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Developing Economies with Industrial Policy: Towards a Toolbox for Economic Growth. With Case Studies of Jordan and Egypt

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  • Benner, Maximilian
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    Abstract

    During the past two decades, the “Washington Consensus” has been the dominant recipe for unleashing economic growth in developing countries. In view of the strong criticism mounted against it, it seems to have lost prominence recently. The success of the East Asian newly industrialized economies and recently of China is often seen as an alternative way towards economic development. However, most instruments stipulated in the Washington Consensus can be reconciled with successful measures employed by industrialized or fastly industrializing Asian economies. Most likely, the stability and market orientation of the Washington Consensus as a recommendation for developing countries is not wrong in itself but rather incomplete. In order to give developing countries a perspective for durable and preferably inclusive growth, it must be complemented by a modern and market-oriented industrial policy aimed at upgrading the economy's competitiveness. Such a “newer” industrial policy offers a host of instruments that can enhance economic growth in a generally favorable macroeconomic framework that can be achieved through the Washington Consensus. This article undertakes to integrate industrial policy in a comprehensive toolbox for economic growth and takes Jordan and Egypt as examples for how industrial policy measures are employed in practice.

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43857.

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    Date of creation: 2013
    Date of revision: 2013
    Handle: RePEc:pra:mprapa:43857

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    Keywords: economic growth; industrial policy; regional policy; development policy; Washington Consensus; Jordan; Egypt;

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    1. Stuart Dawley & Andy Pike & John Tomaney, 2010. "Towards the Resilient Region?," Local Economy, Taylor and Francis Journals, vol. 25(8), pages 650-667.
    2. Zhou, Bin & Cling, Jean-Pierre & Chaponnière, Jean-Raphael, 2010. "Vietnam Following in China’s Footsteps : The Third Wave of Emerging Asian Economies," Economics Papers from University Paris Dauphine 123456789/10802, Paris Dauphine University.
    3. Dirk Dohse, 2007. "Cluster-Based Technology Policy—The German Experience," Industry and Innovation, Taylor & Francis Journals, vol. 14(1), pages 69-94.
    4. Tri Widodo, 2008. "Dynamic changes in comparative advantage: Japan “flying geese” model and its implications for China," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing, vol. 1(3), pages 200-213, December.
    5. Karl Aiginger, 2007. "Industrial Policy: A Dying Breed or A Re-emerging Phoenix," Journal of Industry, Competition and Trade, Springer, vol. 7(3), pages 297-323, December.
    6. Dohse, Dirk, 2000. "Technology policy and the regions -- the case of the BioRegio contest," Research Policy, Elsevier, vol. 29(9), pages 1111-1133, December.
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    Cited by:
    1. Benner, Maximilian, 2013. "Towards a policy to promote tourism clusters," MPRA Paper 43924, University Library of Munich, Germany.

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