From China to Germany, why industrial policy is on the agenda

Why is there a wide variance in economic outcomes and welfare among countries? Why are some nations poor and others rich? These questions have challenged development economists and policymakers for centuries.While no singular theory explains all cases, accumulating scholarly evidence suggests industrialisation is a necessary condition for nations to climb the development ladder. The only exceptions are natural resource-rich nations, and small economies that can generate wealth from tourism,…

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