Is Industrial Policy Still Applicable Today under Globalisation?

Although some countries or regions in East Asia achieved rapid economic development through the use of industrial policies after the Second World War, other countries or regions followed rarely succeeded. The effectiveness of industrial policy has become an important topic in academic research, but the debate is more than consensus. Starting from the background and definition of industrial policy, this paper summarises and comments on the theoretical views on the "effectiveness" and "ineffectiveness" of industrial policy, and summarises the experience of some developing countries. This paper holds that the focus of future research should shift from "industrial policy effectiveness" to "boundaries of industrial policy effectiveness", not only to study whether industrial policy is effective, but also to study the conditions for the effectiveness of industrial policy.