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A new approach to industrial policy and its implications : cover story

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Frame of Image nomic performance. (2) When there is market failure, if any, government cannot do anything because it does not have the ability to identify or correct market failure(which is known as government failure) so that economic welfare does not ameliorate. Several empirical studies support the skepticism of orthodox economics towards industrial policy with evidence that industrial policy has little to do with improving economic performance.2) Since the 1980s, the Washington Consensus,3) a package of policy rules for economic development, with its basis on both orthodox economics and neo-liberalism, has started to gain support in industrial policy circles worldwide. The Washington Consensus claims that universal policy rules such as market liberalization, openness to trade, and privatization of public firms would enable a country to enjoy faster economic growth, regardless of its e c o n o m i c environment or past experience. A l t h o u g h there was the perception that the Washington Consensus was mainly designed only to serve the interests of advanced countries so that they could penetrate developing markets, many (developing) countries have adopted its rules in the hopes of greater economic development. H o w e v e r, the verdict on the Washington Consensus so far has been“not likely.”Despite the worldwide experiment which has lasted for more than 20 years, the economic performance of the countries adopting it has been disappointing, w h i c h has raised strong suspicion of the


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Title A new approach to industrial policy and its implications
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Sub Title

cover story

Material Type Reports
Author(English)

Youn, Woojin; Kim, Inchul

Author(Korean)

윤우진; 김인철

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2008
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 13; no.1
Pages 5
Frequency Bimonthly
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < General
Holding KDI School of Public Policy and Management

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