Economic policy from an evolutionary perspective: the case of Finland
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In the last decade, the Finnish economy has shown an unprecedented recovery, after being hit by a deep crisis in the early 1990s. The paper views and interprets this successful transformation process based on ICT from an evolutionary perspective. Although the rapid pace of the restructuring of the Finnish economy suggests a break with the past, this remarkable recovery was firmly rooted in its economic history. In addition, Finnish public policy played its role in turning Finland into a knowledge economy. Although a master plan for the Finnish economy was lacking, many policies worked out quite well together over an extended period. Building on education, research and technology policy initiatives taken in the 1970s and 1980s, the deep economic crisis in the early 1990s paved the way for new policy directions, with a focus on network-facilitating innovation policies.Keywords:
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Economic transformation
Evolutionary Economics
Economic restructuring
Knowledge Economy
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In Studies on Economic Reforms and Development in China, a renown and influential Chinese scholar and politician outlines his theories for bringing economic reform to China in the context of an increasingly global economy. The product of many years of research both in China and the West, these theories have been developed using qualitative quantification, group decision, evolutionary computation, and mathematical logic, and applied to such issues as enterprise management, housing reform, the social security system, governmental change, the rural consumer market, Chinese multinationals, township enterprises, urbanization, the knowledge economy, anti-monopoly policy, energy policy, and the development of reform plans. Using the principles of complexity science and finance, the author also elaborates on the characteristics and laws of the virtual economy in China, and from this perspective studies such problems as chaos and self-organization in capital and monetary markets, financial crises, and inflation and deflation. The book has been highly regarded by Chinese politicians and scholars at the highest levels and is essential reading for anyone wishing to understand the economic complexities of the modernization of the world's most populous country.
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The emergence of China since 1979 has been a hallmark in the global economy, not only in the past but also in this century. This comprehensive book provides an analytical view of the remarkable economic development of the most exciting economy in the world. China’s impressive economic growth has propelled it from being one of the poorest countries in the world to becoming its second largest economy. It is a complex economy with a mix of characteristics resulting from being both a transition economy and a developing country, which also points to the challenges that it still faces. This book explains China’s remarkable transformation from a centrally planned to a more market-oriented economy through examination of the institutional reforms necessary to support such marketisation and eventual global integration. Although no book will be able to be completely comprehensive given the scale of the economy and the remarkable pace of transformation over three decades, this study highlights the key areas giving an overview of the major developments in China’s economy, enabling its prospects of continuing growth to be assessed. With topical discussion incorporating recent data and developments, this book will be a stimulating read for academic researchers, postgraduate students in economics, international business, Chinese and area studies, as well as anyone interested in understanding the Chinese economy
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This paper is an attempt to place the Swedish model of market economy in the context of modern economic growth. The author bases his analysis on the theoretical postulates of both neoclassical and endogenous growth theories, with a special attention to regularities of income distribution. He examines Sweden’s place in the European economy and the main trends of its economic growth over the past six decades, including the role of demand-side factors and international economic conditions. This is followed by a presentation of the supply-side factors of Sweden’s macro- and micro-level economic growth and their role in the mechanism of technical progress. A separate section is devoted to economic policy implications of the Swedish model. The main conclusion of the research is that productivity and technical progress in the Swedish economy are decisively determined by the ability of human capital to pursue creative activities. These activities, driven primarily by research and development in manufacturing industry, the pulling sector of modern economy, can be stimulated in the best way with the help of a growth-oriented economic policy.
Endogenous growth theory
Economic model
Innovation Economics
Capital (architecture)
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Development and environmental policies have accompanied China's economic growth progress, and played significant roles in the process. The economic field in China has experienced its own growth and transition process. Over more than three decades of economic reform and transition, Chinese economists have learnt from the West, from similar countries undergoing economic reform and transition and, more importantly, from the lessons and experiences in China's unique reform process, and have grown to be an increasingly strong force behind policy change and national development. The following are two examples of policy interactions between economists and policy makers that made an identifiable difference.
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Abstract The preceding two decades have witnessed an increasingly competitive environment globally. For the US economy, this has also been a time when policy responses have not reflected the long-term vision that guided priorities and spearheaded its progress for years after the Second World War. The narrative of competitiveness in the past was shaped from certain structural strengths that were put into place in the US economy decades ago. Given a much more competitive global economic landscape, the course to economic recovery will be charted out by the measures taken to overcome the weaknesses that eroded the competitive edge that was once the defining feature of the US economy.
Strengths and weaknesses
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This research paper provides a solid historical overview of European industrial policy during the post-WWII era, extending the time horizon up to the 1990s. Our research focus is the EU 15. Unlike previous publications, this paper outlines the most important characteristics and drivers of European industrial policy in a comparative and transnational perspective in order to provide some conclusions about policy impacts, historical policy continuities and national policy convergence, looking at changing institutional settings especially in transition periods and asking finally how these historical lessons could be fruitful for further research on future effective political action. This paper provides unequivocal evidence that state industrial policy in Europe after 1945 had been always one of the most controversial policy fields and that its scopes and instruments differed greatly between countries and changed over time. Industrial policy was not a novel phenomenon of the postwar era. Beyond the immediate goals, it was part of what can be considered the economic culture of every country. National traditions, historical legacies and path-dependencies did play an important role and may explain the enormous differences between nations and regions in Europe, even when they had to face similar challenges. The paradigm shift towards an interventionist industrial policy approach implemented in most European countries after 1945, which persistently prevailed until the 1990s, fostered economic structural change and was partially very effective in supporting high economic growth during the prosperity years, but had often led to an inefficient allocation of national economic resources in many countries in the longer run. The more important and effective factors that enhanced industrial productivity in the long run, were, firstly, industrial policies establishing national and/or regional promising effective incentive structures for the private sector, and secondly industrial policies encouraging openness to trade and investment, by creating an international environment favourable to competition, innovation and technology transfer. For Western Europe, it was increasing trade and investment openness, largely, but not exclusively, under the heading of European integration.
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This paper discusses industrial policies of the two emerging economies of India and China. It begins with a clarification of the meaning of industrial policy because the term means different things to the different people. It also discusses industrial policy in the relation of globalization, including the development of multilateral trading rules. The chief arguments of the paper discuss the Indian and Chinese economies exploring, in particular, their past experience with variants of industrial policies. The similarities of the Chinese economic development model to past East Asian experience are explored while the contrasts of India's economic development model and the distinction between liberalization and reform are examined. These two major country cases form the basis for a consolidation of recent conceptual ideas where effective and successful industrial policy is viewed as part of a social contract creating a pathway to inclusive growth.
Industrial Policy
Consolidation
Economic reform
Inclusive growth
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In Economic and Industrial Performance in Europe, a distinguished group of scholars compares the fortunes of different European nations in the period of economic restructuring, uncertainty, and generally slower economic growth that followed the oil crisis of the 1970s. Using meaningful quantitative data, the authors address the deterioration and divergence of economic performance across Europe since 1973. They look at attempts to improve domestic competitiveness, labour market deregulation, the impact of research and development on economic success, comparative analysis of state expenditure and debt, the military economy and the social consequences of industrialism and industrial restructuring. This volume seeks to show how the post-war boom has unravelled and how this process has impacted upon different European economies. Economic and Industrial Performance in Europe will be welcomed by students, researchers and policy makers seeking comprehensive, meaningful information on why some national economies have been better placed than others to shoulder the burden of the more intense, global competitive pressures that have become part of the post-1973 world economy.
Restructuring
Industrial Revolution
Economic restructuring
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Industrial Production
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Discussion on creative industries as a major constituent of the creative economy in Western countries has been lasting for few decades. They are often seen as a changing paradigm of future economic growth in developed countries, which are no longer centered on manufacturing output and labor productivity but rather focused on attracting human capital. A lot of research has been done to understand their economic properties, production chains and their potential to drive economic development. After acknowledging their contribution to economic growth, creative industries came into the fore of cultural and economic policy agenda. Their growth opportunities are attributed to urban areas in post-industrial regions that have a specific contextual setting such as a broad market as well as a concentration of cultural and economic activities.
The recent crisis brought new research dimension for the CIs discourse. This master thesis combines the discussions of the pre- and post-crisis period on CIs and analyzes their growth potential in creative city during this recession. It analyzes the case of Amsterdam, which as a result of its path dependent development is an exemplary embodiment of the concept of a creative city.
The study is based on the assumption that CIs in Amsterdam are less susceptible to economic crises then the traditional economy of the city. By exploring their development trends over the past ten years, and more specifically in 2013, the research aims to evaluate the extent to which they were affected by economic downturn and identify the factors that influenced their development. The results of this study give further implications for economic and cultural policy in the city towards supportive environment creation and further growth strategies of CIs.
Economic recovery
Global recession
Creative Industries
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