Edited by David Bailey, Les Budd, Phil Tomlinson
The consequences of the economic downturn since the financial crisis have had far-reaching and well-documented implications for government spending on infrastructure and public services. In the immediate wake of the credit crunch, however, many small to medium-sized firms found themselves credit-constrained, struggling to survive and their growth prospects inhibited. In turn this cycle led to stagnation – characterized by weak private investment and low productivity growth – which has had far-reaching consequences for the global economy.
The ensuing corporate failures, particularly in the financial sector, also raised significant questions about economic governance and there have been calls for a new (global) alternative approach to economic management. There have also been debates over rebalancing the economy, particularly in the UK, away from a reliance on the financial sector, towards more sustainable productive activities in the real economy.
This book explores the positive ways in which the state can take an active role in guiding modern economies towards supporting manufacturing and service sectors and promoting new industries and exports. The contributors argue that this can be achieved, in part, through a new industrial strategy that offers an alternative development path to that of austerity. Underlying the discussion is the issue of economic governance, and a critique of the neoliberal model that has led to a concentration of economic power contributing to its current failure.
David Bailey is Professor of Industrial Strategy at Aston Business School. He has written widely on economic restructuring, industrial and regional policy. He has twice chaired the Regional Studies Association, and has acted as a Special Advisor to the House of Commons Select Committee on the West Midlands region.
Leslie Budd is Reader in Social Enterprise in the Centre for Public Leadership and Social Enterprise (PULSE) at The Open University Business School. He is also a member of the cross-faculty research centre, The Centre for Innovation Knowledge and Development (IKD). He has been Chair of the Regional Studies Association (200306) and was elected an Academician of the Academy of Social Sciences in 2004. He has authored and edited several books, including most recently, eGovernance: Managing or Governing? (co-editor) and e-Economy: Rhetoric or Business Reality? (co-editor).
Phil Tomlinson is Senior Lecturer in the School of Management and Deputy Director of the Centre for Governance and Regulation at the University of Bath.