Normalizing Industrial Policy
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World Bank, Washington, DC
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The theoretical case for industrial
policy is a strong one. The market failures that industrial
policies target in markets for credit, labor, products, and
knowledge have long been at the core of what development
economists study. The conventional case against industrial
policy rests on practical difficulties with its
implementation. Even though the issues could in principle be
settled by empirical evidence, the evidence to date remains
uninformative. Moreover, the conceptual difficulties
involved in statistical inference in this area are so great
that it is hard to see how statistical evidence could ever
yield a convincing verdict. A review of industrial policy in
three non-Asian settings El Salvador, Uruguay, and South
Africa highlights the extensive amount of industrial policy
that is already being carried out and frames the need for
industrial policy in the specific circumstances of
individual countries. The traditional informational and
bureaucratic constraints on the exercise of industrial
policy are not givens; they can be molded and rendered less
binding through appropriate institutional design. Three key
design attributes that industrial policy must possess are
embeddedness, carrots-and-sticks, and accountability.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, ADVERSE EFFECTS, AGENCY PROBLEMS, AGRICULTURE, ALLOCATION, ALTERNATIVE USE, ANTI-CORRUPTION, ASSETS, ASYMMETRIC INFORMATION, BANK CREDIT, BANK LENDING, BANKS, BARGAINING, BENCHMARKING, BENCHMARKS, BENEFICIARIES, BENEFICIARY, BID, BUSINESS CYCLE, BUSINESSMEN, CENTRAL BANK, CENTRAL BANK INDEPENDENCE, CLIMATE, CLIMATE CHANGE, COLLAPSE, COLLATERAL, COLLECTIVE ACTION, COMMERCIAL BANKS, COMPETITIVENESS, CONFIDENCE, CONSUMER PROTECTION, COORDINATION FAILURES, CORRUPTION, COST-BENEFIT, COST-BENEFIT ANALYSIS, CREDIT CONSTRAINT, CREDIT CONSTRAINTS, CREDIT MARKET, CREDIT PROGRAM, CREDIT SUBSIDIES, CREDITORS, CURRENCY, CURRENCY DEPRECIATION, DEBT, DEMOCRACY, DEREGULATION, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT BANK, DEVELOPMENT ECONOMICS, DEVELOPMENT STRATEGY, DIMINISHING RETURNS, DIRECTED CREDIT, DIVERSIFIED PORTFOLIO, DOMESTIC PRODUCTION, DYNAMICS OF GROWTH, ECONOMETRICS, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC DIVERSIFICATION, ECONOMIC GROWTH, ECONOMIC HISTORY, ECONOMIC OUTCOMES, ECONOMIC PERFORMANCE, ECONOMIES OF SCALE, EQUIPMENT, EXCHANGE RATE, EXPENDITURES, EXPORT PERFORMANCE, EXPORTS, EXTERNAL FINANCE, EXTERNALITIES, FACE VALUE, FEASIBILITY, FEASIBILITY STUDIES, FINANCIAL LOSSES, FINANCIAL MARKET, FINANCIAL MARKETS, FIRM PERFORMANCE, FISCAL POLICIES, FISCAL POLICY, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FOREIGN INVESTORS, GDP, GDP PER CAPITA, GLOBALIZATION, GOOD GOVERNANCE, GOVERNMENT INTERVENTION, GOVERNMENT POLICY, GOVERNMENT SUPPORT, GROWTH RATE, GROWTH THEORY, HOLDING, HOST COUNTRIES, HUMAN CAPITAL, IMPORT SUBSTITUTION, IMPORTS, INCOME, INCOME LEVELS, INFANT INDUSTRY ARGUMENT, INFLATION, INFORMATIONAL ASYMMETRIES, INFORMATIONAL ASYMMETRY, INITIATIVE, INNOVATION, INNOVATIONS, INSTRUMENT, INSURANCE, INTELLECTUAL PROPERTY, INTEREST RATES, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INVESTING, INVESTMENT BANK, INVESTMENT CLIMATE, INVESTMENT FINANCE, INVESTMENT OPPORTUNITIES, JOBS, LABOR MARKET, LABOR TURNOVER, LAWS, LOW UNEMPLOYMENT, MACROECONOMIC INSTABILITY, MACROECONOMIC POLICIES, MACROECONOMIC STABILIZATION, MACROECONOMICS, MARGINAL COSTS, MARKET ANALYSTS, MARKET DISCIPLINE, MARKET ENVIRONMENTS, MARKET FAILURE, MARKET FAILURES, MARKET SHORTCOMINGS, MICROFINANCE, MINISTER, MONETARY POLICY, MULTINATIONAL, MULTINATIONALS, NATIONAL OUTPUT, OPPORTUNITY COST, OUTPUTS, PENSION, PENSION SYSTEMS, PENSIONS, PERFORMANCE STANDARDS, POLICY MAKERS, POLICY RESPONSE, POLITICAL ECONOMY, POLITICIAN, POLITICIANS, PORTFOLIO, POSITIVE EFFECTS, POSITIVE EXTERNALITIES, POTENTIAL INVESTMENT, PREFERENTIAL, PRINCIPAL-AGENT, PRIVATE INVESTMENT, PRIVATE LENDERS, PRIVATIZATION, PROCUREMENTS, PRODUCTION COSTS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROPERTY RIGHTS, PUBLIC FINANCES, PUBLIC INFORMATION, REAL EXCHANGE RATE, REAL EXCHANGE RATES, REAL WAGES, RELATIVE PRICE, REMEDIES, REMEDY, REMITTANCES, RENEGOTIATION, RENTS, RESOURCE ALLOCATION, RETURN, RETURNS, RISK CAPITAL, RISK MARKETS, SAFETY, SAFETY NETS, SOCIAL COHESION, SOURCE OF CREDIT, STOCKS, STRUCTURAL CHANGE, SUPPLIERS, TAX, TAX CODE, TAX CREDITS, TAX INCENTIVES, TAX REGIME, TAX TREATMENT, TOTAL FACTOR PRODUCTIVITY, TRADE BARRIERS, TRADE LIBERALIZATION, TRADE POLICIES, TRADE PROTECTION, TRANSPARENCY, TURNOVER, UNDERVALUATION, UNEMPLOYED, UNEMPLOYMENT, UNSKILLED LABOR, VALUE ADDED, WAGES, WHITE ELEPHANTS, WITHDRAWAL, WORLD TRADE ORGANIZATION, WTO