The Industrial Policy Revolution I The Role of Government Beyond Ideology

In the wake of the global financial crisis, there is a new impetus for industrial policy. In Europe and the United States, where the crisis emphasized that markets are by themselves imperfect, industrial policy has re-entered the dialogue about restoring growth. And in emerging economies especially, policymakers have taken a keen interest in the various ways smart industrial policy can help sustain growth and open up new possibilities for employment creation. In this volume, world-renowned economists and policymakers write about industrial policy's rejuvenation, particularly in a development context. Through discussions of theory and case studies, the volume provides the broad context for its companion, New Thinking on Industrial Policy: Implications for Africa.

Joseph E. Stiglitz is University Professor at Columbia University, UK. In 2001, he was awarded the Nobel Prize in economics for his analyses of markets with asymmetric information. He is currently the President of the International Economic Association (2011-2014).

Justin Yifu Lin is honorary dean and professor of National School of Development at Peking University, China. From 2008-2012, he served as Chief Economist and Senior Vice President of the World Bank. His many books include Demystifying the Chinese Economy, the Quest for Prosperity, and the New Structural Economics. He is a corresponding fellow of British Academy and a fellow of the World Academy of Sciences for the Developing World.

PART I: CONCEPTUAL ISSUES AND PRINCIPLES OF INDUSTRIAL POLICY
1. Comparative Advantage: The Silver Bullet of Industrial Policy; Justin Yifu Lin and Célestin Monga
2. Comments on 'Comparative Advantage: The Silver Bullet of Industrial Policy; Ha-Joon Chang
3. Industrial Policies, the Creation of a Learning Society, and Economic Development; Bruce Greenwald and Joseph Stiglitz
4. Discussion of 'Industrial Policies, the Creation of a Learning Society, and Economic Development; Josh Lerner
PART II: SPECIAL ISSUES FOR DEVELOPING COUNTRIES
5. Technology Policies and Learning with Imperfect Governance; Mushtaq H. Khan
6. Comments on 'Technology Policies and Learning with Imperfect Governance'; Pranab Bardham
7. The Boulevard of Broken Dreams: Industrial Policy and Entrepreneurship; Josh Lerner
8. Comments on 'The Boulevard of Broken Dreams: Industrial Policy and Entrepreneurship'; Indermit Gill
PART III: INSTRUMENTS OF INDUSTRIAL POLICY
9. Financing Development: The Case of BNDES; João Carlos Ferraz, Claudio Figueiredo Coelho Leal, Felipe Silveira Marques and Marcelo Trindade Miterhof
10. Comments on 'Financing Development: The Case of BNDES'; Robert Cull
11. Growth and the Quality of Foreign Direct Investment; Laura Alfaro and Andrew Charlton
12. Comments on 'Growth and the Quality of Foreign Direct Investment; Ann Harrison
13. Clusters as an Instrument for Industrial Policy: The Case of China; Xiaobo Zhang
14. Theories of Agglomeration: Critical Analysis from a Policy Perspective; Célestin Monga
PART IV: REGIONAL CASE STUDIES OF SUCCESSFUL AND UNSUCCESSFUL INDUSTRIAL POLICIES
15. Capability Failure and Industrial Policy to Move beyond the Middle-Income Trap: From Trade-based to Technology-based Specialized; Keun Lee
16. Comments on 'Capability Failure and Industrial Policy to Move beyond the Middle-Income Trap: From Trade-based to Technology-based Specialized; Ariel Fiszbein
17. What's New in the New Industrial Policy in Latin America? Robert Devlin and Graciela Moguillansky
18. Comments on 'What's New in the New Industrial Policy in Latin America?'; Carlos Alvarez V.
PART V: COUNTRY CASE STUDIES OF SUCCESSFUL AND UNSUCCESSFUL INDUSTRIAL POLICIES
19. New Thinking on Industrial Policy Country Case Studies of Successful and Unsuccessful Industrial Policies: The Return of Industrial Policy in Brazil
David Kupfer, João Carlos Ferraz and Felipe Silveira Marques
20. Industrial Policy and Development: Lessons from Brazil. Comments on the Paper by David Kupfer, João Carlos Ferraz and Felipe Silveira Marques; Volcker Treichel
21. The Chaebol and Industrial Policy in Korea; Wonhyuk Lim
22. Comments on 'The Chaebol and Industrial Policy in Korea'; Shahid Yusuf