Does industrial policy need theoretical justifications?

Abstract

Basing on the analysis of discussions around industrial policy definitions and justifications, the paper suggests a new conception of industrial policy: it is an assemblage of government’s intentions to make up good economy and tools to effectuate the intentions. The variety of the meanings of the term “good economy” and cognitive patterns that can influence the understanding adopted by government are analyzed. The results of recent positive researches which revealed some economies’ structural features that promote economic resilience and competitiveness are summarized. It is shown that the achievement of these structural features can contradict some governments’ political goals.