Industrial Policy and Development

Industrial Policy and Development : The Political Economy of Capabilities Accumulation

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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.

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Product details

  • Hardback | 596 pages
  • 158 x 236 x 40mm | 1,038.72g
  • Oxford University Press
  • Oxford, United Kingdom
  • English
  • New.
  • numerous tables and figures
  • 0199235260
  • 9780199235261
  • 1,665,013

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Author Information

Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000. He is also chair of the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. His best known recent publications include 'Making Globalization Work' (2006), 'Fair Trade for All' (2005), 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003).

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