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....

Industry and development -- Engine of growth -- Trade and efficiency -- Globalisation and industrialisation -- Technology and industrialisation -- Small scale industry : sink or seedbed? -- Industrial policy and the East Asian miracle -- Giants awakened : India and China.