Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash

Angela Garcia Calvo and Steve Coulter

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper examines industrial policy responses to the 2008 crisis in four European countries and gauges their long-term significance by asking: to what extent were these politicised, short term remedies; or enduring policy changes? We find that policy responses varied significantly in their coherence and long-term impact and argue that the key influential factors were: the presence of large, globally competitive manufacturing bases spanning several adjacent sectors; and the existence of strong public-private elite networks, rather than pre-existing institutional structures–which proved surprisingly malleable. The paper contributes to the understanding of the determinants of policy-making in times of crisis.

Keywords: capitalist systems; Europe; industrial policy; institutions and growth; policy; political economy (search for similar items in EconPapers)
JEL-codes: J01 N0 R14 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2022
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in Journal of Economic Policy Reform, 2022, 25(3), pp. 191 - 210. ISSN: 1748-7870

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:106497

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