Padula, Antonio Domingos, 2017. "Feedstock diversification for biodiesel production in Brazil: Using the Policy Analysis Matrix (PAM) to evaluate the impact of the PNPB and the economic competitiveness of alternative oilseeds," Energy Policy, Elsevier, vol. 109(C), pages 297-309.

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