Full text: What is New Since Keynes?

And even if you add to this tax incentives I still suspect 
that it may all be of no avail. x £wi# fa fafafo 
This view may s4rii-l be controversial if it is a question of 
increasing industrial investment globally; it becomes 
overwhelmingly plausible when it is a question of 
stimulating and! directing) investment and capacity 
in conformity with a certain structural policy, which takes 
into account the needs of an evolving dynamic economy 
and replaces decaying or shrinking indusries by new ones 
which will cater for the needs of society in the years to come. 
In conformity, for example, with an energy and power policy 
which saves energy especially oil, by more effieient use of it 
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in the production of electricity and a*n—thns use^in industry; 
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or in conformity with environmental desiderata which 
- sfi require considerable changes in our technology, 
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(j> s Not have we not learnt how to induce private business 
' 4^ i to " restructure itself"j bmt our power and capacity tc 
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model and reform national industries is in most countries 
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more or less limited. The use of national industries as 
a means to stabilize investment was one of the great hopes 
of full employment policy, and with good reason. But what 
turns out to be an illusion is the facility with which 
we thought national industries could be guided and controlled. 
In fact the conservation of existing structures is like -bhe* 
1 k 
ferrtro^-of— gra■ -e■£ overwhelming importance and very difficult 
to counteract. Often the national industries are the basic 
industries that are victims of structural crisis and 
governments are pressed into a defensive and conservative 
policy with re^gard to them, unable to redeploy the 
resources of these industries in a way which would secure 
their survival in the long run.
	        

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