국회도서관 국가전략정보포털

LIST OF FIGURES 6

EXECUTIVE SUMMARY 7

1. INTRODUCTION 9

2. THE IMMEDIATE FACTORS BEHIND THE US-EU GAP 10
2.1. Sources of the growth slowdown in Europe 10
2.2. Two factors in productivity growth 10
2.3. A mercantilist warning sign: comparative advantage and catching up 11
2.4. Europe and the leadership in new technologies 12
2.5. Dynamism and start-ups do not seem to be the sole answer 13

3. SCALING EXISTING FIRMS 14
3.1. The movement of firms across the Atlantic 14
3.2. Attraction, not repulsion 15
3.3. First hypothesis: size of customer market 15
3.4. Second hypothesis: availability of skilled workers 16
3.5. Third hypothesis: management skills 16
3.6. Fourth hypothesis: capital markets 17

4. INDUSTRIAL POLICY 17
4.1. Industrial policy to aid scaling 17
4.2. Is industrial policy scale biased? 18
4.3. Reasons for scepticism: the time series 18
4.4. Reasons for scepticism: picking winners 19
4.5. Reasons for scepticism: race to the bottom 20
4.6. Reason for scepticism: addressing the root causes of the EU-US gap 20

5. CONCLUSIONS 21

REFERENCES 22