Development and Modern Industrial Policy in Practice
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Development and Modern Industrial Policy in Practice

Issues and Country Experiences

Edited by Jesus Felipe

Development and Modern Industrial Policy in Practice provides an up-to-date analysis of industrial policy. Modern industrial policy refers to the set of actions and strategies used to favor the more dynamic sectors of the economy. A key aspect of modern industrial policy is embedding private initiative in a framework of public action to encourage diversification, upgrading, and technological dynamism to achieve development in the twenty-first century. The book reviews key questions that policymakers ask about industrial policy, such as: who selects sectors; what is the rationale for sector selection; what are the main tools to promote sectors; what is the role of human capital; and what are the mechanisms for monitoring and evaluation? Expert contributors discuss how to undertake industrial policy effectively and examine the experiences of Australia, the EU, the Republic of Korea, Malaysia, and the US.
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Chapter 3: Issues in modern industrial policy (II): human capital and innovation, and monitoring and evaluation

Jesus Felipe and Changyong Rhee

Extract

This chapter looks at the two remaining issues in the design and implementation of modern industrial policy—how can innovation, technology and human capital development be fostered? And, what are the most appropriate monitoring and evaluation mechanisms? We start with a discussion of the role of education promoting economic diversification, a key aspect of industrial policy. We then look at how innovation and human capital development strategies, like most aspects of industrial policy, change depending on the stage of development. Case studies from the Republic of Korea, Malaysia and the United States (US) examine the implications for innovation and human capital development policies.

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