Abstract
When one looks with a clear head at the nearly mind-boggling range of pros and cons regarding the wisdom of pursuing an industrial policy, one cannot escape infusing some degree of sentiment into what should be a dispassionate debate. Mine is for exploring the positive contribution that centralizing organs can render not only to transition policies but also to operating a market-based economy into which the sociopolitical sentiment finds its reflection to the extent existing political institutions allow. Industrial policy as part and parcel of good economic governancecan under some conditions play a constructive role in creating conditions that are conducive to generating more effective resource allocation. This role should be an evolving one, with the state disengaging from detailed management or efforts aimed at steering management in a particular direction as the changes incumbent on transforming the PETs into viable market-based structures gradually solidify. This observation applies with even greater force to the conceptualization, formulation, and implementation of transformation policies with or without targeted international economic assistance.
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