Industrial Policy

Industrial Policy across the globe have typically been harsh critics of unfettered markets and of past limited efforts of government to create economic growth simply with macroeconomic policies. It is the policies of a nation, that help guide the total strategic effort of the country. The purpose, aside from political favor, may be to foster competitive advantage where there are beneficial externalities and/or scale economies. Many types of industrial policies contain common elements with other types of interventionist practices such as trade policy and fiscal policy.