Developing countries need tailored policies from "summary" of The Industrial Policy Revolution II by J. Esteban,J. Stiglitz,Justin Lin Yifu
Developing countries face unique challenges that require specific policy responses tailored to their circumstances. A one-size-fits-all approach to industrial policy is not suitable for countries at different stages of development, with varying levels of infrastructure, institutions, and human capital. What works for advanced economies may not necessarily work for developing countries striving to catch up and industrialize. Tailored policies take into account the specific needs and constraints of each country, recognizing the importance of context in shaping the effectiveness of industrial policy interventions. This approach involves a deep understanding of the country's economic structure, technological capabilities, and institutional framework. By customizing policies to fit the local context, governments can address market failures, promote innovation, and upgrade industries in a way that maximizes developmental impact.
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