By Douglas Nelson (Eds.)
This quantity collects the papers from a convention in honor of J. Michael Finger at the social gathering of his retirement from the realm financial institution. The papers conceal a couple of very important matters within the research of coverage reform and the political economic climate of coverage reform. particularly, papers concentrate on the political economic climate of exchange liberalization, the function of overseas corporations in coverage reform, coverage studying, and the applying of financial research in coverage reform
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Additional info for The Political Economy of Policy Reform: Essays in Honor of J.Michael Finger
Regulatory Developmental Non-elitist Limited Elitist Extensive Yes Yes Arms length, no governmental interference No No No Preferential to industries favored by government Yes Yes No Can Industrial Policy be Good Policy? 49 firms that is characteristic of developmental states may result in a confusion of public and private interests. In addition, the informational demands on bureaucrats in developmental states are such that policy making is shaped by an asymmetry of information that favors industry over government.
G. via antitrust or enforcement of property rights)? Can it create a smaller market distortion to prevent a larger one that might result from political ferment? This chapter explores issues of the definition of industrial policy, discusses market failure vs. government failure in specific industries, contrasts the options for industrial policy in regulatory states with those available in developmental states, and provides examples to illustrate these issues based on the author’s empirical research on biotechnology, high definition and digital television, flat panel displays, semiconductors, software, and cellular telephones.
One proposition that I will be examining below is that increased globalization is likely to mean that government policies are generally less important than firm strategies in influencing industrial outcomes. Another is that industrial policies that ignore globalization in highly globalized industries are very likely to fail. 1. The case of biotechnology International competitiveness in the biotechnology industry relies strongly on the ability of small startup firms to find financing on venture capital markets and to convert research done in publicly funded universities and research laboratories into products and services while preserving the intellectual property rights of innovators.