International Journal of Applied Sustainable Development (ISSN: 1742-2620) Volume 1 Issue 2 -
Dr. Andrew L S Goh, Ph.D.
Division of Business, University of South Australia
The central objective of industrial policy lies in its influence on a nation’s industrialisation process and economic development. Because effective industrial policy is intended to enhance economic growth and eventually help countries attain developed nation status, most developing nations are particularly keen in adopting the “right approach” of industrial policy-making in the hope of transforming their economies. This article attempts to highlight key arguments, through a literature review of relevant issues, to offer new insights into the current debate on industrial policy. It first argues for the need to purposefully adopt a systemic view of industrial policy-making. Next, it turns to introduce the idea of an industrial policy ecosystem to explain the advocacy of the “selective interventionist model” centred on a strategic stance of industrial development. It then proposes an institutionalised approach of broad initiatives as an analytical framework to identify, appraise and critique industrial policies. It further provides perspectives of Singapore's industrial policies in the last four decades, based on the proposed analytical framework, to examine how a government’s facilitation role has helped to build the country to its current state of economic development. Finally, it concludes with the new challenges of industrial policy-making.
Industrial policy, industrialisation, industrial growth, industrial development, industrial policy ecosystem, industrial policy-making, economic development, economic growth, economic competitiveness and knowledge economy
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