Where the theory of free competition reigns, developing countries should open their arms to investments from all types of enterprises in order to maximize jobs. Ownership, measured by votes of shareholders or boards of directors, is immaterial to performance. Matters change drastically, though,...

Discussions on the developing world's industrial policies have largely neglected the role of state-owned entities. This paper argues that the resurgence of state capitalism has been, in part, the response of developing countries to the recent pattern of structural transformation involving weak...