Business Intelligence  Some Thoughts On Industrial Policy And
Growth  Free registration required  Executive Summary  In the
aftermath of WWII, many developing countries have opted for
policies aimed at promoting new infant industries or at
protecting local traditional activities from competition by
products from more advanced countries. Thus several Latin
American countries advocated import substitution policies
whereby local industries would more fully benefit from domestic
demand. East Asian countries like Korea or Japan, rather than
advocate import substitution policies, would favor export
promotion, which in turn would be achieved partly through
tariffs and non tariff barriers and partly through maintaining
undervalued exchange rates. For at least two or three decades
after WWII, these policies which belong to what is commonly
referred to as "Industrial policy", remained fairly non-
controversial as both groups of countries were growing at fast
rates.    • Format: PDF   • Size: 210.2 KB