Structural Change, Competitiveness and Industrial Policy: Painful Lessons from the European Periphery...

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Aurora Teixeira Ester Silva

Structural Change, Competitiveness and Industrial Policy

Painful Lessons from the European Periphery

Aurora Teixeira, Ester Silva, Ricardo Mamede

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English

Routledge
12 December 2019

Regional studies; Development studies; Politics & government; Economics of industrial organisation; Human geography

Series: Routledge Advances in Regional Economics, Science and Policy

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.

Edited by: Aurora Teixeira, Ester Silva, Ricardo Mamede
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9780367868758
ISBN 10: 036786875X
Series: Routledge Advances in Regional Economics, Science and Policy
Pages: 346
Publication Date: 12 December 2019
Audience: College/higher education , Primary
Format: Paperback
Publisher's Status: Active

Aurora A.C. Teixeira is Associate Professor with Habilitation, Faculdade de Economia, Universidade do Porto, Portugal Ester G. Silva is Assistant Professor at Faculdade de Letras, Universidade do Porto, Portugal Ricardo Paes Mamede is Assistant Professor at ISCTE – IUL, Lisbon, Portugal