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α: calibrated so average coauthorship-adjusted count equals average raw count
In the light of the lack of dynamism of the British economy, and indeed the United States and European economies in general, this article suggests urgent attention be given to the construction of an industrial strategy. The article reports on the deficiencies of industrial policy-making in Britain, past and present, and seeks to identify a new approach based on an examination of some fundamental deficiencies of free-market economies. The meaning and force of the general principles are illustrated by considering privatization, inward investment, technology, Europe, and the regions. The suggested approach diverges from previous approaches for a quite fundamental; reason: they start with markets and market failure, this starts with the modern corporation and socially incomplete decision structures. The process whereby a concentrated structure of decision-making is replaced by a democratic structure constitutes the essence of industrial strategy. Copyright 1994 by Oxford University Press.