• The Political Economy of Industrial Strategy in the UK
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The Political Economy of Industrial Strategy in the UK

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The collection of essays explores the political and institutional foundations of industrial policy, the value of "foundational" economic practices, the challenge of greening capitalism and addressi...
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  • 25 March 2021
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Does the UK still have an industrial strategy? How should we understand the renewed interest within government in industrial policy – and now its apparent reversal – in recent years? This collection of essay by leading academics and practitioners including Victoria Chick, Kate Bell, Simon Lee, Karel Williams, Susan Himmelweit, Laurie Macfarlane and Ron Martin – among many others– considers the effectiveness of recent industrial policies in addressing the UK’s economic malaise. In offering a broad political economy perspective on economic statecraft and development in the UK, the book focuses 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.
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Price: $44.95
Pages: 368
Publisher: Agenda Publishing
Imprint: Agenda Publishing
Series: Building Progressive Alternatives
Publication Date: 25 March 2021
Trim Size: 9.20 X 6.15 in
ISBN: 9781788213400
Format: Paperback
BISACs:

POLITICAL SCIENCE / Public Policy / Economic Policy, BUSINESS & ECONOMICS / Industries / General
In the wake of the 2008 global financial crisis, departure from the EU and the Covid-19 pandemic shocks, this book is one of the most impressive and convincing attempts to demonstrate how industrial policy can help deal with the enormous challenges facing the UK – from reducing social, economic and geographical inequalities, to decarbonising the economy and creating high-quality employment opportunities – and also clearly shows the necessity of a new economic imaginary in which a progressive industrial policy can succeed.
— Valbona Muzaka, King's College London

Craig Berry is Reader in Political Economy at Manchester Metropolitan University.


Julie Froud is Professor of Financial Innovation in the Alliance Manchester Business School at the University of Manchester.


Tom Barker has worked as a teaching associate and/or research assistant at the University of Sheffield, Sheffield Hallam University and Manchester Metropolitan University.

Introduction: The political economy of UK industrial policyCraig Berry, Julie Froud and Tom Barker

Part I The historical context1. Prisoner of the past: British industrial policy from empire to BrexitJames Silverwood and Richard Woodward2. Industrial policy, then and now: historicizing the 2017 White PaperVictoria Chick3. The developmental state in England: the role of the Treasury in industrial policySimon Lee

Part II Rethinking economic foundations4. The foundational economy and industrial strategyJulie Froud, Sukhdev Johal and Karel Williams5. The false promise of productivityPaul Lewis6. A "return to normal times"? Industrial strategy and reproductive labourIsaac Stanley

Part III The end of laissez-faire?7. Business-centric governance in UK industrial policy: neoliberal wine in interventionist bottles?Craig Berry and Tom Barker8. Reconciling a post-Brexit trade and industrial strategyMatthew Louis Bishop9. Financing industrial strategy: the role of state investment banksLaurie Macfarlane

Part IV Manufacturing and innovation10.Risk management and reduction in global supply chains and production networks: reshoring and rightshoring versus offshoringJohn R. Bryson, Vida Vanchan and Shihao T. Zhou11.Making work: The knowledge economy, automation, and industrial strategyNick O’Donovan12.Industrial strategy and science and innovation policyRichard Jones

Part V Firms and workers13.Broadening the ambit of industrial strategy to include latent demand and corporate governanceCiaran Driver14. Expanding skills and workplace capacity: a relational approach to industrial strategyAlison Fuller and Lorna Unwin15. Why an industrial strategy needs trade unionsKate Bell

Part VI Mainstreaming inequality and low pay16. Where should low-wage sectors feature in an industrial strategy?John Forth and Ana Rincon-Aznar17. Care as investment in social infrastructureSusan Himmelweit18. Reducing inequality as industrial policy: finding productivity gains in the "overlooked economy"Ed PembertonPart VII The local dimension19.The policy challenges of "levelling up"Ron Martin, Peter Sunley and Ben Gardiner20. Local industrial policy and "left-behind" placesJohn Tomaney and Andy Pike21. Looking North: the multi-level governance of economic policyArianna Giovannini and Luke Raikes

Part VIII Towards a greener future?22. Sustainability dilemmas and Britain’s national industrial ambitions: Brexit, electric cars, and a petrol and diesel banDan Coffey and Carole Thornley23.Industrial policy in the context of climate emergency: the urgent need for a Green New DealDaniel Bailey24.Clean and lean: an industrial strategy for an era of globalisation and climate changeDustin BentonConclusion: building a progressive industrial strategy amid and after Covid-19Craig Berry