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Industrial policy and international cooperation
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1474-7456; 1475-3138
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World trade review, 2025, Vol. 24, No. 2, pp. 136-152
[Global Governance Programme]; [Global Economics]
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HOEKMAN, Bernard M., NELSON, Douglas, Industrial policy and international cooperation, World trade review, 2025, Vol. 24, No. 2, pp. 136-152, [Global Governance Programme], [Global Economics] - https://hdl.handle.net/1814/92759
Abstract
Industrial policy interventions affecting international trade and investment are motivated by a mix of economic and non-economic objectives. Some are explicitly protectionist, targeting an expansion of domestic production; others are not but have adverse impacts on trade, reducing the potential role of trade as a means to help attain non-economic objectives efficiently. The prospects for open trade to contribute to the realization of non-economic objectives are enhanced if states consider the extent to which they have similar goals and cooperate in designing industrial policies to attain them. Cooperation to attenuate negative spillovers and improve the prospects of attaining underlying goals is in the self-interest of states. Arguments that international cooperation on industrial policy is politically infeasible or constitutes an undesirable erosion of sovereignty are misconceived given the significant opportunity costs of uncoordinated unilateral industrial policy interventions.
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Published online: 28 May 2025
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European Commission, 101142666
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This article was published Open Access with the support from the EUI Library through the CRUI - CUP Transformative Agreement (2023-2025)
This research was partly supported by the Centre for Inclusive Trade Policy, Economic and Social Research Council, grant number ES/W002434/1 and the European Research Council, grant no. 101142666-PIANO-ERC-2023-ADG (Hoekman).
This research was partly supported by the Centre for Inclusive Trade Policy, Economic and Social Research Council, grant number ES/W002434/1 and the European Research Council, grant no. 101142666-PIANO-ERC-2023-ADG (Hoekman).