This superb text defines and describes modern industrial policy.
For many years economists, politicians, and policymakers have
worried over inward-looking and damaging industrial policies,
associating them with poor economic performance and arrested
industrial development. At last we have a book which identifies and
analyses new forms of modern industrial policy which work
effectively and are able to overcome the problems of the past. The
book is replete with concrete examples and new conceptual
developments, showing how modern industrial policy is able to
initiate, upgrade, and transform economic activity for the benefit
of all. The evidence is used to provide a new theory of industrial
policy, distinguishing modern industrial policy from the practices
of the past - leaving no room for doubt as to how policymakers
should proceed in the twenty-first century. Essential reading for
policymakers, analysts, scholars, teachers, and consultants
concerned with industrial policy and modern economic development.'
- Mike Hobday, University of Brighton, UK'Jesus Felipe is to be
congratulated for assembling a first-rate group of authors to
address one of the most important policy issues of our time. Their
main contention is that, to succeed, latecomer developing countries
need a 'modern industrial policy'. Aware of the pitfalls, they
provide empirical evidence in support of their arguments. The
country studies are particularly interesting. A stimulating volume
that deserves to be read, including by the skeptics.' - Hal Hill,
Australian National University Development and Modern Industrial
Policy in Practice provides an up-to-date analysis of industrial
policy. Modern industrial policy refers to the set of actions and
strategies used to favor the more dynamic sectors of the economy. A
key aspect of modern industrial policy is embedding private
initiative in a framework of public action to encourage
diversification, upgrading, and technological dynamism to achieve
development in the twenty-first century. The book reviews key
questions that policymakers ask about industrial policy, such as:
who selects sectors; what is the rationale for sector selection;
what are the main tools to promote sectors?, what is the role of
human capital; and what are the mechanisms for monitoring and
evaluation? Expert contributors discuss how to undertake industrial
policy effectively and examine the experiences of Australia, the
EU, the Republic of Korea, Malaysia, and the US. Policymakers,
multilateral development institutions, and scholars will find the
discussions on industrial policy, structural transformation,
economic diversification and upgrading, and capabilities to be
useful and practical. Contributors: F. Block, J.-M. Chang, K.
Farla, J. Felipe, F. Guadagno, C.A. Hidalgo, M.R. Keller, M.H.
Khan, K. Lee, J.Y. Lin, C. Long, W.F. Mitchell, C. Rhee, T. Siew
Yean, B. Verspagen, Y. Wang, X. Zhang
General
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