Industrial policy has attracted considerable controversy in the development context. This paper makes a case for a pragmatic and limited approach to interventions as a means of stimulating industrialization in the context of current and future challenges facing newly industrializing economies....

It is often maintained, with reference to the increasing competition from newly industrialising countries, that Western support for the development of LDCs' economies would only amount to supplying the rope with which one will later be hanged. Our author argues that, contrary to that opinion,...