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- Preface
- Introduction
- PART I. ENTERING THE FIELD OF STUDY
- I. Some basic concepts
- 1.1. The market: Demand function
- 1.1.1. Demand function and elasticity
- 1.2. The market: Supply function
- 1.2.1. Supply function and elasticity
- 1.3. Movements along the curve and shifts of the curve
- 1.4. The market: Consumer surplus and producer surplus
- 1.5. Neoclassical firm: Cost curves and profit maximisation
- 1.5.1. The short run
- 1.5.2. The long run
- 1.6. Entry and exit barriers
- ■ Summary
- ■ Exercises and food for thought
- II. Market structures: Models and theories
- 2.1. References to the models of perfect competition and monopoly
- 2.1.1. Perfect competition
- 2.1.2. Monopoly
- 2.2. Oligopoly and monopolistic competition
- 2.2.1. Oligopoly
- 2.2.1.1. Interdependence between firms, game theory and the prisoner’s dilemma
- 2.2.1.2. The main models of non-cooperative oligopoly
- 2.2.2. Monopolistic competition
- 2.3. The Structure-Conduct Performance (S-C-P) paradigm
- 2.4. Market structures and concentration measures
- 2.4.1. Determining the relevant market
- 2.4.2. The concentration of sellers in a market and possible measurements
- ■ Summary
- ■ Exercises and food for thought
- PART II. ORGANISATION OF PRODUCTION
- III. Variety of enterprise models
- 3.1. A first stylisation of the enterprise
- 3.1.1. The characteristics of the new enterprise in the industrial revolution
- 3.1.2. Towards a neoclassical theory of the firm
- 3.1.3. Criticism of the neoclassical representation
- 3.1.3.1. On the objectives of the enterprise
- 3.1.3.2. On the organisational complexity of the firm
- 3.1.3.3. On uncertainty and imperfect information
- 3.1.3.4. On the decision-making process
- 3.1.4. In defence of the neoclassical theory of the firm
- 3.2. Developments in the theory of the firm: The American case
- 3.2.1. Birth and evolution of the American enterprise
- 3.2.2. The rise of Toyotism
- 3.2.3. Managerial theories
- 3.2.4. Behavioural theories
- 3.3. Transaction cost theory: A way of defining the boundaries of the enterprise through contracts
- 3.3.1. Transactions costs and the make or buy choice
- 3.3.2. The agency theory
- 3.3.2.1. Organisational structures
- 3.3.2.2. Critiques to the transaction cost theory
- 3.4. The innovative enterprise: The resources and skills evolution perspective
- ■ Summary
- ■ Exercises and food for thought
- IV. Variety of production organisation models
- 4.1. Further developments in business theory and variety of enterprise forms
- 4.1.1. Large groups: The Japanese and South Korean cases
- 4.1.1.1. The Japanese case: First zaibatsu and then keiretsu
- 4.1.1.2. The South Korean case
- 4.1.2. State-owned enterprise
- 4.1.3. The cooperative model
- 4.1.3.1. Possible limits to the development of the cooperative model
- 4.1.4. Social enterprise and the non-profit sector
- 4.1.5. The multinational enterprise
- 4.2. Between market and hierarchy: Systems of firms
- 4.2.1. Industrial districts and clusters
- 4.2.2. Industrial districts and the Italian case
- 4.2.3. Enterprise networks and global value chains
- ■ Summary
- ■ Exercises and food for thought
- PART III. FIRM STRATEGY
- V. Mergers & acquisitions
- 5.1. Horizontal mergers
- 5.1.1. The effects of horizontal mergers on market competition
- 5.1.2. The effects of horizontal mergers on productive efficiency
- 5.2. Vertical mergers
- 5.3. Conglomerate mergers and the diversified firm
- 5.3.1. The advantages of diversification
- ■ Summary
- ■ Exercises and food for thought
- VI. Strategic alliances & vertical restraints
- 6.1. Strategic alliances
- 6.1.1. Joint ventures
- 6.1.2. Consortia
- 6.1.3. Franchising
- 6.1.4. Licensing agreements
- 6.2. Vertical restraints
- ■ Summary
- ■ Exercises and food for thought
- VII. Price strategies
- 7.1. Pricing methods
- 7.2. Price discrimination
- 7.2.1. Definitions and requisites
- 7.2.2. Typologies
- 7.2.3. Price discrimination and social desirability
- 7.3. Pricing and competitive behaviour
- 7.3.1. Predatory pricing
- 7.3.2. Limit pricing
- 7.4. State-regulated prices: Maximum and minimum prices
- ■ Summary
- ■ Exercises and food for thought
- VIII. Product differentiation & advertising
- 8.1. From mass production to mass personalisation
- 8.2. Product differentiation
- 8.2.1. Horizontal differentiation and vertical differentiation
- 8.2.2. Natural differentiation and strategic differentiation
- 8.3. Advertising and its functions
- 8.4. Characteristics of goods, advertising and reputation
- 8.5. Advertising and market structure
- 8.6. Advertising: Good or bad?
- 8.6.1. Online Behavioural Advertising
- 8.6.2. Advertising and regulation
- ■ Summary
- ■ Exercises and food for thought
- IX. R&D, technological innovation, intellectual property protection
- 9.1. Some introductory concepts
- 9.2. Innovation as public good: Information paradox and research appropriability
- 9.3. Tools for the protection of intellectual property
- 9.4. The patent
- 9.4.1. Requirements and validity
- 9.4.2. The patenting procedure: Italy
- 9.4.3. The patenting procedure: Unitary patent, European patent and international patent
- 9.5. Markets for technology
- 9.5.1. Transactions that can be performed
- 9.5.2. Main limitations
- ■ Summary
- ■ Exercises and food for thought
- X. Innovation in business strategies
- 10.1. Innovation and market structure
- 10.2. Innovation and company size
- 10.3. Timing of innovation: Pioneers or followers?
- 10.3.1. Pioneer advantage and follower advantage
- 10.3.2. Diffusion of innovation and pioneer advantage
- 10.4. Open innovation: Collaborating to innovate
- 10.4.1. Research joint ventures
- 10.4.2. University-enterprise technology transfer
- 10.4.3. Innovation networks
- 10.5. National, regional and sectoral innovation systems
- 10.6. Social innovation
- ■ Summary
- ■ Exercises and food for thought
- PART IV. INDUSTRIAL POLICY
- XI. Industrial Policy: Theories and government practices
- 11.1. Industrial policy: Target and objectives
- 11.1.1. The domain of industrial policy
- 11.1.2. The targets of industrial policy
- 11.1.3. The goals of industrial policy
- 11.1.4. Our definition of industrial policy
- 11.2. Industrial policy: The two trajectories of an ancient debate
- 11.3. The first trajectory. Industry and national strategic interest: The origin
- 11.3.1. The origins of the support for industry and mercantilist policies
- 11.3.2. England
- 11.3.3. France
- 11.3.4. The United States
- 11.3.5. Germany
- 11.4. The second trajectory: Laissez-faire and free market
- 11.5. More on the first trajectory: The keynesian revolution
- 11.6. More on the second trajectory: The neoliberalist consensus
- 11.6.1. Keynes vs. Hayek: The clash between the two trajectories
- 11.6.2. The neoliberalist triumph
- 11.6.3. Rhetoric and reality: The “Bad Samaritans”
- 11.7. Back to “the first trajectory”
- 11.7.1. The Great Crisis of 2008
- 11.7.2. Donald Trump bursts onto the scene
- 11.7.3. The 2020s: The Great Pandemic Crisis
- 11.7.4. The 2020s: Shocks, wars and government policy interventions
- ■ Summary
- ■ Exercises and food for thought
- XII. Industrial Policy: Parallel trajectories of discussion and intervention
- 12.1. The pioneers of development in the post-colonial era and the structuralist school
- 12.2. Marx, Marxist thought, and industrialisation in the soviet bloc
- 12.2.1. Marx and Marxist thought
- 12.2.2. Industrialisation in the Soviet Union and satellite countries: 1917-1989
- 12.3. The asiatic models: Japan, South Korea and China
- 12.3.1. Japan
- 12.3.2. The Asian Tigers: South Korea and the “other miracles”
- 12.3.2.1. The debate on the “miracle”: Theories and reality
- 12.3.3. China
- 12.4. The EU industrial policy
- 12.5. Industrial policy in the global context: Final remarks and recent facts
- 12.5.1. Industrial policy and globalisation: Act one, the end of history
- 12.5.2. Industrial policy and globalisation: Act two, shocks and disruptions
- ■ Summary
- ■ Exercises and food for thought
- XIII. The rationales of Industrial Policy: A first step
- 13.1. Industrial policy when “markets fail”
- 13.1.1. Externalities
- 13.1.1.1. Negative externalities: A focus on pollution
- 13.1.1.2. Summary considerations on externalities and industrial policy
- 13.1.2. Public goods
- 13.1.2.1. Knowledge
- 13.1.2.2. Summary considerations on public goods and industrial policy
- 13.1.3. Information asymmetries
- 13.1.3.1. Summary considerations on information and industrial policy
- 13.1.4. Non-competitive markets
- 13.2. Critiques to the market failure approach
- ■ Summary
- ■ Exercises and food for thought
- XIV. A closer look: Antitrust and competition policies
- 14.1. The areas of intervention of competition policy
- 14.1.1. Policies against the abuse of market power
- 14.1.2. Mergers and acquisitions control policies
- 14.1.3. Policies against anti-competitive practices
- 14.2. Competition policy around the world
- 14.2.1. Competition policy in the United States
- 14.2.2. Competition policy in the European Union
- 14.2.3. Competition policy in China
- 14.2.4. Competition policy in developing countries
- ■ Summary
- ■ Exercises and food for thought
- XV. Other rationales for Industrial Policy: A second step
- 15.1. Introduction: Beyond market failures
- 15.2. Economically strategic objectives, structural change and selective policies
- 15.2.1. The bailout of companies and the promotion of national champions
- 15.2.2. Policies for strategic industries and sunset industries
- 15.2.3. Regional policies and territorial rebalancing
- 15.3. “Metaeconomic” objectives
- 15.3.1. The “paternalistic” approach
- 15.3.2. The capabilities approach
- 15.3.2.1. Sustainable development
- ■ Summary
- ■ Exercises and food for thought
- XVI. Industrial Policy and government failures: A last step
- 16.1. Introduction
- 16.2. Government failures
- 16.3. Industrial policy failures, one first question: Internal relations within the organisation promoting the intervention
- 16.3.1. Individual motivations, organisation objectives and public interest
- 16.3.2. Once again on information
- 16.3.3. A critical reflection on these first sources of failure
- 16.4. Industrial policy failures, a second question: External relations outside the organisation promoting intervention
- 16.4.1. Asymmetries between citizens and government
- 16.4.2. Asymmetries between government and policy targets
- 16.5. Industrial policy failures, a third question: Relations between government and the interests of stakeholders
- 16.5.1. Governments and the risk of capture
- 16.5.2. Rent-seeking
- 16.6. Beyond failures
- 16.6.1. Industrial policy supply
- 16.6.2. A final reflection on the relationship between supply and demand for policies
- ■ Summary
- ■ Exercises and food for thought
- References
- Index
- List of boxes
