At a time when many governments in advanced or emerging markets are embarking on some form of industrial policy and protectionism, this book looks at how these policies have evolved in Turkey in comparison with other emerging markets. Based on a historical-institutional political economy framework the book examines the main factors domestic and global contributing to the rise, retreat and return of industrial policy in Turkey. It argues that it is not the state's intervention to the market per se, but uncertainty-amplifying interventions of the state because of its weak capacity that conditioned the effectiveness of industrial policy in Turkey. To this end, it also poses broader conceptual questions of relevance to other emerging markets about the role of the state in economic development.