Skip to main content

Introduction: The Rejuvenation of Industrial Policy

  • Chapter
The Industrial Policy Revolution I

Abstract

Knowledge validation has never been a painless process. It often takes a major, disastrous historical event for even the most self-evident ideas to gain wide recognition. It is therefore not surprising that the Great Recession of 2008–09 — whose global economic and social cost is still yet to be quantified -has led to a rethinking of many aspects of what might be thought of as the conventional wisdom in economics.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Arrow, Kenneth J. (1962a) “The Economic Implications of Learning by Doing,” Review of Economic Studies, vol. 29, no. 3, pp. 155–173.

    Article  Google Scholar 

  • Arrow, Kenneth J. (1962b) “Economic Welfare and the Allocation of Resources for Invention,” in Richard R. Nelson (ed.), The Rate and Direction of Inventive Activity: Economic and Social Factors (Princeton, NJ: Princeton University Press for the National Bureau of Economic Research), pp. 609–626.

    Google Scholar 

  • Cable, Vincent (2012) Industry Policy: Letter to the Prime Minister and Deputy Prime Minister, London, Department for Business Innovation & Skills, February 8.

    Google Scholar 

  • Chang, Ha-Joon (2002) Kicking Away the Ladder: Development Strategy in Historical Perspective (London: Anthem).

    Google Scholar 

  • Cimoli, Mario, Dosi, Giovanni, and Stiglitz, Joseph E. (eds) (2009) Industrial Policy and Development: The Political Economy of Capabilities Accumulation (New York: Oxford University Press).

    Google Scholar 

  • European Commission (EC) (2010) Communication from the Commission to the European Parliament, the Council, the European Econmic and Social Committee, and the Committee for Regions: An Integrated Industrial Policy for the Globalisation Era — Putting Competitiveness and Sustainability at Centre Stage, SEC (2010) 1272–1276, Brussels, Com (2010) 614.

    Google Scholar 

  • European Commission (EC) (2007) Report — State Aid Scoreboard, COM (2007), 347, Final.

    Google Scholar 

  • European Commission (EC) (2005) Implementing the Community Lisbon Programme: A Policy Framework to Strengthen EU Manufacturing — Towards a More Integrated Approach for Industrial Policy, COM (2005) 474, Final.

    Google Scholar 

  • Greenwald, B. and Stiglitz, J.E. (1986) “Externalities in Economies with Imperfect Information and Incomplete Markets,” Quarterly Journal of Economics, vol. 101, no. 2, pp. 229–264.

    Article  Google Scholar 

  • Greenwald, B. and J.E. Stiglitz (2014) “Industrial Policies, the Creation of a Learning Society, and Economic Development,” in this volume.

    Google Scholar 

  • Griffith-Jones, Stephany Ocampo, Joséonio, and Stiglitz, Joseph E. (eds) (2010) Time for a Visible Hand: Lessons from the 2008 World Financial Crisis (New York: Oxford University Press).

    Google Scholar 

  • Lin, Justin Yifu (2012a) The New Structural Economies: A Framework for Rethinking Development and Policy (Washington, DC: World Bank).

    Book  Google Scholar 

  • Lin, Justin Yifu (2012b) The Quest for Prosperity: How Developing Countries Can Take Off (Princeton, NJ: Princeton University Press).

    Google Scholar 

  • Lin, Justin Yifu, and Monga, Céin (2013) “The Evolving Paradigms of Structural Change,” in: David M. Malone, Rohinton Medhora, Bruce Currie-Alder, and Ravi Kanbur (eds), Development: Ideas and Experiences (New York: Oxford University Press).

    Google Scholar 

  • Noman, A. and Stiglitz, J.E. (2012) “Strategies for African Development,” in A. Noman, K. Botchwey H. Stein, and J.E. Stiglitz (eds), Good Growth and Governance for Africa: Rethinking Development Strategies (New York: Oxford University Press), pp. 3–47.

    Google Scholar 

  • Ocampo, Jose Antonio, and Jaime Ros (eds) (2011) The Oxford Handbook of Latin American Economics (New York: Oxford University Press).

    Google Scholar 

  • Rodrik, D. (2012) “Do We Need to Rethink Growth Policies?,” in Olivier J. Blanchard, David Romer, Michael Spence, and Joseph E. Stiglitz (eds), In the Wake of the Crisis: Leading Economists Reassess Economic Policy (Cambridge, MA and London: MIT Press), pp. 157–167.

    Google Scholar 

  • Rodrik, D. and McMillan, M. (2011) “Globalization, Structural Change, and Economic Growth,” in M. Bachetta and M. Jansen (eds), Making Globalization Socially Sustainable (Geneva: International Labor Organization and World Trade Organization), pp. 49–80.

    Google Scholar 

  • Solow, R. (1957) “Technical Change and the Aggregate Production function,” The Review of Economics and Statistics,vol. 39, no. 3, pp. 312–320.

    Article  Google Scholar 

  • Stiglitz, J. E. (1996) “Some Lessons from the East Asian Miracle,” World Bank Research Observer, vol. 11, no. 2, pp. 151–177.

    Article  Google Scholar 

  • Tyson, Laura d’Andrea (1992) Who Is Bashing Whom? Trade Conflicts in High-Technology Industries (Washington, DC: Institute for International Economics).

    Google Scholar 

  • World Bank (1993) The East Asian Miracle: Economic Growth and Public Policy, World Bank Policy Research Report (New York: Oxford University Press).

    Google Scholar 

  • World Bank (1998) Global Economic Prospects and the Developing Countries 1998/1999: Beyond Financial Crisis (Washington, DC: World Bank).

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Editor information

Editors and Affiliations

Copyright information

© 2013 International Economic Association

About this chapter

Cite this chapter

Stiglitz, J.E., Lin, J.Y., Monga, C. (2013). Introduction: The Rejuvenation of Industrial Policy. In: Stiglitz, J.E., Lin, J.Y. (eds) The Industrial Policy Revolution I. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137335173_1

Download citation

Publish with us

Policies and ethics