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The Unbalanced Economy
 
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The Unbalanced Economy
A Policy Appraisal
 
 
Palgrave Macmillan
 
 
 
 
 
 
10 Sep 2012
|
£60.00
|Hardback In Stock
  
9780230280311
||
 
 
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DescriptionReviewsContentsAuthors

In this book, Driver and Temple examine how the simple faith of economists and policymakers in free-markets and financialisation masqueraded as an economic theory justifying the neglect of investment in capital, skills and technology. The authors survey the damage caused to the macroeconomic climate from the market-era reliance on labour market flexibility and low inflation, and conclude that radical reforms are needed both at the level of the company, through changes in corporate governance, and at the level of industry, by giving institutional form to a system of social partnership for a fair and high performance economy.


Description

In this book, Driver and Temple examine how the simple faith of economists and policymakers in free-markets and financialisation masqueraded as an economic theory justifying the neglect of investment in capital, skills and technology. The authors survey the damage caused to the macroeconomic climate from the market-era reliance on labour market flexibility and low inflation, and conclude that radical reforms are needed both at the level of the company, through changes in corporate governance, and at the level of industry, by giving institutional form to a system of social partnership for a fair and high performance economy.


Reviews

'Einstein once described insanity as doing the same thing over and over again and expecting different results. This important book persuasively demonstrates that a misguided faith in market forces has made Britain prone to booms and busts since the late 1970s and left a dangerously unbalanced economy exposed when the financial storm broke in 2007.' - Larry Elliott, Economics Editor, The Guardian
 
'This is a refreshing look at the underlying problems faced by the UK economy, problems which the recent financial crisis and recession have highlighted. If we are to achieve sustainable and equitable growth in the future, then our government has to be prepared to take a fresh look at how and when it is willing to "interfere" with the free market. The book makes this point excellently in a number of dimensions, not least in the need to have a more active industrial strategy concerned with the balance and quality of production.' - Ken Mayhew - Professor of Education and Economic Performance and Director of ESRC Centre on Skills, Knowledge and Organisational Performance, University of Oxford
 
'The world financial crisis has led to a concern about rebalancing the UK economy away from financial services and to a revival of interest in industrial policy. This book critically assesses the economic record of the UK in the era of supply side liberalism. It sets out the role for an industrial policy for the UK embedded in a wider framework of fiscal policy and corporate governance reform designed to raise investment in human and physical capital and R&D. It is a timely and well argued contribution to an important debate.' - Alan Hughes, Margaret Thatcher Professor of Enterprise Studies, Judge Business School and Director of the Centre for Business Research, University of Cambridge
 
'A powerful analysis of the underlying causes of Britain's fundamental long-run economic problem of meagre productivity growth and a welcome challenge to prevailing neo-liberal policy nostrums. A much needed contribution to political economy debate, which demonstrates why systemic barriers to investment in the UK have not only stymied growth and the creation of good jobs throughout the past three decades but also stand in the way of today's much needed economic rebalancing.' - John Philpott, Chief Economic Adviser, Chartered Institute of Personnel and Development.


Contents

Economic Performance in the Market Era
Investment, The Labour Market and Economic Policy
The Question of International Competitiveness
Capital Investment: A Neglected Issue
Underinvestment or/and Overinvestment?
Global Finance, Industry and Shareholder Value
Reforms to Corporate Governance
A Look Ahead


Authors

CIARAN DRIVER is Professor of Economics and Head of the Doctoral Programme at DeFiMs, SOAS, University of London, UK.
 
PAUL TEMPLE is a Reader in Economics at the University of Surrey, UK, with research interests in the economics of innovation, investment, and international trade.