Abstract
The global financial–economic crisis has led to a rethinking on the relative roles of state and markets. Public investments and industrial policies are no longer seen as interventions that inevitably lead to inefficient, uncompetitive and rent‐extracting forms of industrialisation. The present article looks at the content of (‘the what’), the justification for (‘the why’), and the adoption and implementation of (‘the how’) strategic industrial policy in relation to latecomer development. The aim of the article is to come up with some guiding principles on a strategic industrial policy, which supports a long‐term and robust expansion of productive activity through sectoral diversification, industrial deepening and industrial upgrading.
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