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Beyond the ‘magic of the market’. The slow return of industrial policy (but not yet in Italy)

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  • Giovanni Dosi

    (Sant’Anna School of Advanced Studies)

Abstract

The historical emergence of industrial and technological capabilities in major countries has in most cases been associated with a strong industrial policy by governments. In the last decades policies of advanced countries—Italy included—have relied on the ‘magic of the market’, abandoning any driving role of public action and resulting in a serious weakening of Italy’s industrial base. In order to reverse this decline, a return to industrial policies, written large—including technology policies, ambitious “mission oriented” programs, and direct State intervention -, is needed in Italy and Europe.

Suggested Citation

  • Giovanni Dosi, 2016. "Beyond the ‘magic of the market’. The slow return of industrial policy (but not yet in Italy)," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(3), pages 261-264, September.
    • Handle: RePEc:spr:epolin:v:43:y:2016:i:3:d:10.1007_s40812-016-0041-x
    DOI: 10.1007/s40812-016-0041-x
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    References listed on IDEAS

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    1. Mario Pianta, 2014. "An industrial policy for Europe," Working Papers 1401, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2014.
    2. Matteo Lucchese & Leopoldo Nascia & Mario Pianta, 2016. "Industrial policy and technology in Italy," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 43(3), pages 233-260, September.
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    Cited by:

    1. Katimertzopoulos, Fotios & Vlados, Charis & Koutroukis, Theodore, 2020. "Regional Innovation Systems and Less Developed Business Ecosystems: Fundamental Concepts and Theoretical Trends," DUTH Research Papers in Economics 7-2020, Democritus University of Thrace, Department of Economics.
    2. Bulfone, Fabio & Ergen, Timur & Kalaitzake, Manolis, 2022. "No strings attached: Corporate welfare, state intervention, and the issue of conditionality," MPIfG Discussion Paper 22/2, Max Planck Institute for the Study of Societies.
    3. Servaas Storm, 2019. "Lost in deflation: Why Italy`s woes are a warning to the whole Eurozone," Working Papers Series 94, Institute for New Economic Thinking.

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    More about this item

    Keywords

    Industrial policy; Innovation; Italy;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • L5 - Industrial Organization - - Regulation and Industrial Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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