Demanding growth

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Traditional intervention policies have sought to prop up old industries, but recovery from the recession will require a new approach from government.

This research suggests short-term fixes will not produce long-term economic growth. Instead government policy should focus on supporting innovative sectors that have the potential for strong growth once the recovery begins. It is a move away from corrective intervention towards creative intervention.

Our response to the recession should not seek to build national champions. But it should support new areas of emerging demand, where important long-term trends are giving rise to new markets.

The research looks to examples where this approach has worked and identifies to three areas for potential growth which are especially promising: the green economy; creative industries; and healthcare, including services for an ageing society and biotechnology.

Published
March 2009

Author
James Meadway and Juan Mateos-Garcia