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Industrial Policy: Growth Elixir or Poison?

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  • Pack, Howard
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    Abstract

    The debate about industrial policy occasioned by the East Asian financial crisis is the latest chapter in an ongoing discussion about the effectiveness of selective government intervention in fostering rapid industrial growth. The crisis that began in the Republic of Korea in 1997 and the weak growth in Japan over much of the 1990s have prompted a reexamination of the effectiveness of the government actions in the two countries that pursued sectoral selectivity most intensively. If indeed industrial policies were important in accelerating growth, there may be lessons for other countries still in the early stages of industrialization. Conversely, if the magnitude of the contribution was small, more conventional policies should be pursued unless it is assumed that governments can improve on the efforts of Japan and Korea. Copyright 2000 by Oxford University Press.

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    Bibliographic Info

    Article provided by World Bank Group in its journal World Bank Research Observer.

    Volume (Year): 15 (2000)
    Issue (Month): 1 (February)
    Pages: 47-67

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    Handle: RePEc:oup:wbrobs:v:15:y:2000:i:1:p:47-67

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    1. Klaus E Meyer, 1997. "Learning from the Asian Tigers. Studies in Technology and Industrial Policy," Comparative Economic Studies, Palgrave Macmillan, vol. 39(1), pages 95-97, April.
    2. Fry, M.J., 1995. "Financial Development in Asia: Some Analytical Issues," Papers 95-01, University of Birmingham - International Financial Group.
    3. Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, vol. 62, pages 143.
    4. Dani Rodrik, 1994. "Getting Interventions Right: How South Korea and Taiwan Grew Rich," NBER Working Papers 4964, National Bureau of Economic Research, Inc.
    5. repec:sae:niesru:v:145:y::i:1:p:43-63 is not listed on IDEAS
    6. Krueger, Anne O & Tuncer, Baran, 1982. "An Empirical Test of the Infant Industry Argument," American Economic Review, American Economic Association, vol. 72(5), pages 1142-52, December.
    7. Noland, Marcus, 1997. "Has Asian export performance been unique?," Journal of International Economics, Elsevier, vol. 43(1-2), pages 79-101, August.
    8. Pack, Howard & Westphal, Larry E., 1986. "Industrial strategy and technological change : Theory versus reality," Journal of Development Economics, Elsevier, vol. 22(1), pages 87-128, June.
    9. Pack, Howard, 1988. "Industrialization and trade," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 1, chapter 9, pages 333-380 Elsevier.
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    Cited by:
    1. Daniel Lederman & William F. Maloney, 2007. "Natural Resources : Neither Curse nor Destiny," World Bank Publications, The World Bank, number 7183, October.
    2. Benhassine, Najy & Raballand, Gaƫl, 2009. "Beyond ideological cleavages: A unifying framework for industrial policies and other public interventions," Economic Systems, Elsevier, vol. 33(4), pages 293-309, December.
    3. Naude, Wim, 2009. "The Global Economic Crisis after One Year: Is a New Paradigm for Recovery in Developing Countries Emerging?," Working Paper Series UNU-WIDER UNU Policy Brie, World Institute for Development Economic Research (UNU-WIDER).
    4. Gerald Mc Dermott, 2005. "The Politics of Institutional Renovation and Economic Upgrading: Lessons from the Argentine Wine Industry," William Davidson Institute Working Papers Series 817, William Davidson Institute at the University of Michigan.
    5. World Bank, 2006. "Fostering Higher Growth and Employment in the Kingdom of Morocco," World Bank Publications, The World Bank, number 7114, October.
    6. Marcus Noland & Howard Pack, 2005. "The East Asian Industrial Policy Experience: Implications for the Middle East," Working Paper Series WP05-14, Peterson Institute for International Economics.
    7. Marcus Noland, 2004. "Selective Intervention and Growth: The Case of Korea," Working Paper Series WP04-3, Peterson Institute for International Economics.
    8. Jin, Seung Ha, 2013. "The Effect of South Korean FTAs on Trade: Country-level and Industry-level Analyses," Master's Theses 149430, University of Minnesota, Department of Applied Economics.

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