Publication:
The Rejuvenation of Industrial Policy

dc.contributor.authorStiglitz, Joseph E.
dc.contributor.authorLin, Justin Yifu
dc.contributor.authorMonga, Célestin
dc.date.accessioned2014-02-03T21:45:28Z
dc.date.available2014-02-03T21:45:28Z
dc.date.issued2013-09
dc.description.abstractThis essay is about an important area in which there has been major rethinking -- industrial policy, by which the authors mean government policies directed at affecting the economic structure of the economy. The standard argument was that markets were efficient, so there was no need for government to intervene either in the allocation of resources across sectors or in the choices of technique. And even if markets were not efficient, governments were not likely to improve matters. But the 2008-2009 global financial crisis showed that markets were not necessarily efficient and, indeed, there was a broad consensus that without strong government intervention -- which included providing lifelines to certain firms and certain industries -- the market economies of the United States and Europe may have collapsed. Today, the relevance and pertinence of industrial policies are acknowledged by mainstream economists and political leaders from all sides of the ideological spectrum. But what exactly is industrial policy? Why has it raised so much controversy and confusion? What is the compelling new rationale that seems to bring mainstream economists to acknowledge the crucial importance of industrial policy and revisit some of the fundamental assumptions of economic theory and economic development? How can industrial policy be designed to avoid the pitfalls of some of the seeming past failures and to emulate some of the past successes? What are the contours of the emerging consensus and remaining issues and open questions? The paper addresses these questions.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/09/18324250/rejuvenation-industrial-policy
dc.identifier.urihttps://hdl.handle.net/10986/16845
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6628
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVERSE EFFECTS
dc.subjectAGRICULTURE
dc.subjectALLOCATION
dc.subjectALLOWANCES
dc.subjectASYMMETRIC INFORMATION
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBENCHMARKING
dc.subjectBEST PRACTICES
dc.subjectCAPITAL INVESTMENTS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMERS
dc.subjectCOUNTRY CASE
dc.subjectDEBT
dc.subjectDEREGULATION
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING WORLD
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT GOALS
dc.subjectDEVELOPMENT POLICY
dc.subjectDEVELOPMENT STRATEGIES
dc.subjectDEVELOPMENT STRATEGY
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC DIVERSIFICATION
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC FUNCTIONS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC IMPLICATIONS
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMIC STRUCTURE
dc.subjectECONOMIC STUDIES
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC WELFARE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE POLICY
dc.subjectEXPORTS
dc.subjectEXTERNALITIES
dc.subjectFEDERAL GOVERNMENT
dc.subjectFINANCIAL AID
dc.subjectFINANCIAL BURDEN
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SECTOR
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFREE MARKETS
dc.subjectGLOBAL ECONOMY
dc.subjectGOOD GOVERNANCE
dc.subjectGROWTH RATES
dc.subjectHIGH GROWTH
dc.subjectIMPORT SUBSTITUTION
dc.subjectINCOME
dc.subjectINCOME LEVELS
dc.subjectINDUSTRIAL DEVELOPMENT
dc.subjectINDUSTRIAL POLICY
dc.subjectINDUSTRIALIZATION
dc.subjectINFANT INDUSTRY ARGUMENT
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL TRADE
dc.subjectJOBS
dc.subjectLAWS
dc.subjectLEARNING
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL FRAMEWORKS
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC POLICIES
dc.subjectMARGINAL COST
dc.subjectMARKET ECONOMY
dc.subjectMARKET FAILURE
dc.subjectMARKET FAILURES
dc.subjectMINISTER
dc.subjectMONOPOLY
dc.subjectOPPORTUNITY COST
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY PERSPECTIVE
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL LEADERS
dc.subjectPREFERENTIAL
dc.subjectPREFERENTIAL ACCESS
dc.subjectPRIVATIZATION
dc.subjectPROCUREMENT
dc.subjectPRODUCTION FUNCTION
dc.subjectPUBLIC GOOD
dc.subjectPUBLIC POLICIES
dc.subjectPUBLIC POLICY
dc.subjectRESOURCE ALLOCATION
dc.subjectSCIENTISTS
dc.subjectSMALL BUSINESS
dc.subjectSTATE ENTERPRISES
dc.subjectSTRUCTURAL CHANGE
dc.subjectSUBSTITUTION
dc.subjectTAX CODES
dc.subjectTAX EXPENDITURES
dc.subjectTECHNOLOGICAL INNOVATION
dc.subjectTECHNOLOGICAL PROGRESS
dc.subjectTECHNOLOGY TRANSFER
dc.subjectTRADE POLICY
dc.subjectTREASURY BILLS
dc.subjectUNDERVALUED EXCHANGE RATE
dc.subjectWAGES
dc.subjectWORLD TRADE ORGANIZATION
dc.titleThe Rejuvenation of Industrial Policyen
dspace.entity.typePublication
okr.crosscuttingsolutionareaClimate Change
okr.date.disclosure2013-09-01
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/09/18324250/rejuvenation-industrial-policy
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeTransport and ICT
okr.globalpracticePoverty
okr.globalpracticeGovernance
okr.identifier.doi10.1596/1813-9450-6628
okr.identifier.externaldocumentum000158349_20130930141813
okr.identifier.internaldocumentum18324250
okr.identifier.reportWPS6628
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/09/30/000158349_20130930141813/Rendered/PDF/WPS6628.pdfen
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.topicPublic Sector Corruption and Anticorruption Measures
okr.topicEconomic Theory and Research
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicInformation and Communication Technologies::ICT Policy and Strategies
okr.topicPublic Sector Development
okr.unitOffice of the Chief Economist, Development Economics Vice Presidency
okr.volume1 of 1
relation.isAuthorOfPublication6f9860c3-5c17-54f1-92fb-9f5055cc0038
relation.isAuthorOfPublication.latestForDiscovery6f9860c3-5c17-54f1-92fb-9f5055cc0038
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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