Structural Macroeconomic Change And The Size Pattern Of Manufacturing Firms

The crisis of the so-called Golden Age regime has been paralleled since the late 1960s by an increasing importance of market exchanges as opposed to vertically integrated manufacturing activity, leading to major changes in the size structure of firms. These changes have generally taken the form of an employment shift towards low-scale firms, lower average size and a higher number of manufacturing units. This book tries to explain on theoretical grounds the reasons for such important discontinuity.

In The New Industrial World: Manufacturing Development in the Course of the Globalization Age, Romano and Traù analyse industrial development, focussing upon the spreading of manufacturing activities beyond the boundaries of the advanced economies. They explain how this event has completely changed the nature of the relationship between the 'North' and the 'South' of the world, linking them together for the very first time on productive grounds through the development of global value chains. Providing an overall account of the reasons for the Globalization Age to rise and, in later years, to fall, the authors offer a new interpretation of the relationship between globalization and the upsurge of industrialization outside the advanced world, highlighting the role played by industrial policy in the building of manufacturing capabilities in emerging countries. Starting with the great financial crisis that hit the world at the end of the first decade of the 2000s, Romano and Traù explain how a 'new normal' has emerged, the basic features of which can be found in a slowdown of manufacturing growth rates, and in the comeback of distance as a key determinant of economic behaviour (also in light of the upsurge, in later years, of exogenous shocks such as the pandemic and Russian-Ukrainian war).

This book analyzes new forms of capitalism that are manifesting under the pressures of global transformation. By studying economic and environmental indicators in various parts of the world, it seeks to reconcile economic growth with environmental and social sustainability, which is an important issue in both developed and emerging economies. These indicators include the explosive development of digital technologies and new global value chains, which are reshaping economies and societies all over the world. The contributing authors also address the challenge of immigration, the sustainable development transformation, the ties between productivity and social rights, automation and global value chains, the energy transition, and innovation and sustainable growth.

'I consider Giulio Cainelli a serious, intelligent and promising scholar, and Donato Iacobucci's work is very professional - he belongs to a school of economics that is highly considered in Italy.' - Giacomo Becattini, University of Florence, Italy Agglomeration, Technology and Business Groups critically reviews the reasons for the creation of business groups and examines their main characteristics. It also explores the way in which structural variables influence their internal organization.

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Il volume esamina e valuta la politica di bilancio italiana realizzata nell’anno 2017. Nella prima parte vengono presentati gli impatti macroeconomici e distributivi. Nella seconda parte ci si sofferma sulle conseguenze delle politiche di aggiustamento fiscale. In primo luogo, si analizza se siano più efficaci politiche di aggiustamento dal lato delle entrate, ovvero dal lato delle spese pubbliche. In secondo luogo, si discute come le politiche fiscali attuate tra il 2010 e il 2016 non siano state coerenti con l’obiettivo di favorire la crescita economica di alcuni paesi europei, tra cui l’Italia. Nella terza parte, si indaga il ruolo delle politiche e delle regole europee nell’influenzare i risultati delle politiche fiscali degli stati membri. Nella quarta parte, ci si sofferma sui rilevanti cambiamenti avvenuti negli ultimi anni nell’ambito della struttura della tassazione delle imprese e del ruolo degli incentivi fiscali all’investimento, in particolare in innovazione. Infine, nella quinta parte, si analizzano criticamente sia gli interventi relativi alle politiche sociali attuate attraverso sussidi monetari e agevolazioni fiscali, sia i più recenti provvedimenti riguardanti il sistema previdenziali italiano.

This book draws lessons on the importance of meritocracy for economic growth by analysing Italy's economic decline in the past few decades. Connections, rather than merit, are a long-standing feature of the Italian elites, even in the corporate sector. This became a significant problem when Italy's economy could no longer grow due to imitation, devaluation, and public debt, and faced the challenges of becoming a frontier knowledge-based open economy. This book uses international comparisons on social capital, governance, the role of the public sector, efficiency of the judiciary, education, gender and social inequality, social mobility, corporate standards, financial structures, and more to evaluate Italy's economic performance. It argues that the arrogance of mediocracy is more damaging than that of meritocracy. Italy experienced an economic miracle after the Second World War, and it is still an advanced economy and a member of the G7. Until the 1960s it seemed destined to catch up with the best-performing countries. Then the growth engine stopped, its debt skyrocketed, and Italy became a weaker member of the Eurozone. Many other countries in the world have heavy historical legacies and low social capital, and many others have to make the jump from imitation led growth to endogenous growth. The lessons drawn from studying Italy's case can therefore have important international applications.

Whether they should or not, few economists do in fact refrain from making pronouncements on public policy, although the state of the economy (both here and elsewhere) suggests that either the advice given is bad or, if good, that it is ignored . . . I happen to think that we are appallingly ignorant about many aspects of the working of the economic system -- the economics of the firm and industry. Ronald H Coase, Economists and Public Policy In this volume we attempt to address an element of Coase's concern by linking the empirical economics of the fInn and industry more closely to macroeconomic policies, and to demonstrate how to assess some of the effects of those policies. The scope of our study ranges from a structural macroeconomic model of the United States, from which macroeconomic effects are propagated to detailed structural models of SIC four digit industries. The rationale for our approach is very much in the spirit of various integrated macroeconomic/industry models constructed by Dale Jorgenson, working with various collaborators. Our approach is also consistent with, and motivated by, Lawrence Klein's agenda of modeling explicitly and structurally the macro and sectoral elements in the national economy. We also examine the effects of the macroeconomic policies of different countries on the enterprise. In only one case, our examination of crowding out of private investment by government defIcit fmancing, is the linkage among sectors implicit.