Industrial Policy in the African Context

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dc.creatorStiglitz, Joseph
dc.creatorLin, Justin
dc.creatorMonga, Célestin
dc.creatorPatel, Ebrahim
dc.date2014-02-04T16:15:07Z
dc.date2014-02-04T16:15:07Z
dc.date2013-10
dc.date.accessioned2026-07-01T00:44:37Z
dc.descriptionAfter long suffering from benign neglect if not outright contempt, industrial policy is almost fashionable again. The global financial and economic crisis known as the Great Recession has forced researchers and policy makers to confront the reality that market forces alone generally do not lead to (constrained) Pareto-efficient outcomes. Many important national and global policy objectives (equality of opportunity for all citizens, financial stability and inclusion, environmental protection and pollution control, etc.) are simply often not reflected in market prices and not achieved by markets on their own. In addition to traditional justification for industrial policies -- dealing with externalities and coordination issues economists and policy makers now acknowledge the need to foster learning at the level of each economic agent and throughout society and the ultimate responsibility that the state must bear in that crucial process. But converting the now widely accepted theoretical principles of industrial policy into practical frameworks for concrete government action is indeed a daunting task everywhere and perhaps more so in the African context where the institutional underpinnings of effective government are often not as strong as one might have hoped. This essay highlights the intellectual foundations and broad principles of good industrial policy, outlines the contours of the policy agenda, and fleshes out the lessons learned. It argues that there has been substantial progress on the understanding and acceptance of industrial policy and that Africa could benefit enormously from it and from the unprecedented new opportunities brought to light by a multipolar world.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2013/10/18338614/industrial-policy-african-context
dc.identifierhttps://hdl.handle.net/10986/16850
dc.identifierhttps://doi.org/10.1596/1813-9450-6633
dc.identifier.urihttp://hdl.handle.net/123456789/410271
dc.languageEnglish
dc.languageen_US
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper;No. 6633
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectABUSE
dc.subjectACCOUNTABILITY
dc.subjectALLOCATION
dc.subjectALLOCATION OF RESOURCES
dc.subjectARBITRAGE
dc.subjectASSETS
dc.subjectBASIC EDUCATION
dc.subjectCAPITAL STOCKS
dc.subjectCARTEL
dc.subjectCITIZENS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCOLLAPSE
dc.subjectCOLLAPSES
dc.subjectCOMMODITY MARKETS
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPETITION POLICY
dc.subjectCONFIDENCE
dc.subjectCORRUPTION
dc.subjectDEMOGRAPHIC GROWTH
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT OBJECTIVES
dc.subjectDEVELOPMENT POLICY
dc.subjectDEVELOPMENT STRATEGIES
dc.subjectDEVELOPMENT STRATEGY
dc.subjectDIVIDENDS
dc.subjectECONOMIC BEHAVIOR
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC HISTORY
dc.subjectECONOMIC OPPORTUNITIES
dc.subjectECONOMIC POLICIES
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC TOOLS
dc.subjectECONOMICS
dc.subjectECONOMIES OF SCALE
dc.subjectECONOMISTS
dc.subjectELASTICITIES
dc.subjectELASTICITY
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEMPIRICAL EVIDENCE
dc.subjectEMPLOYMENT OPPORTUNITIES
dc.subjectENVIRONMENTAL
dc.subjectENVIRONMENTAL PROTECTION
dc.subjectEQUALITY OF OPPORTUNITY
dc.subjectEXCHANGE RATE
dc.subjectEXPORTS
dc.subjectEXTERNAL SHOCKS
dc.subjectEXTERNALITIES
dc.subjectEXTERNALITY
dc.subjectEXTREME POVERTY
dc.subjectFEWER CHILDREN
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL SYSTEM
dc.subjectFISHERIES
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFORESTRY
dc.subjectFREE TRADE
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGLOBAL POLICY
dc.subjectGOVERNMENT OFFICIALS
dc.subjectGOVERNMENT POLICIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS NATIONAL INCOME
dc.subjectGROWTH RATE
dc.subjectHIGH RATE OF POPULATION GROWTH
dc.subjectHIV
dc.subjectHIV INFECTIONS
dc.subjectHUMAN CAPITAL
dc.subjectINCOME LEVELS
dc.subjectINDIRECT IMPACT
dc.subjectINDUSTRIAL DEVELOPMENT
dc.subjectINDUSTRIALIZATION
dc.subjectINFANT
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINTENSIVE INDUSTRIES
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL COMMUNITY
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT DECISIONS
dc.subjectJOBS
dc.subjectLABOR MARKET
dc.subjectLABOR PRODUCTIVITY
dc.subjectLAND TENURE
dc.subjectLAWS
dc.subjectLEVEL OF DEVELOPMENT
dc.subjectLIFE EXPECTANCY
dc.subjectLIMITED RESOURCES
dc.subjectLIVING STANDARDS
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACRO-ECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMICS
dc.subjectMARGINAL COST
dc.subjectMARKET ECONOMY
dc.subjectMARKET FAILURES
dc.subjectMARKET LIBERALIZATION
dc.subjectMARKET PRICES
dc.subjectMERGERS
dc.subjectMIGRANTS
dc.subjectMIGRATION
dc.subjectMINISTER
dc.subjectMONETARY POLICY
dc.subjectMONOPOLY
dc.subjectNATIONAL INCOME
dc.subjectNATURAL ENDOWMENTS
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCE BASE
dc.subjectNATURAL RESOURCES
dc.subjectNEED FOR RESEARCH
dc.subjectNEGATIVE EXTERNALITIES
dc.subjectNUMBER OF PEOPLE
dc.subjectPEACE
dc.subjectPOLICES
dc.subjectPOLICY DISCUSSIONS
dc.subjectPOLICY FRAMEWORK
dc.subjectPOLICY MAKERS
dc.subjectPOLICY RESEARCH
dc.subjectPOLICY RESEARCH WORKING PAPER
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL LEADERS
dc.subjectPOLLUTION
dc.subjectPOLLUTION CONTROL
dc.subjectPOPULATION GROWTH
dc.subjectPOSITIVE EXTERNALITIES
dc.subjectPRIVATE GAINS
dc.subjectPRIVATIZATION
dc.subjectPROGRESS
dc.subjectPUBLIC DISCOURSE
dc.subjectPUBLIC GOOD
dc.subjectPUBLIC GOODS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC SERVICES
dc.subjectRATE OF GROWTH
dc.subjectRATES OF GROWTH
dc.subjectREAL INCOME
dc.subjectREAL INTEREST RATE
dc.subjectREAL WAGES
dc.subjectREFRIGERATION
dc.subjectREGULATORY POLICY
dc.subjectRENT SEEKING
dc.subjectRESEARCH AGENDA
dc.subjectRESOURCE ALLOCATIONS
dc.subjectRESPECT
dc.subjectRICHER COUNTRIES
dc.subjectSECTORAL POLICIES
dc.subjectSEGMENTS OF SOCIETY
dc.subjectSOCIAL NORMS
dc.subjectSOCIAL RETURNS
dc.subjectSOCIAL SCIENCE
dc.subjectSOCIAL SCIENCES
dc.subjectSTATIC ANALYSIS
dc.subjectSTRUCTURAL ADJUSTMENT
dc.subjectSTRUCTURAL CHANGE
dc.subjectSUBSISTENCE AGRICULTURE
dc.subjectSUBSTITUTION
dc.subjectSUPPLY SIDE
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE BARRIERS
dc.subjectTRANSPARENCY
dc.subjectTRIAL
dc.subjectUNEMPLOYMENT
dc.subjectVALUE ADDED
dc.subjectVICTIMS
dc.subjectWARS
dc.titleIndustrial Policy in the African Context

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