Palgrave Encyclopedia of Strategic Management, D Teece and M. Augier, eds., Palgrave, 2012
10 Pages Posted: 16 Jun 2013 Last revised: 19 Jun 2013
Date Written: 2012
Scholars long treated industrial policies as temporary expedients that help developing economies to catch up with rivals. A growing body of research suggests that public-policy interventions targeting particular industries play important but very different roles across developed economies. Industrial policies can substitute for market coordination, can supplement capitalization by private investors, and can be used to jump-start infant industries. Understanding the variety of industrial policies, and their roles in modern economies with different systems of government coordination, private initiative, research and development, labor cooperation, and training will be increasingly important for strategic management scholars.
Keywords: economic development, state, strategy, varieties of capitalism, institution, business systems
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