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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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Commentary

Commentary

The Case for Industrial Policy

Chapter:
(p.492) Chapter Twenty Commentary
Source:
Creating a Learning Society
Author(s):

Philippe Aghion

Publisher:
Columbia University Press
DOI:10.7312/columbia/9780231152143.003.0020

This chapter presents a discussion by Philippe Aghion, Robert C. Waggoner Professor of Economics at Harvard University. The main goal of his discussion is to discover whether a case can still be made for policies aimed at supporting or protecting some local sectors, or whether the proponents of a full and unconditional liberalization have definitely won the debate. His discussion is organized as follows. He first summarizes the infant-industry argument as it is traditionally stated and then discusses recent empirical work that refutes this argument. He then develops counterarguments in light of recent economic history and proposes a new approach to industrial policy based on the notion of governance.

Keywords:   Philippe Aghion, industrial policy, economic policy, liberalization, infant-industry argument, governance

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