Issues and Country Experiences
Edited by Jesus Felipe
Chapter 13: Industrial policy in the European Union
Industrial policy is often used to spur economic development, which is driven by structural change. This is a process that, if in the right direction, results in the reallocation of resources toward more productive activities. It also entails the diversification and upgrading of the country’s production and export basket, as well as the emergence of some activities and the disappearance of others. The transformation of an economy includes shifts from farming agriculture into agribusiness and manufacturing, within manufacturing into more knowledge-intensive activities, and from manufacturing into modern services. More broadly, structural change enables modernization and raises living standards.
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