Is a European recovery possible without high-tech public corporations?

Archibugi, Daniele and Mariella, V. (2021) Is a European recovery possible without high-tech public corporations? Intereconomics – Review of European Economic Policy 56 (3), pp. 160-166.

Abstract

Pervasive new technologies associated with ICTs and software are dominated by a restricted oligopoly of US-based corporations. The challengers are not any longer European firms, but rather Japanese or Chinese companies. The actions taken by the EU to fill this technology gap, including the EC Framework Programmes, are beneficial but still insufficient in terms of the resources committed. This article argues that the EU urgently needs to add another economic policy instrument to defy these incumbent firms, namely to create a few publicly supported large corporations in the areas of greater scientific and technological opportunities. This will be complementary to the already ongoing mission-oriented innovation policies. While we are aware of the political and economic difficulties to implement such a strategy, we recall the pioneering venture of Airbus, established more than 50 years ago and which, despite several economic and political controversies, has successfully managed to challenge the dominant US-based passengers’ aircraft producers. Could similar attempts be replicated for Green technologies, Healthcare services, ICTs, and Artificial Intelligence?

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