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2006. ‘The Pathological Export Boom and the Bazaar Effect. How to Solve the German Puzzle’. The World Economy, 9: 1157–75. Stiglitz, E. J. 2012. The Price of Inequality. W. Norton and Company. Streeck, W. 2013. Tempo guadagnato. La crisi rinviata del capitalismo democratico. Milan: Feltrinelli. UNCTAD (United Nations Conference on Trade and Development) 2013. ‘Regulatory Review of Cross-Border M&As: Safeguarding Public Interests or Resorting to Protectionism’. 10. Urbinati, N. 2013. La mutazione antiegualitaria.
8 per cent in Sweden. 5 times less robots than Germany in 2001 and seven times less in 2011. A main factor in the decrease in productivity, as research into total factor productivity (TFP) tells us, is the dated assets of companies in France. France could be falling behind in industrial competitiveness because companies are not prepared to or cannot fund innovative projects. If this is the case then we must consider the kind of corporate governance created by the economy’s financialization. If firms are not able to finance innovation, we should look beyond their production capabilities and look at what type of innovation systems they have and how they are being used.
Summing up, two main closely interrelated and reinforcing processes have profoundly changed European and global ‘industrial capital’: centralization without concentration, and a model of competition based, in a neo-mercantilist framework, on the endless pursuit of a never-ending expansion of all kind of consumption, engendering the necessity to seek new markets. This struggle has been fought by adding new productive facilities, when the existing ones already carried significant unused capacity. We are therefore convinced that this is also a crisis driven by oversupply in key sectors, because the productive capacity of the new plants competed with that of the same firms in the Euro-15 countries, leading to a state of endemic overproduction, by an excess of investments, in key industries such as automobile and ‘white goods’.