Chapter

Comparative Assessment of Industrial Policy in Selected Mena Countries: an Overview

Ahmed Galal

in Industrial Policy in the Middle East and North Africa

Published by American University in Cairo Press

Published in print April 2008 | ISBN: 9789774160509
Published online September 2011 | e-ISBN: 9781617970290 | DOI: http://dx.doi.org/10.5743/cairo/9789774160509.003.0001
Comparative Assessment of Industrial Policy in Selected Mena Countries: an Overview

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It was believed that in the 1950s and 1960s, the markets failed widely and government intervention was necessary to speed up the process of economic transformation and the rate of economic growth. The Washington Consensus emphasized macroeconomic stability, trade and price liberalization, privatization, and competition as key ingredients for rapid economic growth. The experience from the last couple of decades gave grounds for rethinking the balance between governments and market. Opponents doubted the success of industrial policy anywhere and argued that the contribution of selective intervention in economic progress in East Asia was very modest. In the MENA region, systematic empirical evidence regarding the consequences of industrial policy was rare, if not nonexistent. The level of intervention has certainly subsided in the last couple of decades, but the legacy of selective interventions lingers on.

Keywords: intervention; transformation; macroeconomic stability; privatization; empirical evidence

Chapter.  3767 words. 

Subjects: International Relations

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