Rethinking industrial policy in the context of the social contract through the lens of economic theory

The purpose of the article is to reconsider the industrial policy in the context of the social contract in terms of such issues as the relationship between private initiative and public policy in the industrial sector, manufacturing and rent as the sources of public welfare, freedom of trade and protectionist measures, transfer of knowledge and protection of technological sovereignty, the global division of labor and ensuring import independence, as well as negotiations on the priorities of human capital development. The hypothesis of this article is the assumption that the industrial policy is formed and corrected as a result of coordination of the interests of society, business and government on the issues of that policy in the context of the social contract that are of great importance for them. The authors have consistently substantiated this hypothesis through a single structure of consideration of each of the indicated issues: definition of the genesis, concept and place in the economic theory of categories that are a subject of choice in the context of industrial policy, identifying the role of society/business in terms of such choice, coordination of interests of economic agents in formation and correction of the industrial policy. As a result of the study. the authors come to the conclusion that in the 21st century social contract, which is only partially put on paper within the framework of the constitution of the state, is underestimated as a tool of state regulation and self-regulation of the economics. The implicit part of such a contract, which responds most flexibly to the changes in economic, political and social conditions, is the most significant factor of successful implementation of the government economic (including industrial) policy. Due to this, such a policy should become the subject of the negotiations between the society, business and authorities to develop mutually beneficial terms of cooperation.