Industrial Policy and Development: The Political Economy of Capabilities Accumulation

Overview

In the 1990s, development policy advocated by international financial institutions was influenced by Washington Consensus thinking. This strategy, based largely on liberalization, privatization, and price-flexibility, downplayed, if not disregarded, the role of government in steering the processes of technological learning and economic growth. With the exception of the Far East, many developing countries adopted the view that industrial policy resulted in inefficiency and poor ...

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Overview

In the 1990s, development policy advocated by international financial institutions was influenced by Washington Consensus thinking. This strategy, based largely on liberalization, privatization, and price-flexibility, downplayed, if not disregarded, the role of government in steering the processes of technological learning and economic growth. With the exception of the Far East, many developing countries adopted the view that industrial policy resulted in inefficiency and poor economic growth.

Ample historical evidence shows that industrial policy does work, when the right technologies and industries are supported and when appropriate combinations of policy measures are implemented. This book provides an in-depth exploration of which industrial policies have been successful, the trade-offs associated with these microeconomic approaches to growth and development, and the opportunities and constraints associated with the current organization of international economic relations.

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Meet the Author

M. Cimoli is Professor of Economics at the University of Venice (Ca' Foscari) since 1992 and Economic Affair Officer at ECLAC (Economic Commission for Latin America and the Caribbean) of UNITED NATIONS since 1999. He obtained a DPhil at the SPRU (University of Sussex) and he has held a number of visiting appointments in different universities and institutions (University of Pisa, University Metropolitan of Mexico (UAM), University of Campinas, etc).

Giovanni Dosi is Professor of Economics at the Scuola Superiore Sant'Anna in Pisa and Visiting Professor at the University of Manchester. His major research areas include economics of innovation and technological change, industrial organisation and industrial dynamics, theory of the firm and corporate governance, economic growth and development. Professor Dosi is Co-Director of the task forces on Industrial Policy and Intellectual Property Rights at the Initiative for Policy Dialogue, Columbia University, New York; Continental Europen Editor of Industrial and Corporate Change, Research consultant for Italian and international public and private institutions, and Honorary Research Professor at the University of Sussex.

Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000. He is also chair of the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. His best known recent publications include 'Making Globalization Work' (2006), 'Fair Trade for All' (2005), 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003).

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Table of Contents

List of Figures x

List of Tables xiii

List of Abbreviations xvi

List of Contributors xviii

1 The Political Economy of Capabilities Accumulation: The Past and Future of Policies for Industrial Development Mario Cimoli Giovanni Dosi Joseph E. Stiglitz 1

Part I General Introduction

2 Institutions and Policies Shaping Industrial Development: An Introductory Note Mario Cimoli Giovanni Dosi Richard Nelson Joseph E. Stiglitz 19

3 Technological Learning, Policy Regimes, and Growth: The Long-Term Patterns and Some Specificities of a 'Globalized' Economy Carolina Castaldi Mario Cimoli Nelson Correa Giovanni Dosi 39

Part II Industrial Policies in a Historical Perspective

4 Emulation versus Comparative Advantage: Competing and Complementary Principles in the History of Economic Policy Erik S. Reinert 79

5 Industrial Policies in Developing Countries: History and Perspectives Michele Di Maio 107

6 Industrial Tariffs, International Trade, and Development Yilmaz Akyüz 144

7 The (Slow) Return of Industrial Policies in Latin America and the Caribbean Wilson Peres 175

Part III National and Regional Experiences

8 Flying Geese and Waddling Ducks: The Different Capabilities of East Asia and Latin America to 'Demand-Adapt' and 'Supply-Upgrade' their Export Productive Capacity José Gabriel Palma 203

9 Microeconomic Evolution in High Uncertainty Contexts: The Manufacturing Sector in Argentina Bernardo Kosacoff Adrián H. Ramos 239

10 The Impact of Public Policies in Brazil along the Path from Semi-Stagnation to Growth in a Sino-Centric Market Antonio Barros de Castro 257

11 The Past, Present, and Future of Industrial Policy in India: Adapting to the Changing Domestic and International Environment Ajit Singh 277

12 Growth and Development in China and India: The Role of Industrial and Innovation Policy in Rapid Catch-Up Carl J. Dahlman 303

13 The Political Economy of Industrial Policy in Asia and Latin America Mushtaq H. Khan Stephanie Blankenburg 336

14 The Roles of Research at Universities and Public Labs in Economic Catch-Up Roberto Mazzoleni Richard R. Nelson 378

15 Nationality of Firm Ownership in Developing Countries: Who Should 'Crowd Out' Whom in Imperfect Markets? Alice H. Amsden 409

16 A Question of Trust: Historical Lessons for Current Development Colin Mayer 424

17 Competition Policy and Industrial Development Mario L. Possas Heloisa Borges 447

18 Latecomer Entrepreneurship: A Policy Perspective Mike Hobday Fernando Perini 470

19 Intellectual Property and Industrial Development: A Critical Assessment Mario Cimoli Benjamin Coriat Annalisa Primi 506

Part IV Conclusion

20 The Future of Industrial Policies in the New Millennium: Toward a Knowledge-Centered Development Agenda Mario Cimoli Giovanni Dosi Joseph E. Stiglitz 541

Index 561

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