Industrial policies pursued in many developing countries in the 1950s-1970s largely failed while the industrial policies of the Asian Miracles succeeded. We argue that a key factor of success is industrial policy with export orientation in contrast to import substitution. Exporting encouraged competition, economies of scale, innovation, and local integration and provided market signals to policymakers. Even in a large market such as India, import substitution policies in the automotive industry failed because of micromanagement and misaligned incentives. We also analyze the risk tradeoffs involved in various industrial policy strategies and their implications on the 21st century industrial policies. While state interventions may be needed to develop some new capabilities and industries, trade protectionism is neither a necessary nor a sufficient tool and will most likely be counterproductive.

What is Import Substitution Industrialization The concept of import substitution industrialization (ISI) refers to a trade and economic policy that promotes the replacement of domestic manufacturing for imports from other countries. The idea is predicated on the assumption that a nation ought to make an effort to lessen its reliance on foreign sources by increasing the amount of industrialized goods that are produced domestically. The word is most commonly used to refer to development economics policies that were implemented in the 20th century; nevertheless, economists like as Friedrich List and Alexander Hamilton have been lobbying for its implementation since the 18th century. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Import substitution industrialization Chapter 2: Economy of Paraguay Chapter 3: Tariff Chapter 4: Protectionism Chapter 5: Industrial policy Chapter 6: Prebisch-Singer hypothesis Chapter 7: Non-tariff barriers to trade Chapter 8: Dependency theory Chapter 9: Raúl Prebisch Chapter 10: Structural adjustment Chapter 11: Export-oriented industrialization Chapter 12: Development theory Chapter 13: Economic history of Nicaragua Chapter 14: Developmental state Chapter 15: Economic history of Brazil Chapter 16: Economic history of Turkey Chapter 17: Structuralist economics Chapter 18: Mexican miracle Chapter 19: Economic history of Colombia Chapter 20: British investment in Argentina Chapter 21: Economic history of Ivory Coast (II) Answering the public top questions about import substitution industrialization. (III) Real world examples for the usage of import substitution industrialization in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Import Substitution Industrialization.

Monograph on theoretical and practical aspects of import substitution policy in developing countries and least developed countries - examines import substitution as a source of industrial growth and as a feasible strategy for improving those countries' trade and balance of payments. Bibliography pp. 109 to 119, graphs and statistical tables.

Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn more from miracles than failures. We suggest three key principles behind their success: (i) the support of domestic producers in sophisticated industries, beyond the initial comparative advantage; (ii) export orientation; and (iii) the pursuit of fierce competition with strict accountability.

The global financial crisis of 2008/9 is the Great Depression of the 21st century. For many though, the similarities stop at the Wall Street Crash as the current generation of policymakers have acted quickly to avoid the mistakes of the past. Yet the global crisis has made room for mistakes all of its own. While governments have apparently kept to their word on refraining from protectionist measures in the style of 1930s tariffs, there has been a disturbing rise in "murky protectionism." Seemingly benign, these crisis-linked policies are twisted to favour domestic firms, workers and investors. This book, first published as an eBook on VoxEU.org in March 2009, brings together leading trade policy practitioners and experts - including Australian Trade Minister Simon Crean and former Mexican President Ernesto Zedillo. Initially its aim was to advise policymakers heading in to the G20 meeting in London, but since the threat of murky protectionism persists, so too do their warnings.

In the early 1980’s, Jiang Zemin, then Minister of Electronics Ministry of China, assessed the IT industry as ‘the strategic high ground in international competition.’ He "perceived the discrepancy between China’s level and the world's advanced level was so great that we had to do our utmost to catch up." Since then through numerous articles and frequent speeches he has drawn up a detailed technological and policy roadmap for doing exactly that. This volume collects over 25 pieces written over more than 20 years. It demonstrates the former president of China’s authority and insight into the development of China’s IT industry since the introduction of reforms, and the cutting-edge issues experienced throughout the global IT industry. Jiang’s ambitious goal is the transformation of China into a leader in the global IT industry by 2020. This volume offers IT industry analysts, China watchers, policy makers and advisors, IT researchers, and investors a singular and authoritative view on how China should get there. Establishes key measurements for the development of China’s IT industry Sets forth the priorities for government and industry Identifies opportunities for interrelating military and civilian R&D and applications Reveals key obstacles to progress and directives for overcoming them Sets out an R&D agenda for industry Names the core industry sectors for government and industry investment Identifies opportunities and the necessity for international collaboration Establishes the need to develop China’s own IPR and to respect and protect others’ IPR

This book maps the process and political economy of policy making in Africa. It's focus on trade and industrial policy makes it unique and it will appeal to students and academics in economics, political economy, political science and African studies. Detailed case studies help the reader to understand how the process and motivation behind policy decisions can vary from country to country depending on the form of government, ethnicity and nationality and other social factors.