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고려대학교 아세아문제연구원 아세아연구 아세아연구 통권 127호
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    초록·키워드

    For the more than last two decades, along with central planning and trade protection, industrial policy is supposed to be dead especially in those countries that have adopted the orthodox economic reform. The traditional debates on industrial policy have been too much focused on its tools or forms like directed credit at specific sectors, control of the entry and exit of firms, export targets, sector-ally differenciated tariff, tax & subsidy rates, and R&D subsidies and so on. However, when the nature of industrial policy is considered that they counteracts the allocative and distributive effects that the markets would otherwise produce(as argued by the theory of comparative advantage), we can argue that, contrary to popular impressions, almost all countries in reality have used and keep using industrial policy. As soon as a government "consciously" or "intentionally" favors some economic activities over others, it is in fact conducting industrial policy. Under the globalization, the most prominent example of industrial policy that is eagerly allowed by the orthodox and the IMP is offering incentives favorably to exports and foreign investment. The only difference is that they do not use the term of industrial policy. The reality itself can be a strong justifi¬cation for industrial policy.
    Under the current capitalist market conditions, it cannot be presumed that the government has enough information ex ante for finding where the market failures calling for industrial policy exist or better information for industrial policy than the private sector. As a matter of facts, both of the government and the private sectors have imperfect knowledge and different information constrains. Not only the investment coordination among sectors but also informational coordination are still actual grounds for industrial policy. The recent challenges Korean economy is facing arise from its rapid internationalization and new demands for social policy. It may be a starting point for new industrial policy that the government and the private sectors share the information and constraints the other have while recognizing the relationship between their own objects based on the internationalization of business and the demands for social policy each.

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      UCI(KEPA) : I410-ECN-0101-2009-910-016588816