The Political Economy of Industrial Strategy in the UK
From Productivity Problems to Development Dilemmas
Edited by Craig Berry, Julie Froud, Tom Barker
Reviews
"This is an excellent and wide-ranging look at the problems and possibilities of Britain’s approach to industrial policy. The post-Covid recovery makes it especially relevant." – Duncan Weldon, Britain Economics Correspondent, The Economist
"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
"The industrial strategy debate in the UK tends to be framed narrowly in terms of finding solutions to the 'productivity puzzle'. But this book offers a breath of fresh air and a compelling case for framing the debate in far more capacious terms. In short, it demonstrates how a progressive industrial strategy can help to fashion an inclusive well-being economy." – Kevin Morgan, Professor of Governance and Development, Cardiff University
Description
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.
Contents
Introduction: The political economy of UK industrial policy Craig Berry, Julie Froud and Tom Barker
Part I The historical context 1. Prisoner of the past: British industrial policy from empire to Brexit James Silverwood and Richard Woodward 2. Industrial policy, then and now: historicizing the 2017 White Paper Victoria Chick 3. The developmental state in England: the role of the Treasury in industrial policy Simon Lee
Part II Rethinking economic foundations 4. The foundational economy and industrial strategy Julie Froud, Sukhdev Johal and Karel Williams 5. The false promise of productivity Paul Lewis 6. A "return to normal times"? Industrial strategy and reproductive labour Isaac 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 Barker 8. Reconciling a post-Brexit trade and industrial strategy Matthew Louis Bishop 9. Financing industrial strategy: the role of state investment banks Laurie Macfarlane
Part IV Manufacturing and innovation 10. Risk management and reduction in global supply chains and production networks: reshoring and rightshoring versus offshoring John R. Bryson, Vida Vanchan and Shihao T. Zhou 11. Making work: The knowledge economy, automation, and industrial strategy Nick O’Donovan 12. Industrial strategy and science and innovation policy Richard Jones
Part V Firms and workers 13. Broadening the ambit of industrial strategy to include latent demand and corporate governance Ciaran Driver 14. Expanding skills and workplace capacity: a relational approach to industrial strategy Alison Fuller and Lorna Unwin 15. Why an industrial strategy needs trade unions Kate Bell
Part VI Mainstreaming inequality and low pay 16. Where should low-wage sectors feature in an industrial strategy? John Forth and Ana Rincon-Aznar 17. Care as investment in social infrastructure Susan Himmelweit 18. Reducing inequality as industrial policy: finding productivity gains in the "overlooked economy" Ed Pemberton
Part VII The local dimension 19. The policy challenges of "levelling up" Ron Martin, Peter Sunley and Ben Gardiner 20. Local industrial policy and "left-behind" places John Tomaney and Andy Pike 21. Looking North: the multi-level governance of economic policy Arianna 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 ban Dan Coffey and Carole Thornley 23. Industrial policy in the context of climate emergency: the urgent need for a Green New Deal Daniel Bailey 24. Clean and lean: an industrial strategy for an era of globalisation and climate change Dustin Benton Conclusion: building a progressive industrial strategy amid and after Covid-19 Craig Berry
Author Information
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.
