Models and tools for industrial policy in high-income countries

Abstract

This article examines the main directions of industrial policy, covering the knowledge economy, integration into global value chains, the new industrial revolution, stable development, etc. It should be noted that in the current environment, industrial policy is characterized as more diverse and complex. The article also presents the main stages of development in approaches to industrial policy in the world. Such models of industrial policy as capacity building, protective, catch-up development, based on innovation, aimed at a new industrial revolution are considered. The characteristics of these models of industrial policy are given, in which the differences in the degree of industry specificity, the degree of intervention, the degree of openness to external competition, and the degree of export orientation are studied in more detail. Three phases of industrial policy were studied. Models and tools of industrial policy in high-income countries are also considered. The experience of countries such as South Korea and Taiwan, which have transformed from a group of upper-middle-income countries to a group of high-income countries through high innovation costs have been studied. In particular, the forms and tools of industrial policy in these countries are considered. Thus, the article studied the world experience of creating and implementing industrial policies in highincome and upper-middle-income countries.