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Searching for the Role of the State – Why Industrial Policy Has Made a Comeback?

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  • Ali-Yrkkö, Jyrki

Abstract

After several decades, Finland has released an industrial policy strategy, joining other European nations such as Germany, Italy, and the United Kingdom in doing so. We compare the arguments put forward by countries regarding the necessity of such a strategy. Geopolitical tensions are a common concern, as are international dependencies that could jeopardize national security. Additional justifications related to market failures include state aid competition and the clean transition or reduction of greenhouse gas emissions. Unlike the other three countries, the UK’s strategy emphasizes seeking opportunities rather than merely addressing problems and challenges.

Suggested Citation

  • Ali-Yrkkö, Jyrki, 2025. "Searching for the Role of the State – Why Industrial Policy Has Made a Comeback?," ETLA Brief 165, The Research Institute of the Finnish Economy.
    • Handle: RePEc:rif:briefs:165
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    Keywords

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    JEL classification:

    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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