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Contributions to Political Economy, Vol. 17, No. 1, pp. 1-20, 1998

research-article

PRODUCTIVITY, COMPETITIVENESS AND CONVERGENCE IN THE EUROPEAN ECONOMY: SUPPLY-SIDE CONSIDERATIONS

C. N. PITELIS*

Judge Institute of Management Studies & Queens' College, University of Cambridge

Abstract

This paper argues that international trade and foreign direct investment by transnational corporations need not automatically lead to increased competitiveness and convergence. Supply-side, notably industrial policies, may facilitate this process provided they recognise that government measures may impact differently on different groups within and between countries and that they may have different short-, medium- and long-term effects. This necessitates focusing on global welfare and convergence-enhancing policies in the short- and long-term. In the context of a model of the determinants of produetivity and competitiveness, this paper suggests that productivity-enhancing measures are the best available for this purpose. It then proposes an industrial strategy in line with the above, paying particular attention to the role of institutions and institution building.


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