Industrial policies have played an important role in successful development. Through these policies, governments intervene in the market's sectoral allocation of resources and choice of technologies. Earlier industrial policies had a narrow remit and made use of a limited number of instruments....

Developed and less developed countries differ in numerous ways. Incomes per head are different, capital stocks are different, the levels of education of their citizens differ. Whether a cause or consequence of these differences, some of the most salient differences are related to technological...