Which Industrial Policy Does Europe Need?

Abstract

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. One lesson of the Great Recession has been that countries with higher shares of industry in their GDP seemed to be less affected by the crisis. Consequently, the call for an industrial renaissance has become stronger. Industrial policy has now become a top priority in countries where it was not explicitly considered in the past. A strong EU-wide industrial policy is expected to foster growth and job creation. However, cultivating industrial development is a complex challenge. This Forum addresses the steps that need to be taken to create a new European industrial policy. What are the structural challenges that need to be addressed? What are the instruments of the EU's industrial policy? And should the EU be engaged in picking winners, or is the market better at making such judgements? DOI: 10.1007/s10272-015-0535-1 Mariana Mazzucato* Terms of use: Documents in EconStor may Innovation Systems: From Fixing Market Failures to Creating MarketsThe important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all. -John M. Keynes 1The road to the free market was opened and kept open by an enormous increase in continuous, centrally organized and controlled interventionism. -Karl Polanyi 2 Instead of asking: what benefits [has] this project yielded, it would almost be more pertinent to ask: how many conflicts has it brought in its wake? How many crises has it occasioned and passed through? And these conflicts and crises should appear both on the benefit and the cost side, or sometimes on one-sometimes on the other, depending on the outcome (which cannot be known with precision for a long time, if ever). Today countries around the world are seeking "smart", innovation-led growth -and hoping that this growth is also more "inclusive" and "sustainable" than in the past. 4 Such a feat requires rethinking the role of government and public policy in the economy -funding not only the "rate" of innovation, but also envisioning its direction. It requires a new justification of government intervention that goes beyond the usual one of "fixing market failures". It requires the shaping and creating of markets. Rendering such growth more inclusive requires attention to the ensuing distribution of risks and rewards.Complexity theory is relevant here because innovation is (1) a collective process, defined by a system of heterogeneous public and ...

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