""industrial policy" can mean many different things. As Cherif and Hasanov told a seminar at Cambridge's Bennett Institute this week, there is an important difference between policies that try to create growth by shielding domestic companies from foreign competition and those which help those companies compete more effectively on the world stage.The former "import substitution" strategy was pursued by many developing countries in recent years, including India. It is also the variant favoured by Trump and the one being considered by some European politicians, for instance in the case of Chinese solar panels.But it is this latter approach that has given industrial policy a bad name. On the basis of copious data, Cherif and Hasanov argue that import substitution models undermine growth in the long term since they create excessively coddled, inefficient industries.By contrast, the second variant of industrial policy aims instead to make industries more competitive externally in an export-oriented model, while worrying less about imports. This approach is what drove the east Asian miracle, and is what creates sustained growth, the data suggests."
Recordo:
- Acerca de custos de oportunidade (2023)
- Cuidado com as burrices! (2023)
- "Acerca do custo de oportunidade" (parte II) (2015)
- "um atestado de desconhecimento da realidade" (parte IV) (2015)
Trecho retirado do FT de ontem, "How to tell good industrial policy from bad"
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