The Return Of The Policy That Shall Not Be Named Principles Of Industrial Policy
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The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy by Reda Cherif,Fuad Hasanov Pdf
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.
Handbook on Innovation, Society and the Environment by Fernando J. Díaz López,Massimiliano Mazzanti,Roberto Zoboli Pdf
Through careful investigation into the role of eco-innovation as a catalysing factor in the societal transition towards sustainability, this Handbook proposes more appropriate measures of innovation as a driver of change. It examines innovation from various perspectives, including labour, trade, the circular economy and energy, to illustrate a more comprehensive picture of its impacts.
The Oxford Handbook of Industrial Policy by Arkebe Oqubay,Christopher Cramer,Ha-Joon Chang,Richard Kozul-Wright Pdf
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.
The Pitfalls of Protectionism: Import Substitution Vs. Export-Oriented Industrial Policy by Reda Cherif,Fuad Hasanov Pdf
Industrial policies pursued in many developing countries in the 1950s-1970s largely failed while the industrial policies of the Asian Miracles succeeded. We argue that a key factor of success is industrial policy with export orientation in contrast to import substitution. Exporting encouraged competition, economies of scale, innovation, and local integration and provided market signals to policymakers. Even in a large market such as India, import substitution policies in the automotive industry failed because of micromanagement and misaligned incentives. We also analyze the risk tradeoffs involved in various industrial policy strategies and their implications on the 21st century industrial policies. While state interventions may be needed to develop some new capabilities and industries, trade protectionism is neither a necessary nor a sufficient tool and will most likely be counterproductive.
Author : International Monetary Fund Publisher : International Monetary Fund Page : 39 pages File Size : 40,8 Mb Release : 2024-03-11 Category : Business & Economics ISBN : 9798400266683
Industrial Policy Coverage in IMF Surveillance— Broad Considerations by International Monetary Fund Pdf
The paper aims to provide a conceptual framework and guiding principles for the coverage of Industrial Policy (IP) in IMF surveillance. It proposes a working definition of industrial policy, discusses its objectives and main instruments, and provides a brief review of academic literature on IP. The paper discusses the four broad sets of considerations for assessing IP: justification, design, cost-benefit assessment, and implementation. It stresses that IP should be covered in IMF surveillance when it is deemed macro-critical and/or has the potential to generate significant cross-border spillovers. The paper also discusses specific aspects of industrial policies, including trade-related IP, green IP, Special Economic Zones (SEZs), and State-Owned Enterprises (SOEs), and provides examples of the IP coverage in the Article IV consultations with China, Euro Area, Indonesia, Saudi Arabia, and the United States.
EU and US Foreign Economic Policy Responses to China by Joachim Schild,Dirk Schmidt Pdf
This book examines EU and US bilateral trade and investment relations with China, their attempts to level the economic playing field and to narrow the ‘reciprocity gap’ in market openness. It explores the extent of EU and US policy change, the underlying factors accounting for this change and compares EU and US foreign economic policy answers to an adversary increasingly perceived as an unfair economic competitor and as a systemic rival. The book covers a broad range of policy areas from ‘trade wars’, trade defense instruments, their reform and use, investment screening, and export control to industrial policies. It makes eclectic use of different strands of International Relations, International Political Economy and Policy Analysis theorizing to account for the extent of, and differences in, the EU and US responses. The People’s Republic of China’s stellar economic and political rise combined with the resilience of its unfair trade practices, its reinforced authoritarian repression at home and its ever more assertive foreign (economic) policy has triggered a shift in perceptions of China, followed by equally profound policy change in the European Union and the US. This book expertly charts and explains this significant shift in stance. This book will be of key interest to scholars, students and practitioners in the fields of EU trade policymaking, US foreign/ foreign economic policy, EU-China-US economic relations, European political economy, and more broadly to European studies, Asian studies, International Relations, International Political Economy, and transatlantic relations.
Private Sector Development in an Emerging World by Diederik Boer,Harald Sander,Katharina Friz,Antonella Anastasi Pdf
This book explores the interactions between private sector development, public policies and societal institutions with a strong view on contributing to sustainable and inclusive development in emerging countries. The private sector is often praised as an engine of economic growth. This belief has led to significant efforts to promote private sector development in emerging countries. Development agencies prioritize private sector development and national governments are following suit, resulting in often huge incentives to stimulate and attract private investment. However, private sector development is not a panacea for sustainable and inclusive development as the past decades have clearly shown. Economic growth, societal development and environmental sustainability are often in a sharp conflict; and more often than not economic growth has failed to improve the lives of all citizens. This book examines the role the state and the private sector should play to benefit from the dynamics of business development, while ensuring that these benefits are shared broadly without jeopardizing sustainability. The views presented differ in detail, but the analyses and case studies presented share common themes, namely that the relative roles of state and private sector of should be balanced and that this particular balance should be based on the context of each country in order to make the private-public sector interaction work for all people.
Arkebe Oqubay,Dean of the Institute of New Structural Economics and Professor and Honorary Dean National School of Development Justin Yifu Lin,Justin Yifu Lin
Author : Arkebe Oqubay,Dean of the Institute of New Structural Economics and Professor and Honorary Dean National School of Development Justin Yifu Lin,Justin Yifu Lin Publisher : Oxford University Press, USA Page : 1226 pages File Size : 50,9 Mb Release : 2020-07-02 Category : Business & Economics ISBN : 9780198850434
The Oxford Handbook of Industrial Hubs and Economic Development by Arkebe Oqubay,Dean of the Institute of New Structural Economics and Professor and Honorary Dean National School of Development Justin Yifu Lin,Justin Yifu Lin Pdf
Industrialization supported by industrial hubs has been widely associated with structural transformation and catch-up. But while the direct economic benefits of industrial hubs are significant, their value lies first and foremost in their contribution as incubators of industrialization, production and technological capability, and innovation. The Oxford Handbook of Industrial Hubs and Economic Development adopts an interdisciplinary approach to examine the conceptual underpinnings, review empirical evidence of regions and economies, and extract pertinent lessons for policy reasearchers and practitioners on the key drivers of success and failure for industrial hubs. This Handbook illustrates the diverse and complex nature of industrial hubs and shows how they promote industrialization, economic structural transformation, and technological catch-up. It explores the implications of emerging issues and trends such as environmental protection and sustainability, technological advancement, shifts in the global economy, and urbanization.
The Oxford Handbook of Japanese Politics by Robert J. Pekkanen,Saadia Pekkanen Pdf
"Book Abstract and Keywords: The study of Japanese politics has flourished over the past several decades. This Handbook provides a state-of-the-field overview for students and researchers of Japanese. The volume also serves to introduce Japanese politics to readers less familiar with Japan. In addition, the volume has a theme of "evaluating Japan's democracy." Taken as a whole, the volume provides a positive evaluation of the state of Japan's democracy. The volume is divided into two parts, roughly corresponding to domestic Japanese politics and Japan's international politics. Within the domestic politics part, there are four distinct sections: "Domestic Political Actors and Institutions," covering the Japanese Constitution, electoral systems, prime minister, Diet, bureaucracy, judiciary, and local government; "Political Parties and Coalitions," covering the Liberal Democratic Party, coalition government, Kōmeitō, and the political opposition; "Policymaking and the Public," covering the policymaking process, public opinion, civil society, and populism; and, "Political Economy and Social Policy," covering industrial, energy, social welfare, agricultural, monetary, and immigration policies, as well as social inequality. In the international relations part, there are four sections: "International Relations Frameworks," covering grand strategy, international organizations, and international status; "International Political Economy," covering trade, finance, foreign direct investment, the environment, economic regionalism, and the linkage between security and economics; "International Security," covering remilitarization, global and regional security multilateralism, nuclear nonproliferation, naval power, space security, and cybersecurity; and, "Foreign Relations" covering Japan's relations with the United States, China, South Korea, ASEAN, India, the European Union, and Russia. Keywords: international relations, comparative politics, democracy, international order, alliances, space security, elections, Liberal Democratic Party, multilateralism, remilitarization, international organizations, populism, civil society, coalitions, political parties, trade, finance monetary policy, foreign direct investment, cybersecurity"--
Call of Duty: Industrial Policy for the Post-Oil Era by Reda Cherif,Fuad Hasanov,Madi Sarsenbayev Pdf
Oil-exporting economies face the risk of an acceleration in the energy transition. A risk-based approach calls for urgent preparation for the post-oil era by diversifying exports and transforming the prevailing growth model. We outline the principles of industrial policy to achieve this objective based on the experience of the Asian Miracles and propose a sketch of the strategy required to transform these principles into practice. The key component of the strategy is to select sectors along two dimensions—proximity to the current production structure or capabilities set and a timeframe for results to materialize. The three strategies—snail crawl, leapfrogging, and moonshots—determine how far from the current production structure the selected sectors are. These sectors need to show results both in the short run to jumpstart growth and ensure policy continuity—“quick wins”—and the long run to create a new growth model—“transformative gains.” We argue that the strategy should focus on supporting the exports of sophisticated sectors in both manufacturing and services while capitalizing on complex tasks and activities in existing industries but should leave non-sophisticated sectors such as tourism and non-tradable services to the private sector.
Reda Cherif,Fuad Hasanov,Mr. Nikola Spatafora,Rahul Giri,Dimitre Milkov,Mr. Saad N Quayyum,Mr. Gonzalo Salinas,Mr. Andrew M. Warner
Author : Reda Cherif,Fuad Hasanov,Mr. Nikola Spatafora,Rahul Giri,Dimitre Milkov,Mr. Saad N Quayyum,Mr. Gonzalo Salinas,Mr. Andrew M. Warner Publisher : International Monetary Fund Page : 31 pages File Size : 40,7 Mb Release : 2022-09-30 Category : Business & Economics ISBN : 9798400214271
Industrial Policy for Growth and Diversification: A Conceptual Framework by Reda Cherif,Fuad Hasanov,Mr. Nikola Spatafora,Rahul Giri,Dimitre Milkov,Mr. Saad N Quayyum,Mr. Gonzalo Salinas,Mr. Andrew M. Warner Pdf
As countries strive for a strong recovery and to recoup the losses incurred during the COVID-19 pandemic, they need to map out a new path for development and high and sustained growth. Promoting diversification, developing new industrial capabilities, and designing the policies needed to achieve this goal should be a priority. A successful diversification strategy should tackle both broad policy failures, such as an unfavorable business environment and investment climate and sector-specific market failures. This departmental paper presents a conceptual framework to analyze industrial policy, defined as targeted sectoral interventions. The authors first discuss the key principles that should guide policymakers, that is, a focus on the market failures that could justify targeted sectoral interventions, as well as the potential government failures that can undermine these interventions. The authors then discuss some commonly employed policy tools, their rationale, and the associated pitfalls. Finally, the authors outline a stylized decision-making framework.
Industrial Policy and the Transformation of the Colonial Economy in Africa by Horman Chitonge Pdf
Industrial Policy and the Transformation of the Colonial Economy in Africa offers an in-depth analysis of the role industrial policy can play in the transformation of African economies. Using examples from Zambia’s industrial development experience, this book illustrates that core features of the colonial economy have not just survived six decades of independence in most African countries, but they have continued to shape the nature, scope and pace of economic activities on the continent. The book argues that since the colonial economy in Africa was not intended to serve the interests of Africans, it is imperative that the structures and the underlying rationale of the colonial economy are radically reoriented if economic activities in Africa are to benefit the majority of Africans. Drawing from the Zambian experience, the book shows that the transformation of the colonial economy in Africa is urgently needed. Whilst this has proved to be difficult over the past six decades, it can be done. The book outlines a specific type of industrial policy, Frontier Industrial Policy, as a key instrument for transforming the structure of African economies. At a time when economic growth across Africa is under considerable pressure due to COVID-19, the insights in this book will be of interest to researchers across Economics, Development, Postcolonial Studies, and African Studies.
Routledge Handbook of the Extractive Industries and Sustainable Development by Natalia Yakovleva,Edmund Nickless Pdf
The Routledge Handbook of the Extractive Industries and Sustainable Development provides a cutting-edge, comprehensive overview of current trends, challenges and opportunities for metal and mineral production and use, in the context of climate change and the United Nations Sustainable Development Agenda 2030. Minerals and metals are used throughout the world in manufacturing, construction, infrastructure, production of electronics and consumer goods. Alongside this widespread use, extraction and processing of mineral resources take place in almost every nation at varying scales, both in developing countries and major developed nations. The chapters in this interdisciplinary handbook examine the international governance mechanisms regulating social, environmental and economic implications of mineral resource extraction and use. The original contributions, from a range of scholars, examine the relevance of the mining industry to the United Nations Sustainable Development Goals (SDGs), reviewing important themes such as local communities Indigenous peoples, gender equality and fair trade, showing how mining can influence global sustainable development. The chapters are organised into three sections: Global Trends in Mineral Resources Consumption and Production; Technology, Minerals and Sustainable Development; and Management of Social, Environmental and Economic Issues in the Mining Industry. This handbook will serve as an important resource for students and researchers of geology, geography, earth science, environmental studies, engineering, international development, sustainable development and business management, among others. It will also be of interest to professionals in governmental, international and non-governmental organisations that are working on issues of resource governance, environmental protection and social justice.
