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1.
ABSTRACT

Industrial policy has been on the agenda of British policy elites since the 2008 financial crisis, particularly since Theresa May became Prime Minister in 2016. This has been seen as a challenge to pre-crisis norms of economic governance associated with neoliberalism. This article explores key aspects of industrial policy development in post-crisis Britain – new forms of vertical support for industry, local government reform, and the public financing of private sector R&D – in order to sketch a new understanding of political and ideological change. It focuses on the institutional mechanisms through which industrial strategy will ostensibly be implemented, including subnational and private spheres of governance. The article argues that recent industrial policy developments do not represent the receding of neoliberalism, but rather have provided opportunities for the reseeding of neoliberal norms in British economic statecraft. The strategy has reinforced forms of state machinery through which pre-crisis elite practice can be maintained and legitimated. By demonstrating that the apparent revival of state intervention in the wake of capitalist crises must not be assumed automatically to challenge pre-crisis economic orders, and highlighting the crucial role of exigent political circumstances, the article makes an important contribution to the literature on neoliberal resilience.  相似文献   

2.
For the sake of freedom, economic growth and poverty reduction the state in market economies should limit itself to regulating markets and (sometimes) correcting ‘market failures’. This neoliberal conception has been the near-consensus for the past two to three decades in the West and in western-led international organizations such as the World Bank. But as of recently, the consensus has been challenged by circumstances with which it cannot contend. This article spells out key ideas behind the consensus – in particular, its rejection of industrial policy. It then argues that the US government has long practised – to good effect – a hitherto little noticed type of industrial policy focused neither on the individual firm nor on the geographic region but on networks of firms, and that a (small) change in the American normative climate has occurred post 2008 in favour of a government steering role in markets. Moreover, some middle-income countries, with manufacturing sectors shrinking in the face of East Asian competition, have recently shown renewed interest in industrial policy. Finally, parts of the World Bank have recently begun to operationalize industrial policy, under the banner of ‘building competitive industries’ (industrial policy by another name), as has not been the case since the mid 1980s. The combination of these several forces may herald the emergence of new global norms in favour of a more ‘developmental’ role of the state.  相似文献   

3.
Debates on industrial policy have typically focused on interventions in the ‘real’ sector to facilitate the transformation of a resources-based economy to one that is based on manufacturing. Although the financial sector has always figured strongly in these discussions, its development, or rather repression, is almost always considered in the context of serving the ‘real’ sector. In contrast, this paper contributes to the emerging literature on government policies to develop financial sectors into independent and internationally competitive sources of economic growth on their own right through an analysis of the development of Islamic finance in Malaysia. The paper argues that the emergence of Islamic finance in Malaysia, and the country's evolution into a key player of the sector in the global market, can be attributed to developmental efforts or industrial policies adopted by the government. The case of Islamic finance in Malaysia suggests the continuing relevance of industrial policy for developmental purposes. More importantly, it demonstrates that developing countries can chart a path towards services-led growth, the next frontier in economic development.  相似文献   

4.
This paper evaluates how economic restructuring in Guangdong is entwined with the politicisation of state rescaling during and after the global financial crisis of 2008. It shows how a key industrial policy known as ‘double relocation’ generated tensions between the Guangdong government, then led by Party Secretary Wang Yang, and the senior echelon of the Communist Party of China in Beijing. The contestations and negotiations that ensued illustrate the dynamic entwinement between state rescaling and institutional path-dependency: the Wang administration launched this industrial policy in spite of potentially destabilising effects on the prevailing national structure of capital accumulation. This foregrounds, in turn, the constitutive and constraining effects of established, national-level policies on local, territorially specific restructuring strategies.  相似文献   

5.
For the better part of the last century, the debate between ‘liberalisers’ and ‘interventionists’ marked thinking about the relationship between finance and development. It has by now been superseded by the emergence of the discourse of financial system development, which links economic growth to the development of the financial sector. As the risks entailed by wholesale financial reform came to the fore in the financial crises of the 1990s and early 2000s, emphasis shifted from liberalising financial markets to building institutional frameworks to accommodate investment. Arguably, the emergence of the financial-system-development discourse occurred within a wider shift in the neoliberal paradigm towards institution building. These changes are particularly pronounced in East and Southeast Asia. This paper argues that a convergence of opinions has occurred between Asian financial policy elites, previously strong supporters of the bank-based developmental state model, and the liberalisers, represented through international financial institutions such as the IMF. This consensus is geared towards the expansion of capital markets and a generally more neoliberal, market-oriented mode of economic governance. To illustrate this claim, this paper traces institutional changes in Asian financial systems since the 1997-98 financial crisis. Although local characteristics remain, a common feature is the more salient role of bond markets in the financial system. This is the result of the conscious and deliberate development of local currency debt markets by policymakers. However, the new consensus narrows down the space in which economic policymaking takes place. Yet, by re-politicising financial system development, this space could be broadened again.  相似文献   

6.
This article explores the changes in monetary policymaking in Hungary and Turkey in the context of the post-2008 global financial crisis and restructuring. Both countries went through a thorough restructuring process in the pre-2008 context. While this process has introduced and consolidated depoliticised forms of governing to a certain degree in both countries, we suggest that the latest crisis has contributed to the emergence of a politicisation process. In the Hungarian case, these processes are reflected in both discursive attempts and the instalment of visible centralised control over the management of money. In Turkey, intensifying discursive attempts to politicize monetary policy have not led to an explicit change in the formally depoliticised character of central banking until recently but politicised other policy areas. In both countries, the process has accompanied the entrenchment of increasingly oppressive discourse and practices as part of the overall management of the crisis-ridden capitalist social relations. The paper aims to explore these similarities and differences within a critical political economy approach to state, governing strategies and (de)politicisation and to contribute to advancing research beyond the established case studies in the existing literature.  相似文献   

7.
The paper offers an account of the Euro crisis based on post-Keynesian monetary theory and its typology of demand regimes. Neoliberalism has transformed social and financial relations in Europe but it has not given rise to a sustained profit-led growth process. Instead, growth has relied either on financial bubbles and rising household debt (‘debt-driven growth’) or on net exports (‘export-driven growth’). In Europe the financial crisis has been amplified by an economic policy architecture (the Stability and Growth Pact) that aimed at restricting the role of fiscal policy and monetary policy. This neoliberal economic policy regime in conjunction with the separation of monetary and fiscal spheres has turned the financial crisis of 2007 into a sovereign debt crisis in southern Europe.  相似文献   

8.
This article offers a political economy review of the literatures and the empirical evidence concerning the ‘Rise of the South’. The study focuses on global convergence (in the long-term, in the last 30 years, and in the aftermath of the 2008 global crisis), economic decoupling between developing and advanced economies, and the economic strategies which may help catching-up, especially the ‘flying geese’ paradigm and industrial policies supporting manufacturing sector growth. It shows that the mainstream literature suffers from significant weaknesses; that empirical claims concerning convergence and decoupling have been exaggerated, and that flying geese-type strategies are severely limited. Examination of the drivers of growth in the South and the policies implemented in key converging countries support the claim that political economy approaches can offer valuable policy insights to countries grappling with the challenges of long-term growth and development.  相似文献   

9.
ABSTRACT

Following the 2008 financial crash, voices have called governments to re-embrace industrial policy and promote industrial development. Such calls presuppose that the past decades witnessed a relative retreat of activist industrial policies. Within international political economy the latter is explained by the limits posed by the structure of global economic governance and globalisation on the state’s interventionist capacities. This article argues that these constraints have enabled states to pursue the transnational depoliticisation of industrial policy and transfer decision-making responsibilities to spheres lying beyond the governmental arena such as transnational institutions. By appealing to supranational economic rules, governments can disclose their own preferences for certain industrial policies and resist pressures to assist declining activities. To substantiate these claims the article proposes an archival investigation of the French government’s management of the steel industry between 1980 and 1984 and its support for a European Commission-led management of restructuring. The findings suggest that the pressures of the Commission played a crucial role in strengthening the government’s effort to implement socially unpopular but economically vital industrial choices.  相似文献   

10.
东莞市作为珠三角的经济先发地区,外向的劳动密集型产业基础强大。随着广东省产业转移战略的铺开,东莞产业发展的资源瓶颈效应和落后产业转移需求也很大,实施产业转移战略迫在眉睫。但是2007年的国际金融危机对东莞经济系统及产业转移战略造成了一定的外部冲击。在这种经济环境和固有的制度背景下,产业转移战略在经济先发地区应该如何推进?本文将以劳动密集型产业集聚的东莞市为例,分析经济先发地区推动产业转移的成效与不足,从而为产业转移这种产业政策的学术研究提供理论依据与实践素材。  相似文献   

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