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Rethinking industrial policy

  • Philippe Aghion
  • Julian Boulanger
  • Elie Cohen
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    Industrial policy has a bad name: â??picking winnersâ?? and thus distorting competition, while exposing government to capture by vested interests. But there are reasons for a rethink. First, climate change: without government intervention to jump-start massive private investment in clean technologies, governments, by default, encourage investment in dirtier technologies. Second, a new post-crisis realism: laissez-faire complacency by many governments has led to mis-investment in the non-tradable sector at the expense of growth-rich tradables. Third, China â?? and some other emerging economies â?? are big deployers of growth-enhancing sectoral policies. The challenge for Europe is how it can design and govern sectoral policies that are competition-friendly and thus growth-enhancing.

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    Paper provided by Bruegel in its series Policy Briefs with number 566.

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    Date of creation: Jun 2011
    Date of revision:
    Handle: RePEc:bre:polbrf:566
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