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Industrial Policy in the African Context

ABUSE ACCOUNTABILITY ALLOCATION ALLOCATION OF RESOURCES ARBITRAGE ASSETS BASIC EDUCATION CAPITAL STOCKS CARTEL CITIZENS CLIMATE CLIMATE CHANGE COLLAPSE COLLAPSES COMMODITY MARKETS COMPARATIVE ADVANTAGE COMPETITION POLICY CONFIDENCE CORRUPTION DEMOGRAPHIC GROWTH DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT OBJECTIVES DEVELOPMENT POLICY DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIVIDENDS ECONOMIC BEHAVIOR ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC OPPORTUNITIES ECONOMIC POLICIES ECONOMIC THEORY ECONOMIC TOOLS ECONOMICS ECONOMIES OF SCALE ECONOMISTS ELASTICITIES ELASTICITY EMPIRICAL ANALYSIS EMPIRICAL EVIDENCE EMPLOYMENT OPPORTUNITIES ENVIRONMENTAL ENVIRONMENTAL PROTECTION EQUALITY OF OPPORTUNITY EXCHANGE RATE EXPORTS EXTERNAL SHOCKS EXTERNALITIES EXTERNALITY EXTREME POVERTY FEWER CHILDREN FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SYSTEM FISHERIES FOREIGN DIRECT INVESTMENT FORESTRY FREE TRADE GDP GDP PER CAPITA GLOBAL POLICY GOVERNMENT OFFICIALS GOVERNMENT POLICIES GROSS DOMESTIC PRODUCT GROSS NATIONAL INCOME GROWTH RATE HIGH RATE OF POPULATION GROWTH HIV HIV INFECTIONS HUMAN CAPITAL INCOME LEVELS INDIRECT IMPACT INDUSTRIAL DEVELOPMENT INDUSTRIALIZATION INFANT INFRASTRUCTURE INVESTMENT INTENSIVE INDUSTRIES INTEREST RATE INTERNATIONAL COMMUNITY INTERNATIONAL TRADE INVESTMENT DECISIONS JOBS LABOR MARKET LABOR PRODUCTIVITY LAND TENURE LAWS LEVEL OF DEVELOPMENT LIFE EXPECTANCY LIMITED RESOURCES LIVING STANDARDS LOW-INCOME COUNTRIES MACRO-ECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMICS MARGINAL COST MARKET ECONOMY MARKET FAILURES MARKET LIBERALIZATION MARKET PRICES MERGERS MIGRANTS MIGRATION MINISTER MONETARY POLICY MONOPOLY NATIONAL INCOME NATURAL ENDOWMENTS NATURAL RESOURCE NATURAL RESOURCE BASE NATURAL RESOURCES NEED FOR RESEARCH NEGATIVE EXTERNALITIES NUMBER OF PEOPLE PEACE POLICES POLICY DISCUSSIONS POLICY FRAMEWORK POLICY MAKERS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POLITICAL ECONOMY POLITICAL LEADERS POLLUTION POLLUTION CONTROL POPULATION GROWTH POSITIVE EXTERNALITIES PRIVATE GAINS PRIVATIZATION PROGRESS PUBLIC DISCOURSE PUBLIC GOOD PUBLIC GOODS PUBLIC POLICY PUBLIC SERVICES RATE OF GROWTH RATES OF GROWTH REAL INCOME REAL INTEREST RATE REAL WAGES REFRIGERATION REGULATORY POLICY RENT SEEKING RESEARCH AGENDA RESOURCE ALLOCATIONS RESPECT RICHER COUNTRIES SECTORAL POLICIES SEGMENTS OF SOCIETY SOCIAL NORMS SOCIAL RETURNS SOCIAL SCIENCE SOCIAL SCIENCES STATIC ANALYSIS STRUCTURAL ADJUSTMENT STRUCTURAL CHANGE SUBSISTENCE AGRICULTURE SUBSTITUTION SUPPLY SIDE TELECOMMUNICATIONS TRADE BARRIERS TRANSPARENCY TRIAL UNEMPLOYMENT VALUE ADDED VICTIMS WARS
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World Bank, Washington, DC
Africa | Africa
2014-02-04T16:15:07Z | 2014-02-04T16:15:07Z | 2013-10

After 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.

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