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New open economy industrial policy : Making choices without picking winners

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Frame of Image  to start than to sustain
Setting the stage
 Initiation of growth: ‘first movers’ and entry points  Sustaining growth: from ‘first movers’ to clusters and value chains; from micro to mezzo-level phenomenon
 Our focus is a second question (sustaining growth)
© Knowledge for Development, WBI
3
Industrial policy as a process to foster restructuring and technological dynamism
Towards new industrial policy
Evolution of industrial policy: three stages Sectoral/ Vertical industrial policy Horizontal industrial policy New open economy or process industrial policy
© Knowledge for Development, WBI
4
Ambition:
create dynamism by picking winners
 Best practice: subsidies contingent on performance (Korea, Japan)
Sectoral/ Vertical Industrial Policy
 Worst practice: rent-seeking (almost anywhere else) Three major assumptions/ problems:
 ‘picking winners’ in modern fast-changing industries? ‘Winners’ are continuously evolving: self-discovery problem  public sector has information/ capabilities to make a choice. It does not: capability problem  capture by vested/ entrenched interests: a problem of dis-entrenchment
© Knowledge for Development, WBI
5
Objective (ambition?) is to create pre-condition for growth (e.g. creating missing markets)
Horizontal Industrial Policy
 Related to the Washington consensus
 Correct in a sense of being a ‘wish list’ of many things to do  Silent on how to implement the wish list (little attention to political economy, for example) and could be very


Full Text
Title New open economy industrial policy
Similar Titles
Sub Title

Making choices without picking winners

Project Category Capacity Building Workshops
Material Type Proceedings
Author(English)

Kuznetsov, Yevgeny

Publisher

World Bank

Date 2014-04
Event

[Conference] Frontiers in Development Policy

Project Capacity Building Workshops
Pages 23
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < General
Government and Law < Governance
Holding KDI School of Public Policy and Management
Program Type Conference