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Rethinking Industrial Strategies and the State: A Global South Perspective

Mazzucato, M; Monaco, L; (2024) Rethinking Industrial Strategies and the State: A Global South Perspective. Social Research , 91 (3) pp. 819-849. 10.1353/sor.2024.a938579. Green open access

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Abstract

After decades of opposition and neglect in the context of a dominating neoliberal approach to markets and institutions, industrial policy has experienced a renaissance. In the wake of financial, climate, and health crises, setting a sound industrial strategy has emerged as an absolute policy priority. Yet contemporary industrial strategies remain bound by outdated frameworks and preconceptions. Those shaped by the Global North in particular fall short of addressing the unique challenges Global South countries face, including limited state capacity, dependence on volatile global markets, and colonial legacies. These factors necessitate a radical rethinking of industrial strategy. The article argues that to avoid reproducing the mainstream view of state intervention, industrial strategy should fundamentally rethink the role of the state—not as a market fixer, but as a capable and confident market shaper.

Type: Article
Title: Rethinking Industrial Strategies and the State: A Global South Perspective
Open access status: An open access version is available from UCL Discovery
DOI: 10.1353/sor.2024.a938579
Publisher version: http://dx.doi.org/10.1353/sor.2024.a938579
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
URI: https://discovery.ucl.ac.uk/id/eprint/10198989
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