European industrial policy: Perspectives, trends and a sustainability-focused new framework

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International Handbook on the Economics of Integration, Volume II: Competition, Spatial Location of Economic Activity and Financial Issues, 2011, pp. 21 - 44
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This chapter discusses alternative perspectives on competition policies (CPs) and industrial policies (IPs), in theory and in practice, while critically assessing recent European IPs in this context. It develops a new framework for IPs, which emphasises the sustainability of value and wealth creation at the firm, meso and supranational levels, and explores its implications for IPs in general and European IPs in particular. It views current EU policies as a step in the right direction, but argues that they need to pay more attention to the issue of sustainability, the link between corporate, public and supranational governance, and the impact that diff erent power structures and hierarchies of agencies have on IPs for sustainable value and wealth creation. The limitations of self- monitoring and diversity suggest the need for an accountable supranational competition and regulatory policy organisation with a strong focus on economic sustainability. © Miroslav N. Jovanović 2011. All rights reserved.
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