The rejuvenation of industrial policy

摘要: This essay is about an important area in which there has been major rethinking -- industrial policy, by the authors mean government policies directed at affecting economic structure of economy. The standard argument was that markets were efficient, so no need for to intervene either allocation resources across sectors or choices technique. And even if not governments likely improve matters. But 2008-2009 global financial crisis showed necessarily efficient and, indeed, a broad consensus without strong intervention included providing lifelines certain firms and industries market economies United States Europe may have collapsed. Today, relevance pertinence are acknowledged mainstream economists political leaders from all sides ideological spectrum. what exactly policy? Why it raised much controversy confusion? What compelling new rationale seems bring acknowledge crucial importance policy revisit some fundamental assumptions theory development? How can be designed avoid pitfalls seeming past failures emulate successes? contours emerging remaining issues open questions? paper addresses these questions.