Crisis, what crisis? Industrial strategies and path dependencies in four European countries after the crash

This paper examines industrial policy responses to the 2008 crisis in four European countries and gauges their long-term significance by asking: to what extent were these politicised, short term remedies; or enduring policy changes? We find that policy responses varied significantly in their coherence and long-term impact and argue that the key influential factors were: the presence of large, globally competitive manufacturing bases spanning several adjacent sectors; and the existence of strong public-private elite networks, rather than pre-existing institutional structures–which proved surprisingly malleable. The paper contributes to the understanding of the determinants of policy-making in times of crisis.