Political Economy of Industrial Strategy in the UK: From Productivity Problems to Development Dilemmas

The UK has recently revived its interest in industrial policy, with a collection of essays by leading academics and practitioners exploring its effectiveness in addressing the country's economic malaise. The book focuses on the political and institutional foundations of industrial policy, the value of foundational economic practices, the challenge of greening capitalism, and the new financial and corporate governance structures required to radicalize industrial strategy.

Format: Paperback / softback
Length: 368 pages
Publication date: 28 March 2021
Publisher: Agenda Publishing

The United Kingdom continues to maintain an industrial strategy, despite recent fluctuations in government interest and policy direction. This collection of essays, written by esteemed academics and practitioners, explores the effectiveness of recent industrial policies in addressing the country's economic challenges. The book offers a comprehensive political economy perspective on economic statecraft and development in the UK, focusing on the political and institutional foundations of industrial policy, the importance 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.

The renewed interest within the government in industrial policy is a significant development, reflecting a recognition of the importance of manufacturing and industry to the UK's economy. However, the approach to industrial policy has undergone significant changes in recent years, with a shift towards a more market-oriented approach. This has led to concerns about the potential impact on job creation, investment, and productivity.

One of the key themes of the book is the need for a more holistic and integrated industrial strategy that takes into account the interdependencies between different sectors of the economy. This includes a focus on skills development, research and innovation, and infrastructure investment. The authors argue that a more strategic and coordinated approach to industrial policy can help to address the challenges facing the UK's economy, such as the impact of Brexit, the COVID-19 pandemic, and the need to transition to a low-carbon economy.

Another important theme of the book is the role of government in shaping industrial policy. The authors argue that government can play a critical role in promoting industrial growth and development, but that this requires a clear vision and a commitment to long-term investment. They also highlight the need for government to work closely with industry and other stakeholders to ensure that industrial policy is effective and sustainable.

The book also explores the challenges of greening capitalism and addressing regional inequalities. The authors argue that a more sustainable and inclusive economy requires a shift towards a low-carbon and circular economy, which will require significant investment in infrastructure and skills development. They also highlight the need for government to address regional disparities in economic growth and development, such as through targeted investment in infrastructure and job creation.

In conclusion, this collection of essays provides a valuable insight into the effectiveness of recent industrial policies in addressing the UK's economic malaise. The book offers a comprehensive political economy perspective on economic statecraft and development in the UK, focusing 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. The renewed interest within the government in industrial policy is a positive development, but it is important to ensure that policy is effective and sustainable in the long term. By taking a more holistic and integrated approach to industrial policy, the UK can help to promote economic growth and development while also addressing the challenges facing the country.

Weight: 590g
Dimension: 158 x 233 x 31 (mm)
ISBN-13: 9781788213400