Industrial policy, once relegated to resource allocation, technological improvements, and the modernization of industries, should be treated as a serious component of sustainability and developmental economics. A rich set of complimentary institutions, shared behavioral norms, and public policies have sustained economic growth from Britain's industrial revolution onwards. This volume revisits the role of industrial policy in the success of these strategies and what it can offer developed and developing economies today. Featuring essays from experts invested in the expansion of industrial policies, topics discussed include the most effective use of industrial policies in learning economies, development finance, and promoting investment in regional and global contexts. Also included are in-depth case studies of Japan and India's experience with industrial policy in the banking and private sector. One essay revisits the theoretical and conceptual foundations of industrial policy from a structural economics perspective and another describes the models, packages, and transformation cycles that constitute a variety of approaches to implementation. The collection concludes with industrial strategies for facilitating quality growth, realizing more sustainable manufacturing development, and encouraging countries to industrialize around their natural resources.

Development and Modern Industrial Policy in Practice provides an up-to-date analysis of industrial policy. Modern industrial policy refers to the set of actions and strategies used to favor the more dynamic sectors of the economy. A key aspect of moder

Industrial policy has long been regarded as a strategy to encourage sector-, industry-, or economy-wide development by the state. It has been central to competitiveness, catching up, and structural change in both advanced and developing countries. It has also been one of the most contested perspectives, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economies after the 2008 global financial crisis, and mounting anxieties about the national consequences of globalization. The Oxford Handbook of Industrial Policy presents a comprehensive review of and a novel approach to the conceptual and theoretical foundations of industrial policy. The Handbook also presents analytical perspectives on how industrial policy connects to broader issues of development strategy, macro-economic policies, infrastructure development, human capital, and political economy. By combining historical and theoretical perspectives, and integrating conceptual issues with empirical evidence drawn from advanced, emerging, and developing countries, The Handbook offers valuable lessons and policy insights to policymakers, practitioners and researchers on developing productive transformation, technological capabilities, and international competitiveness. It addresses pressing issues including climate change, the gendered dimensions of industrial policy, global governance, and technical change. Written by leading international thinkers on the subject, the volume pulls together different perspectives and schools of thought from neo-classical to structuralist development economists to discuss and highlight the adaptation of industrial policy in an ever-changing socio-economic and political landscape.

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? To address these questions, the authors provide a critical survey of the analytical literature on industrial policy. They also review some recent industry successes and argue that only a limited role was played by public interventions. Moreover, the recent ascendance of international industrial networks, which dominate the sectors in which less developed countries have in the past 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.

How can governments support the private sector’s contribution to the Sustainable Development Goals (SDGs)? This book investigates the contribution of firms to the SDGs, particularly through their core business, taking into account inter-sectoral linkages and global value chains, using novel techniques and data sources.

Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updated How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.

While energy efficiency projects could partly meet new energy demand more cheaply than new supplies, weak economic institutions in developing and transitional economies impede developing and financing energy efficiency retrofits. This book analyzes these difficulties, suggests a 3-part model for projectizing and financing energy efficiency retrofits, and presents thirteen case studies to illustrate the issues and principles involved.

Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn more from miracles than failures. We suggest three key principles behind their success: (i) the support of domestic producers in sophisticated industries, beyond the initial comparative advantage; (ii) export orientation; and (iii) the pursuit of fierce competition with strict accountability.

Once heralded in the 1950s and 1960s as a model welfare state, Sweden is now in transition and in trouble since its economic plunge in the early 1990s. This volume presents ten essays that examine Sweden's economic problems from a U.S. perspective. Exploring such diverse topics as income equalization and efficiency, welfare and tax policy, wage determination and unemployment, and international competitiveness and growth, they consider how Sweden's welfare state succeeded in eliminating poverty and became a role model for other countries. They then reflect on Sweden's past economic problems, such as the increase in government spending and the fall in industrial productivity, warning of problems to come. Finally they review the consequences of the collapse of Sweden's economy in the early 1990s, exploring the implications of its efforts to reform its welfare state and reestablish a healthy economy. This volume will be of interest to policymakers and analysts, social scientists, and economists interested in welfare states.

In recent years, concerns about the outcomes and nature of economic growth have given way to a new emphasis on its quality. This volume brings together prominent international contributors to consider a range of interrelated questions concerning the quality of growth in Africa, with a primary focus on sub-Saharan countries. Contributors discuss the measurement of growth, the transformations necessary to sustain it, and issues around equity and well-being. They consider topics such as the distribution of income gains from growth; the extent to which economic growth has resulted in improvements in employment, poverty, and security; structural transformations of the economy and diversification of the sources of growth; environmental sustainability; and management of urbanization. Offering both diagnoses and prescriptions, The Quality of Growth in Africa helps envision a future that goes beyond increasing GDP to ensuring that growth translates into advancements in well-being. Although the book focuses on sub-Saharan Africa, much of the contributors’ incisive analysis has implications for countries outside the region.