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Industrial Policy: Growth Elixir or Poison?

  • Pack, Howard
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    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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    File URL: http://www.worldbank.org/research/journals/wbro/obsfeb00/Article_3.pdf
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    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. 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.
    2. Fry, M.J., 1995. "Financial Development in Asia: Some Analytical Issues," Papers 95-01, University of Birmingham - International Financial Group.
    3. Noland, Marcus, 1997. "Has Asian export performance been unique?," Journal of International Economics, Elsevier, vol. 43(1-2), pages 79-101, August.
    4. 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.
    5. 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.
    6. repec:sae:niesru:v:145:y::i:1:p:43-63 is not listed on IDEAS
    7. Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, vol. 62, pages 143.
    8. Dani Rodrik, 1994. "Getting Interventions Right: How South Korea and Taiwan Grew Rich," NBER Working Papers 4964, National Bureau of Economic Research, Inc.
    9. 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.
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