Innovation systems: from fixing market failures to creating markets

Mazzucato, Mariana (2015) Innovation systems: from fixing market failures to creating markets. Intereconomics, 50 (3). pp. 120-125. ISSN 0020-5346

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Abstract

One lesson of the Great Recession has been that countries with higher shares of industry in their GDP seemed to be less affected by the crisis. Consequently, the call for an industrial renaissance has become stronger. Industrial policy has now become a top priority in countries where it was not explicitly considered in the past. A strong EU-wide industrial policy is expected to foster growth and job creation. However, cultivating industrial development is a complex challenge. This Forum addresses the steps that need to be taken to create a new European industrial policy. What are the structural challenges that need to be addressed? What are the instruments of the EU's industrial policy? And should the EU be engaged in picking winners, or is the market better at making such judgements?

Item Type: Article
Additional Information: This article falls withing the umbrella title: Which industrial policy does Europe need? (And to which the abstract given above refers) by Mariana Mazzucato, Mario Cimoli, Giovanni Dosi, Joseph E. Stiglitz, Michael A. Landesmann, Mario Pianta, Rainer Walz, Tim Page
Schools and Departments: School of Business, Management and Economics > SPRU - Science Policy Research Unit
Subjects: H Social Sciences
H Social Sciences > H Social Sciences (General)
Depositing User: Joy Blake
Date Deposited: 03 Dec 2015 11:38
Last Modified: 03 Dec 2015 11:38
URI: http://sro.sussex.ac.uk/id/eprint/58590
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