Berlin and Kuala Lumpur — Industrial policy - or the promotion of particular investments, technologies, industries, regions and enterprises - has been practiced by a variety of governments to try to accelerate economic growth and transformation.
The ascendance of the Washington Consensus, inspired by the neoliberal counter-revolution in economics, focused on alleged national macroeconomic mismanagement in developing countries and later, transition economies. This was typically blamed on 'soft budget constraints' (SBCs) in socialist states and enterprises, macroeconomic populism and industrial policy.
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