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Industrial Policy in the Middle East and North AfricaRethinking the Role of the State$
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Ahmed Galal

Print publication date: 2008

Print ISBN-13: 9789774160509

Published to Cairo Scholarship Online: September 2011

DOI: 10.5743/cairo/9789774160509.001.0001

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

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

Chapter:
(p.1) Chapter 1 Comparative Assessment of Industrial Policy in Selected Mena Countries: an Overview
Source:
Industrial Policy in the Middle East and North Africa
Author(s):

Ahmed Galal

Publisher:
American University in Cairo Press
DOI:10.5743/cairo/9789774160509.003.0001

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

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