The Political Economy of Industrial Promotion: Indian, Brazilian, and Korean Electronics in Comparative Perspective 1969-1994

The Political Economy of Industrial Promotion: Indian, Brazilian, and Korean Electronics in Comparative Perspective 1969-1994

The Political Economy of Industrial Promotion: Indian, Brazilian, and Korean Electronics in Comparative Perspective 1969-1994

The Political Economy of Industrial Promotion: Indian, Brazilian, and Korean Electronics in Comparative Perspective 1969-1994

Synopsis

Sridharan analyzes the political economy of promoting a new industry--electronics--in three major developing countries--India, Brazil, and Korea. He examines a quarter century of activity, thus advancing the debate on the role of the state and the necessary conditions for successful industrialization and competitiveness.

Excerpt

Beginning in the 1970s, there was a worldwide swing in intellectual and political fashion toward market-oriented economic policies and away from state interventionism. This resulted from three simultaneous economic and political developments in the so-called First, Second, and Third Worlds. (1) Keynesian macroeconomic management and social-democratic welfare-statism proved ineffective in the stagflationary 1970s. (2) the growth slowdown in socialist economies from the early 1970s reflected the end of the era of "extensive" growth and the crisis of autarkic central planning. (3) the growth performance of developing countries following import-substitution industrialization (ISI) was unimpressive compared to that of those following export-oriented policies in the context of general economic liberalization. These developments gave rise to a debate about the relative efficacy of isi and export orientation as industrialization strategies. They also raised the related issue of state planning and interventionism vis-à-vis economic liberalism.

The debate revolved around a number of controversial questions. Was isi really exhausted and export orientation and opening up of the economy necessary? What was the effect on the rate and content of growth? What happened to . . .

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