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Post the 'Washington Consensus' : economic governance and industrial strategies for the twenty-first century
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Cowling, Keith and Tomlinson, Phil (2011) Post the 'Washington Consensus' : economic governance and industrial strategies for the twenty-first century. Cambridge Journal of Economics, Vol.35 (No.5). pp. 831-852. doi:10.1093/cje/ber003 ISSN 0309-166X.
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Official URL: http://dx.doi.org/10.1093/cje/ber003
Abstract
Recent events in the global economy have led to a growing dissatisfaction with the neo-liberal economic paradigm that has dominated economic policy over the last 30 years, and the increasing concentration of (and abuse of) economic power within the corporate sector that has ensued. However, amidst calls for a new approach to economic management, there is a danger that a new policy framework may overlook underlying economic governance structures that exist (and may evolve) within the economy. Such oversight has implications for development. This paper seeks to demonstrate that the long run efficacy of industrial strategy depends upon designing appropriate economic governance structures that serve the wider public interest. It does so by exploring past experiences of industrial strategy, drawing lessons from the USA, the UK, Japan, the third Italy and the emerging and transition economies. We also offer some suggestions for ways forward.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions |
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| Divisions: | Faculty of Social Sciences > Economics | ||||
| Journal or Publication Title: | Cambridge Journal of Economics | ||||
| Publisher: | Oxford University Press | ||||
| ISSN: | 0309-166X | ||||
| Official Date: | September 2011 | ||||
| Dates: |
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| Volume: | Vol.35 | ||||
| Number: | No.5 | ||||
| Number of Pages: | 31 | ||||
| Page Range: | pp. 831-852 | ||||
| DOI: | 10.1093/cje/ber003 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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