Description
Book SynopsisDoes the UK still have an industrial strategy? How should we understand the renewed interest within government in industrial policy – and now its apparent reversal – in recent years? This collection of essay by leading academics and practitioners including Victoria Chick, Kate Bell, Simon Lee, Karel Williams, Susan Himmelweit, Laurie Macfarlane and Ron Martin – among many others– considers the effectiveness of recent industrial policies in addressing the UK’s economic malaise. In offering a broad political economy perspective on economic statecraft and development in the UK, the book focuses on the political and institutional foundations of industrial policy, the value of "foundational" economic practices, the challenge of greening capitalism and addressing regional inequalities, and the new financial and corporate governance structures required to radicalize industrial strategy.
Trade ReviewIn the wake of the 2008 global financial crisis, departure from the EU and the Covid-19 pandemic shocks, this book is one of the most impressive and convincing attempts to demonstrate how industrial policy can help deal with the enormous challenges facing the UK – from reducing social, economic and geographical inequalities, to decarbonising the economy and creating high-quality employment opportunities – and also clearly shows the necessity of a new economic imaginary in which a progressive industrial policy can succeed. -- Valbona Muzaka, King's College London
This is an excellent and wide-ranging look at the problems and possibilities of Britain’s approach to industrial policy. The post-Covid recovery makes it especially relevant. -- Duncan Weldon, Britain Economics Correspondent, The Economist
The industrial strategy debate in the UK tends to be framed narrowly in terms of finding solutions to the 'productivity puzzle'. But this book offers a breath of fresh air and a compelling case for framing the debate in far more capacious terms. In short, it demonstrates how a progressive industrial strategy can help to fashion an inclusive well-being economy. -- Kevin Morgan, Professor of Governance and Development, Cardiff University
An important contribution to the academic literature on UK industrial policy, and more broadly, to discussions on change and continuity in economic policy ... this book will appeal to a broad audience. Researchers and students interested in economic policy and the persistence of neoliberalism will find it useful. Moreover, policy makers, international organizations and NGOs will find important insights for future policy designs. -- Competition and Change
Table of ContentsIntroduction: The political economy of UK industrial policyCraig Berry, Julie Froud and Tom Barker
Part I The historical context1. Prisoner of the past: British industrial policy from empire to BrexitJames Silverwood and Richard Woodward2. Industrial policy, then and now: historicizing the 2017 White PaperVictoria Chick3. The developmental state in England: the role of the Treasury in industrial policySimon Lee
Part II Rethinking economic foundations4. The foundational economy and industrial strategyJulie Froud, Sukhdev Johal and Karel Williams5. The false promise of productivityPaul Lewis6. A "return to normal times"? Industrial strategy and reproductive labourIsaac Stanley
Part III The end of laissez-faire?7. Business-centric governance in UK industrial policy: neoliberal wine in interventionist bottles?Craig Berry and Tom Barker8. Reconciling a post-Brexit trade and industrial strategyMatthew Louis Bishop9. Financing industrial strategy: the role of state investment banksLaurie Macfarlane
Part IV Manufacturing and innovation10.Risk management and reduction in global supply chains and production networks: reshoring and rightshoring versus offshoringJohn R. Bryson, Vida Vanchan and Shihao T. Zhou11.Making work: The knowledge economy, automation, and industrial strategyNick O’Donovan12.Industrial strategy and science and innovation policyRichard Jones
Part V Firms and workers13.Broadening the ambit of industrial strategy to include latent demand and corporate governanceCiaran Driver14. Expanding skills and workplace capacity: a relational approach to industrial strategyAlison Fuller and Lorna Unwin15. Why an industrial strategy needs trade unionsKate Bell
Part VI Mainstreaming inequality and low pay16. Where should low-wage sectors feature in an industrial strategy?John Forth and Ana Rincon-Aznar17. Care as investment in social infrastructureSusan Himmelweit18. Reducing inequality as industrial policy: finding productivity gains in the "overlooked economy"Ed Pemberton
Part VII The local dimension19.The policy challenges of "levelling up"Ron Martin, Peter Sunley and Ben Gardiner20. Local industrial policy and "left-behind" placesJohn Tomaney and Andy Pike21. Looking North: the multi-level governance of economic policyArianna Giovannini and Luke Raikes
Part VIII Towards a greener future?22. Sustainability dilemmas and Britain’s national industrial ambitions: Brexit, electric cars, and a petrol and diesel banDan Coffey and Carole Thornley23.Industrial policy in the context of climate emergency: the urgent need for a Green New DealDaniel Bailey24.Clean and lean: an industrial strategy for an era of globalisation and climate changeDustin BentonConclusion: building a progressive industrial strategy amid and after Covid-19Craig Berry
