Includes contributions from leading academics and experts
Edited by leading scholars including Nobel Prize winner Joseph E. Stiglitz
Provides a comprehensive and in-depth exploration of industrial policies
In the 1990s, development policy advocated by international financial institutions was influenced by Washington Consensus thinking. This strategy, based largely on liberalization, privatization, and price-flexibility, downplayed, if not disregarded, the role of government in steering the processes of technological learning and economic growth. With the exception of the Far East, many developing countries adopted the view that industrial policy resulted in inefficiency and poor economic growth.
Ample historical evidence shows that industrial policy does work, when the right technologies and industries are supported and when appropriate combinations of policy measures are implemented. This book provides an in-depth exploration of which industrial policies have been successful, the trade-offs associated with these microeconomic approaches to growth and development, and the opportunities and constraints associated with the current organization of international economic relations.
Readership: Graduate students and advanced undergraduates in development studies, political economy, economic growth, labour economics, and industrial economics. Professional and academic economists, and policymakers.