Industrial Policy in the Twenty-First Century: Challenges for the Future
Industrial Policy in the Twenty-First Century: Challenges for the Future
Industrial policy has attracted considerable controversy in the development context, possibly out of all proportion to its potential impact (either positive or negative). Arguably, the intensity of the debate stems from the fact that here the structuralist and neoclassical traditions of development studies meet head-on, with the former seeing industrial policy as a means of correcting for the limitations of markets and the latter seeing it as the highpoint of government failure. This chapter makes a case for a pragmatic and limited approach to interventions as a means of stimulating industrialization in the context of current and future challenges facing newly industrializing economies. It begins with a simple definition of industrial policy, a brief survey of the theoretical case and a taxonomy of different possible interventions. Then it considers how far government policy per se has contributed to manufacturing success, drawing on the extensive literature in this area.
Keywords: industrial policy, development, manufacturing, markets, government
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