Re-Industrialisation: A Panacea for Economic Recovery ?
Résumé
Economic growth typically entails a re-allocation of labour away from industrial production, but it does not all by itself lead to falling industrial output. The decline of industrial production in the US and France in the past thirty years is to some extent due to capital exports, but especially to government interventionism in the form of mushrooming labour labours, business and financial regulations, education policies, social security funding, and taxation. This decline cannot be stopped through more interventions, even if they are designed with the good intention to reindustrialise the country.