Abstract
This article is broadly supportive of the thesis of Michael Porter's Competitive Advantage of Nations, but issues a number of qualifications: There are important methodological limitations to his chosen approach. The thesis is over-deterministic in the role allotted to economics. It neglects the role of culture, custom, history and politics. Critics of Porter such as Krugman are reviewed. The question of industrial policy is raised, can it ever succeed, how and in what circumstances? © 1997 John Wiley & Sons, Ltd.
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