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Industrial Policy and DevelopmentThe Political Economy of Capabilities Accumulation$
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Mario Cimoli, Giovanni Dosi, and Joseph E. Stiglitz

Print publication date: 2009

Print ISBN-13: 9780199235261

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199235261.001.0001

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Institutions and Policies Shaping Industrial Development: An Introductory Note

Institutions and Policies Shaping Industrial Development: An Introductory Note

(p.19) 2 Institutions and Policies Shaping Industrial Development: An Introductory Note
Industrial Policy and Development

Mario Cimoli

Giovanni Dosi (Contributor Webpage)

Richard Nelson (Contributor Webpage)

Joseph E. Stiglitz (Contributor Webpage)

Oxford University Press

This chapter notes that all historical experiences of sustained economic growth — starting at least from the English Industrial Revolution — find their enabling conditions in a rich set of complementary institutions, shared behavioral norms, and public policies. Indeed, the paramount importance of institutions and social norms appears to be a rather universal property of every form of collective organization we are aware of. Moreover, much more narrowly, discretionary public policies have been major ingredients of national development strategies, especially in catching-up countries, throughout the history of modern capitalism. Conversely, from a symmetric perspective, there are extremely sound theoretical reasons supporting the notion that institutions and policies always matter in all processes of technological learning and economic coordination and change. This chapter focuses on the latter issue and outlines some theoretical foundations and for industrial policies in a broad sense, and for measures of “institutional engineering” shaping the very nature of the economic actors, the market mechanisms and rules under which they operate, and the boundaries between what is governed by market interactions, and what is not.

Keywords:   institutions, boundaries of markets, institutional embeddedness, institutional engineering, technological learning

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