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Pathways to Industrialization in the Twenty-First CenturyNew Challenges and Emerging Paradigms$
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Adam Szirmai, Wim Naudé, and Ludovico Alcorta

Print publication date: 2013

Print ISBN-13: 9780199667857

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199667857.001.0001

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Industrial Policy in the Twenty-First Century: Challenges for the Future

Industrial Policy in the Twenty-First Century: Challenges for the Future

Chapter:
(p.393) 15 Industrial Policy in the Twenty-First Century: Challenges for the Future
Source:
Pathways to Industrialization in the Twenty-First Century
Author(s):

John Weiss

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199667857.003.0015

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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