Drawing on the example of late-developing countries, especially from East Asia, catching up with established powers, the authors address a new formulation of industrial policy for latecoming, semi-industrialized countries. With contributions from some of the best-known economists currently working in this area, the book will be a valuable guide for economists and international policy-makers interested in development issues.

The period since the World War II has produced examples of late developing countries, especially from East Asia, catching up with and even overtaking established economic powers. This has prompted interest in the policies which have resulted in this success and the lessons which might be learned from them. In this text, the authors address a new formulation of industrial policy for latecoming semi-industrialized countries. They argue that as national economies acquire an unprecedented degree of openness, countries which are at different stages of development increasingly compete in a common arena, but with unequal terms of competition. This book seeks to develop systematic, theoretical arguments about consistent, sustainable industrial policies for latecomers in order to offer the basis for theory and public policy. It contains contributions from international economists working in this area.