Growth of industrial output for domestic consumption during 1930-75 was significant, but not continuous; growth (1932-41) was followed by decline (1942-46), recovery (1947-57), stagnation (1958-65) and acceleration (1966-75). Protective trade policies triggered growth in the 1930s, when industry policy favoured a balanced development of capital-intensive large and medium-sized ventures and labour-intensive small firms and firms in light industries. The gist of this policy continued during the late-1940s and 1950s, but industry policies increasingly favoured large, capital-intensive stateowned enterprises. By 1960, policies no longer targeted small ventures and labour-intensive industrialisation. After 1966, economic stabilisation and deregulation rekindled the momentum of industrialisation. Although policy interest in the development of small industrial ventures revived in 1975, large-scale labour-intensive industrialisation did start until the mid-1980s.
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Paper provided by Australian National University, Economics RSPAS in its series Departmental Working Papers with number
2008-20.
Find related papers by JEL classification: L50 - Industrial Organization - - Regulation and Industrial Policy - - - General L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General N65 - Economic History - - Manufacturing and Construction - - - Asia including Middle East
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