Abstract
Industrial policy (IP) and macroeconomic policy (MP) are typically characterised as being dichotomous. The short-term, aggregate, demand side focus that is attributed to MP is contrasted with the more local, supply side and long-term focus of IP. Furthermore, IPs have long been considered “junior partners” in this relationship, serving as minor complements to MP. Indeed, even the worth of IPs restricted to the selective promotion of specific activities and support for R&D has been hotly contested. During the “Golden Age” of capitalism-an era of state interventionism and, in particular, MP activism-such policies were frequently accused of being ineffective at best and, at worst, prone to picking losers rather than winners.1
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Petit, P., Setterfield, M. (2000). Comprehensive Industrial Policies and the Contemporary Coordination Nexus. In: Elsner, W., Groenewegen, J. (eds) Industrial Policies After 2000. Recent Economic Thought, vol 72. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3996-0_4
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DOI: https://doi.org/10.1007/978-94-011-3996-0_4
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