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Theory and practice of state intervention: Italy, South Korea and stages of economic development

Cardinale, R; (2019) Theory and practice of state intervention: Italy, South Korea and stages of economic development. Structural Change and Economic Dynamics , 49 pp. 206-216. 10.1016/j.strueco.2018.09.004. Green open access

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Abstract

Strategies of economic development differ widely in terms of approaches to State intervention. However, across countries, certain policies tend to prevail at specific stages of development. For example, the Italian and South Korean cases, analysed in this paper, suggest the prevalence of sectoral policies at early stages, followed by a reorientation towards microeconomic policies at later stages. The paper interprets this trend through the viewpoints of three theoretical perspectives: structural, allocative and evolutionary. The historical and theoretical analysis of the paper shows that, even if each stage of development is characterised by the prominence of a specific policy over others, a mix of policies is pursued at each stage. In addition, the functions of each policy approach vary depending on the stage. This finding highlights unexpected linkages between theory and policy, and the need to consider different theoretical perspectives to understand the multifaceted character of economic policy.

Type: Article
Title: Theory and practice of state intervention: Italy, South Korea and stages of economic development
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.strueco.2018.09.004
Publisher version: https://doi.org/10.1016/j.strueco.2018.09.004
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: State intervention in the economy, Stages of economic development, Sectoral, policies, Theories of economic development
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett Sch of Const and Proj Mgt
URI: https://discovery.ucl.ac.uk/id/eprint/10059270
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