Full text: What is New Since Keynes?

An example of the success of small independent firms is 
the development of industry in central Italy (Toscana, 
Emilia, Modena ) where small and medium firms based on 
local labour and with owner-managers from the ranks of 
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local craftsmen have been exceedingly successful /Tin v wch 
consumers goods industries and ler&oly~ also in machinery. 
Large concerns are rare in most of this region (Toscana ). 
Charles F.Sabel, Work and Politics. Cambridge Univ. Press 198. 
The flaurishing of new types of enterprise is certainly 
a hopeful e lement, but we must remind ourselves that the 
large concerns still account for the bulk of industry and 
their defects as well as their decay therefore dominate 
our economy. In fact the weakening of the private investment 
since the end of the sixties is probably the main factor 
of the troubles which beset us: Budget deficits, frantic 
efforts to encourage investment by tax remittances and 
subsidies etc. 
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