Is There a Case for Industrial Policy? A Critical Survey

Pack, Howard; Saggi, Kamal

Is There a Case for Industrial Policy? A Critical Survey

2006

Pack, Howard | Saggi, Kamal

What are the underlying rationales for industrial policy? Does empirical evidence support the use of industrial policy for correcting market failures that plague the process of industrialization? This article addresses these questions through a critical survey of the analytical literature on industrial policy. It also reviews some recent industry successes and argues that public interventions have played only a limited role. Moreover, the recent ascendance and dominance of international production networks in the sectors in which developing countries once had considerable success implies a further limitation on the potential role of industrial policies as traditionally understood. Overall, there appears to be little empirical support for an activist government policy even though market failures exist that can, in principle, justify the use of industrial policy.

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accounting agriculture businesses capital formation capital market cities collaboration communication technology components computer hardware computer science computer software consumers developing countries development economics economic development economic policies electronics equilibrium exports fixed costs foreign investment free trade globalization government intervention gross domestic product growth models growth rate human capital industrial development industrialization information exchange information technology innovation institution instrument interest rates international bank international trade learning manufacturing marginal costs marketing monopoly national income networks new technology oligopoly perfect competition private sector production costs productivity property rights results satellite satellites silicon software development supply chains technicians technology transfer telecommunications trade protection uses vertical integration wages welfare economics world trade organization wto

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Editorial

Oxford University Press on behalf of the World Bank

Otras materias

Dynamic analysis; Intellectual property; Inputoutput; Trading system; Constant returns to scale; Televisions; Settlement procedure; Economic theory; New technologies; Government policy; High technology; Profit margin; Positive feedback; Portfolio; Foreign direct investment; Coordination failures; Productivity growth; Exporter; Telecommunication infrastructure; Barrier to entry; Formal analysis; Investing; Information industry; International economics; Computer technology; Industry association; Financial sector; Monopolistic competition; Increasing returns to scale; Trade policy; Comparative advantage; International development; Technological change; Computer systems; Financial crises; Settlement; Economies of scale; Analog; Telephone lines; Government subsidies; Foreign competition; Technology spillovers; Supply networks; Entry barrier; Competition policy; Telephone; Outsourcing; Real time; Market failures; Technological learning; Investment climate; Opportunity cost; Tax subsidies; Rent seeking; Adverse effect; Software industry; Potential investors; Corporate tax rates; Result; Foreign investors; Product categories; Investment decisions; Rate of return; Increasing returns; Market distortions; E-mail address; Capabilities; Networking; Global capital; Production function; Buyer; Tax incentives; Phones; Directed credit; Total factor productivity; Open economy; Technical skills; San; Software exports; Informational asymmetries; Competitiveness; Information asymmetry; Global trade; Implicit tax; International finance; Catalytic role; E-mail; New markets; Financial crisis; Trade regimes; Banking sector; Automobile; Programming; Market failure; Political economy; Telecommunications infrastructure; Competitive advantage; Software programmers; Telecommunication; Electronics industry; Computer software industry; Automotive; Host economy; Cellular phones; Host country; Production efficiency; Total factor productivity growth; Competitive market; Underlying problem; Gross domestic product growth; Host countries; Local market; Basic; Domestic market; Foreign markets; Targets; Barriers to entry; Stock markets; Capital markets; Software engineering; Development bank; Market economy; Externality; International standards; Time period; Search; Ram; Diminishing returns; R& Y2k problem; Technology transfers; Codes; Technical infrastructure; Y2k; Ldcs; Economies of scope; Global capital markets; Trading; Credibility; Inventions; Development strategies; Externalities; Entry barriers; Business climate; Government interventions; Transmission; User interface; Infant industry argument; Tax; Positive externalities; Intensive growth; Asymmetric information; Coordination failure

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http://hdl.handle.net/10986/16393http://creativecommons.org/licenses/by-nc-nd/3.0/igoWorld BankCC BY-NC-ND 3.0 IGO

Tipo

Journal Article; Journal Part

En AGRIS desde: 2014-09-15

Formato: AGRIS AP

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DOI http://hdl.handle.net/10986/16393

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Is There a Case for Industrial Policy? A Critical Survey

2006

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