Industrial Policy: Can We Go Beyond an Unproductive Confrontation?

This paper attempts to go beyond what the author sees as an unproductive confrontation between the proponents and the opponents of industrial policy and to take the debate on industrial policy forward. After discussing some issues related to conceptualizing and assessing industrial policy, the paper discusses most (although not all) of the key issues emerging from the industrial policy debate. They include the wisdom or otherwise of targeting, the feasibility of the state “beating the market,” political economy questions, bureaucratic capabilities, performance measurement (especially export targets), the importance of export-related industrial policy, and the implications of changing global policy environment.

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