International Economics

The following is an excerpt from the book Law, Development and Regulatory Globalisation The Case of the World Bank in India's Electricity Sector, by Adithya Chintapanti.

The upcoming European elections will determine the next European Parliament, but the real competition for the EU's economic future lies in the debate between two competing visions, writes Stefano Feltri. One vision, represented by Emmanuel Macron and Mario Draghi, calls for a radical departure from the EU's traditional approach to prioritize strategic autonomy and industrial policy, while the other, championed by Enrico Letta, argues for strengthening the single market and addressing its shortcomings to shape globalization and ensure security through fair competition.

Recent contributions from Enrico Letta, Mario Draghi, and Emmanuel Macron are exposing however deep concerns that the European project is floundering. Cristina Caffarra writes that Letta, Draghi and Macron are collectively making an urgent call to tackle the reality of a “divided bloc” that has lost ground, rethink industrial policy, public good investments and reformulate traditional trade-offs. Explicitly acknowledging the end of the neoliberal vision that still occupies many European institutions (from antitrust to trade to industrial policy) will be important to “join the dots” and make the trade-offs clearer.

Academics have argued that changes in product markup trends show that the European markets, abetted by the adoption of the Single Market and stronger antitrust enforcement, have become more competitive over the last half-century, whereas American markets have become more concentrated. In their research, Tommaso Crescioli and Angelo Martelli argue that a study of labor market power in Europe muddles this picture of higher competition in Europe.

The following is an excerpt from the book Digital Empires - The Global Battle to Regulate Technology by Anu Bradford, published by Oxford University Press and reprinted here by permission. Check out today's Stigler Center webinar with Bradford in conversation with Filippo Lancieri about her new book.

While governments have forged ahead with various industrial policies in areas such as clean energy and semiconductors, we still have much to learn about the historical efficacy of such interventions. Réka Juhász and Claudia Steinwender evaluate the growing literature on nineteenth century industrial policy and possible paths for future research.

Four economists discuss the trends in the global economy they are tracking in 2024

Madan Dhanora, Mohd Shadab Danish, and Ruchi Sharma review the history of the Indian government’s efforts to encourage innovation, how these efforts have manifested in the national pharmaceutical industry, and what steps the government can take to further improve innovation.

In an excerpt from her new book, Seeing Others, sociologist Michèle Lamont describes the impact of neoliberal ideas on the working class.

The Chinese Communist Party drastically reduced Hong Kong’s autonomy in 2020 with a national security law and has cracked down on resistance ever since. The consequences have left its people culturally and economically poorer, writes Casey Moser.