Description: This volume revisits the role of industrial policy, discussing the most effective use of industrial policies in learning economies, development finance, and promoting investment in regional and global contexts. Also included are in-depth case studies of Japan and India's experience with industrial policy in the banking and private sector.
Brief description: Joseph E. Stiglitz is University Professor at Columbia University and a member and former chair of Columbia University's Committee on Global Thought. He was the winner of the 2001 Nobel Prize for Economics. He served on President Clinton's Council of Economic Advisors, and then joined the World Bank as chief economist and senior vice president. His most recent book is The Price of Inequality: How Today's Divided Society Endangers Our Future.
Review Quotes: Learning and ideas are public assets; capital markets have deep problems in managing longer-term risk. That is enough to tell us that market structures and government policies around finance and technology are likely to be critical to growth in all economies whether more advanced or less advanced. That means that industrial policy matters. The challenge is how to do it well and in a way that fosters rather than hinders entrepreneurship and creativity. That is why this book is so important. It is full of insight and empirical investigation and covers a very broad range of countries and economies. It is an immensely valuable contribution.--Nicholas Stern, London School of Economics and Political Science and President, British Academy