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Structural Change, Competitiveness and Industrial Policy - Painful Lessons from the European Periphery (Paperback)
Loot Price: R1,313
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Structural Change, Competitiveness and Industrial Policy - Painful Lessons from the European Periphery (Paperback)
Series: Routledge Advances in Regional Economics, Science and Policy
Expected to ship within 10 - 15 working days
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The onset of the global crisis has emphasised the persistence of
substantial differences in development and social progress within
the euro area. The specific case of countries located in the
southern periphery region has come to the centre stage, due to the
harsh economic conditions that all these countries have experienced
in the recent past. In the aftermath of the American subprime
credit bubble, these countries' high indebtedness raised doubts as
to their ability to sustain public finances, with the financial
crisis developing and gaining momentum due to the fragilities
presented in the economy. To varying degrees of severity, all of
these economies have since been forced to introduce strong fiscal
tightening programmes in order to achieve fiscal consolidation,
which have translated into recession and rising unemployment. This
book undertakes a comprehensive analysis of the causes of the
crisis in southern European countries, showing that the 'Achilles
heel' of these economies is rooted in the dismal evolution of
productivity and in a specialisation pattern excessively based on
the so-called 'traditional', low, and low-medium tech industries,
which yield low margins, declining export shares and, ultimately,
withering international competitiveness. Such evidence suggests
that the southern European periphery industrial growth model has
reached its limits, demanding a multidimensional policy approach
capable of overcoming the magnitude and complexity of the present
crisis. Without denying the need to adjust public and private
balance sheets, it is argued that finding a sustainable path out of
the present problems requires addressing the challenges of
productivity growth and competitiveness in the long term.
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