Efficiency, Finance, and Varieties of Industrial Policy: Guiding Resources, Learning, and Technology for Sustained Growth (Initiative for Policy ... Challenges in Development and Globalization)

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. Industrial policy, once relegated to the trash bin by the orthodoxy of recent decades, is undergoing a resurgence of interest. This interest pertains not only to resource allocation, technological improvements, and the modernization of industries, but also is a vital component of sustainability, learning, and economic transformation in all sectors, including agriculture. A rich set of complementary institutions, shared behavioral norms, and public policies have sustained economic growth from Britain's industrial revolution onward. 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 on the most effective use of industrial policies in learning economies, development finance, and the promotion of investment in regional and global contexts. Also included are in-depth case studies of experience with industrial policy in the banking and private sectors, including in Japan and India. One essay revisits the theoretical and conceptual foundations of industrial policy from a structural economics and growth theory perspective, and another describes the models, packages, and transformation cycles that constitute a variety of approaches to design and implementation. Throughout, the book emphasizes industrial policies for facilitating high-quality growth, ways of managing and minimizing their risks, and realizing more sustainable and transformational development. -- from dust jacket. "Industrial policy, once relegated to the trash bin by the orthodoxy of recent decades, is undergoing a resurgence of interest. This interest pertains not only to resource allocation, technological improvements, and the modernization of industries, but also is a vital component of sustainability, learning, and economic transformation in all sectors, including agriculture. A rich set of complementary institutions, shared behavioral norms, and public policies have sustained economic growth from Britain's industrial revolution onward. 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 on the most effective use of industrial policies in learning economies, development finance, and the promotion of investment in regional and global contexts. Also included are in-depth case studies of experience with industrial policy in the banking and private sectors, including in Japan and India. One essay revisits the theoretical and conceptual foundations of industrial policy from a structural economics and growth theory perspective, and another describes the models, packages, and transformation cycles that constitute a variety of approaches to design and implementation. Throughout, the book emphasizes industrial policies for facilitating high-quality growth, ways of managing and minimizing their risks, and realizing more sustainable and transformational development."--Jaquette Contents 1. Learning, Industrial, and Technology Policies: An Overview PART I Theoretical and Conceptual Foundations 2. Industrial Policies in Learning Economies 3. Dynamic Efficiency: Structural Dynamics and Economic Growth in Developing Countries PART II Development Finance 4. Uncertainty, Investment, and Financing: The Strategic Role of National Development Banks 5. The Roles of Development Banks: How They Can Promote Investment in Europe and Globally 6. Inside the Black Box of Japan’s Institution for Industrial Policy: An Institutional Analysis of the Development Bank, Private Sector, and Labor 7. Development Banks and Industrial Finance: The Indian Experience and Its Lessons PART III. Practice and Proposals 8. Industrial Policy Revisited: A New Structural Economics Perspective 9. Varieties of Industrial Policy: Models, Packages, and Transformation Cycles 10. Industrial Strategies: Towarda Learning Society for Quality Growth 11. Could Technology Make Natural Resourcesa Platform for Industrialization? Identifyinga New Opportunity for Latin America (and Other Resource-Rich Countries) 12. Manufacturing Development: The Role of Comparative Advantage, Productivity Growth, and Country-Specific Conditions 13. Does Manufacturing Colocate with Intermediate Services? Analyzing the World Input-Output Database Acknowledgments Contributors Index This volume revisits the role of industrial policy, discussing 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. 13. Does Manufacturing Colocate With Intermediate Services? Analyzing The World Input-output Database, By Ming Leong Kuan -- Acknowledgments -- Contributors -- Index