Competition, Spatial Location of Economic Activity and Financial Issues
Edited by Miroslav N. Jovanović
Chapter 2: European Industrial Policy: Perspectives, Trends and a Sustainability-focused New Framework
Christos N. Pitelis and Pellumb Kelmendi* 1 INTRODUCTION The aim of this chapter is to critically assess existing perspectives on industrial and competition policies by paying particular attention to the policies of the European Union (EU). We explore the idea that non-neoclassical economics views have now achieved an almost mainstream status within EU policy circles. We claim that this is a step in the right direction, but also that more progress can be made. This requires strengthening extant knowledge on the issue of industrial policy (IP). This chapter is structured as follows. Section 2 discusses alternative perspectives on competition and industrial policies. Section 3 discusses international practice, especially European IPs, in the context of new trends. Section 4 sketches a novel conceptual framework and explores its implications for current European policies. Finally, Section 5 concludes. 2 INDUSTRIAL AND COMPETITION POLICY: ALTERNATIVE PERSPECTIVES The term ‘industrial policy’ refers to a set of measures taken by a government that aim to influence a country’s industrial performance towards a desired objective and the measures taken to implement this objective.1 Competition (or anti-trust in the USA) policies (CPs) refer to the stance governments adopt towards competition and cooperation between firms in industries, and the measures they take to implement their objectives. CPs usually attempt to influence the degree of competition or monopoly in industries, such as, for example, the car industry. Most government measures and policies affect industry one way or the other. Therefore, boundaries between industrial/competition/antitrust policy and other policies, such as technology...
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