This paper explores the role of industrial policy as a means to stimulate economic revival of economies of South East Europe which have been severely affected by the recent global economic crisis. Following the crisis there has been a loss of confidence in the prescriptions of neo-liberal economic thought which prescribed a strong reliance on the market and the withdrawal of the state from active intervention in the economy to promote industrial development. As yet, however, no single alternative growth model has been proposed which has won widespread acceptance. Policy reactions have focused on supporting the financial sector though bank bail-outs combined with a macro-economic policy package involving loose monetary policy, guarantees for sovereign debt, fiscal retrenchment and austerity packages; the design of active industrial policies to improve competitiveness have been less in evidence. This paper reviews some international experience of industrial policies in different institutional contexts. Specifically, it addresses the issue of whether industrial policies are best delivered by central governments, or by sub-national levels of government within a context of administrative and fiscal decentralisation designed to stimulate local economic development. The paper assesses the relevance of such policies of in the context of the countries of South East Europe, and reviews the various approaches which have been adopted to promote economic growth in the region in recent years. This paper argues that a Europeanisation of industrial policy has taken place as a consequence of the EU pre-accession, even in countries which are not currently candidate states. It concludes with an assessment of the relevance of industrial policy to economic recovery in the region, and the role that decentralisation and local economic development may play in that process.
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Uvodni rad:
Da
Datum:
22.06.2011.
Br. otvaranja:
697
