Industrial Policy in Europe, Japan and the USA: Amounts, by Sekkat Khalid Buigues Pierre

By Sekkat Khalid Buigues Pierre

It is commonly admitted that markets are the most driver of the financial system yet governments intervention may, in a few conditions, increase on their outcomes. This ebook presents a established research concerning theoretical arguments, implementation ways and effectiveness of business policy.

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The specific public authorities in question and the industries being supported may become so interdependent that there will be a distortion of the economic decision processes. This argument has been formally examined by Laffont (1996), but goes back to Montesquieu and Marx who argued that governments may favour special interest groups. Taking a more disaggregated view of government, which distinguishes regulatory agencies from political executives and recognizes the multi-principal nature of governments, these Argument Against Public Support 27 authors have emphasized the distorting role that can be played by various intermediaries that are needed in the implementation of industrial policies.

The objective of a study prepared for the Office of Fair Trading (2004) was precisely to provide an understanding of the competition effects that can arise from public subsidies, and to identify the factors which affect the magnitude of the distortions of competition. The report underlines that subsidies can affect decisions of the firms in many ways: entry and exit, pricing and output, and R&D investment decisions. 4 The Office of Fair Trade (OFT) report (2004) identifies the following market characteristics, to determine the effect of the subsidy: ● Market concentration: subsidies affecting pricing decisions are most likely to raise competition concerns where concentration is high and the number of firms small.

18 Industrial Policy in Europe, Japan and the USA Strategic trade theory implies that governments assist national firms in order to shift profits from foreign firms to domestic ones and to the national economy. But there is an important difference between conventional and strategic trade theory exists on this point. 2 By restricting imports and decreasing the demand for a product, a large economy may be able to cause the price of the imported good to fall. Strategic trade policy, however, is able to go beyond the optimum tariff theory through its recognition of a nation’s ability to intervene effectively in trade matters and thus to gain disproportionately.

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