Is the West doomed to lose its maritime-related industries?

Abstract

The continuous decline of maritime-related industries, i.e. shipping, shipbuilding and metallurgy in Europe has been accomplished in the same period as their growth in Asia, especially in the newly industrialized countries (NICS). European public policies have been impaired by feelings of a fateful trend in the new international division of labour, based upon economic theory. At least two of those theories, viz. the theory of difference between absolute cost and the theory of comparative advantage are not confirmed by statistical analysis. Sociological factors are more relevant in explaining this trend. Present public policies may therefore be questioned.