Finance and Industrial Policy. Beyond Financial Regulation in Europe

Book

Published by Oxford University press. You can buy the book here.

The 2008 global financial crisis, together with the experience of de-industrialization across Western Europe over the last three decades, has focussed attention on financial regulation and industrial policy. 

Industry and finance policies have largely been discussed separately, and this book argues that the two should be considered together, in both analysis and policy formulation that deals with critical questions of how finance has intervened in industrial restructuring and how it might better serve the real economy. Moreover, policy debates have paid relatively little attention to the heterogeneous economic structures and growth trajectories of European economies, and the interconnectedness and interdependencies of growth paths that present specific challenges to policy and highlight the need for cooperation across the region.

This book brings together leading scholars and policy makers to contribute to policy debates in three ways. First, it includes current discussions of banking policy, regulation, and reform to reassert the need for financial institutions that will back up and finance an industrial policy to revive the European economy. Second, it reviews the role of industrial and investment policy in supporting innovation, creating jobs, and generating sustainable economic growth. Third, it advances alternative policy proposals aimed at generating sustainable economic growth and employment in Europe. Part I analyses the nature of growth, industrial, and economic restructuring in relation to finance in the lead up to the crisis, at regional, national, and sector levels. Part II presents alternative and progressive policy proposals for growth and employment in Europe in light of the analysis presented in Part I.

INDEX

Massimo D’Alema: Foreword
1: Susan Newman, Giovanni Cozzi, and Jan Toporowski: Introduction
Part I: Finance, Economic, and Industrial Restructuring
2: Riccardo Bellofiore and Francesco Garibaldo: Beyond Keynesianism: Recovery and Reform in a European New Deal
3: Michel Aglietta: Finance, companies and competition
4: Joachim Becker, Predrag Cetkovic, and Rudy Weissenbacher: Financialization, Dependent Export Industrialization and Deindustrialization in Eastern Europe
5: Nicolas Balas and Florence Palpacuer: Financialization, De-Territorialization of Global Value Chains and Development Implications: A Case Study of Innovation in a Microelectronics Cluster in France
6: Daniela Gabor: Re-regulating European Banking: An Interconnectedness Approach
Part II: Finance and Industrial Policy for Post Crisis Recovery
7: Jan Toporowski: Towards Financially Sustainable Prosperity
8: Mariana Mazzucato: The Myth of the ‘Meddling’ State
9: Michele Mastroeni and Alessandro Rosiello: Regional Industrial Development: Moving Beyond Specialization
10: Sue Konzelmann and Marc Fovargue-Davies: Public Policy Working: Catalyst for Olympic Success
11: Giovanni Cozzi: Finance and Investment in the Eurozone
12: Matthias Kollatz-Ahnen, Stephany Griffith-Jones, and Udo Bullmann: Industrial Policy as a Contribution to Overcome the Crisis in Europe