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Creating a Learning SocietyA New Approach to Growth, Development, and Social Progress$
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Joseph Stiglitz and Bruce Greenwald

Print publication date: 2014

Print ISBN-13: 9780231152143

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231152143.001.0001

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PRINTED FROM COLUMBIA SCHOLARSHIP ONLINE (www.columbia.universitypressscholarship.com). (c) Copyright University of Minnesota Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CUPSO for personal use.date: 20 September 2021

The Role of Industrial and Trade Policy in Creating a Learning Society

The Role of Industrial and Trade Policy in Creating a Learning Society

(p.369) Chapter Twelve The Role of Industrial and Trade Policy in Creating a Learning Society
Creating a Learning Society

Joseph E. Stiglitz

Bruce C. Greenwald

Columbia University Press

This chapter focuses on one of the central reasons for industrial policies: Markets on their own do not create a learning society; the structure of the economy that results from market forces results in less learning—and less growth—than there could or should be. It explains why many of the arguments used against industrial policies are misplaced and suggests how these might more effectively contribute to creating a learning economy. The chapter first discusses why much of the debate about industrial policies is misplaced. It then turns to developing countries, arguing that these policies are especially relevant to such countries. In doing so, it refutes the long-standing Washington consensus presumption against industrial policies. Next, it considers the objectives of industrial policy; discusses trade policy as an instrument of industrial policy; and examines one of the most important issues of industrial policy facing many developing countries—how to make the most of their natural resources. The remainder of the chapter provides more general reflections on industrial policy—its historical role, the role of political economy, and strategic considerations.

Keywords:   industrial policy, trade policy, economic policy, learning society, developing countries

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